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United States Oil & Gas News

Wall Street sees Exxon paring asset values on weakening demand

HOUSTON, July 2 (Reuters) - Exxon Mobil Corp assets are likely overvalued in light of weak oil-demand outlook, according to Wall Street analysts, and face write-downs as soon as this month. A roughly 30% drop in global fuel demand from the COVID-19 pandemic has fed an energy glut expected to last...

Oil falls below $43 on virus fears, still heads for weekly gain

LONDON, July 3 (Reuters) - Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery. The United States reported more...

Refiner Phillips 66’s return-to-work policy stirs unease as virus flares

DENVER/HOUSTON, July 3 (Reuters) - About 20 employees of U.S. oil refiner Phillips 66 tested positive at its Texas headquarters for COVID-19 in recent weeks, people familiar with the matter said, alarming employees as the company strove to keep staff working in its offices. Texas has reported record daily cases of...

U.S. oil & gas rig count hits record low for 9th week -Baker Hughes

July 2 (Reuters) - U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row although the reductions have slowed as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count,...

Near-record oil stockpiles at U.S. Gulf Coast pressure prices of domestic grades

July 2 (Reuters) - Near-record crude stockpiles at the U.S. Gulf Coast will anchor prices of domestic oil grades through the end of this year and into next, traders and analysts said. Stocks along the U.S. Gulf Coast, known as PADD III, were near record levels following several weeks of...

Oil prices rise on drop in U.S. unemployment, crude stockpiles

LONDON, July 2 (Reuters) - Oil prices rose on Thursday after data showed a fall in U.S. unemployment and a sharp drop in crude stockpiles, although concerns that a spike in U.S. coronavirus infections could stall a recovery in fuel demand kept gains in check. U.S. non-farm payrolls increased by 4.8...

Exxon signals 2nd quarterly loss in a row on production, refining hits

HOUSTON, July 2 (Reuters) - Exxon Mobil Corp's oil and gas producing and refining businesses will report operating losses in the second quarter, it said in a regulatory filing on Thursday, setting the stage for the company to post another quarterly loss this year. Oil prices are down 35% since January...

Venezuela’s oil exports sank in June to 77-year low -data

July 1 (Reuters) - Venezuela's oil exports slumped in June to their lowest level since 1943 after half a dozen tankers, looking to avoid the threat of U.S. sanctions, sailed away from the nation's waters without loading, according to vessel tracking data. The fall in oil exports has starved the socialist...

Sweeter, lighter, cheaper: refiners seek oil to meet rising gasoline demand

LONDON, July 2 (Reuters) - With more cars taking to the roads as coronavirus lockdowns ease, demand for lighter, sweeter oil more suitable for refining into gasoline is ticking up. European refiners especially are moving away from sour varieties like Russian Urals, which have risen in price since a supply...

U.S. crude stockpiles drop sharply as imports fall, refining rises

July 1 (Reuters) - U.S. crude oil stockpiles dropped sharply from record highs, as refining activity picked up and imports fell, the Energy Information Administration said on Wednesday. Crude inventories fell by 7.2 million barrels in the week to June 26 to 533.5 million barrels, compared with analysts' expectations in...
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Recently Added

Buffett’s Berkshire to buy Dominion Energy gas assets for $4 bln

July 5 (Reuters) - Warren Buffett's Berkshire Hathaway Inc said on Sunday it agreed to buy Dominion Energy Inc's natural gas transmission and storage...

Wall Street sees Exxon paring asset values on weakening demand

HOUSTON, July 2 (Reuters) - Exxon Mobil Corp assets are likely overvalued in light of weak oil-demand outlook, according to Wall Street analysts, and...

Oil falls below $43 on virus fears, still heads for weekly gain

LONDON, July 3 (Reuters) - Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand...

Refiner Phillips 66’s return-to-work policy stirs unease as virus flares

DENVER/HOUSTON, July 3 (Reuters) - About 20 employees of U.S. oil refiner Phillips 66 tested positive at its Texas headquarters for COVID-19 in recent...
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