A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday – and so far there is little sign of a repeat of the historic plunge. The extent of the damage that the coronavirus.
Oil prices climbed by more than $1 a barrel on Monday, supported by output cuts and signs of gradual demand recovery amid easing coronavirus curbs, with U.S. oil showing no signs of last month’s contract expiry price rout. Brent crude (LCOc1) was up $1.06, or 3.3%, at $33.56 a barrel by 0452 GMT, after touching.
Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel demand, according to a Reuters review of company statements and interviews with executives. The plans of companies like.
The U.S. benchmark approached $30 a barrel, a month after briefly falling below zero, but it’s still far from where it was before the pandemic. Workers at a drilling rig in Texas in April. Even after the recent rally, oil prices are roughly half of what they were at the beginning of the year. Driving.
U.S. gasoline demand is “the big enchilada,” says one analyst The coronavirus pandemic has stalled factories and shut down businesses around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the oil price bust that could reshape energy markets. Wary of U.S. crude oil after prices.
The US Energy Information Administration reported a second consecutive triple-digit build, but production declines could affect the injection for the week in progress. Storage inventories increased by 103 Bcf to 2.422 Tcf for the week ended May 8, the US Energy Information Administration reported Thursday morning. The injection was less than S&P Global Platts’ survey.
Singapore’s residual fuel oil inventories rose 4% in the week ended May 13 despite lower net import volumes, official data showed on Thursday, in a sign of sluggish marine fuel demand at the world’s top bunkering hub. – Onshore fuel oil stocks rose by 851,000 barrels (about 134,000 tonnes) from the previous week to 24.987.
The total US oil and gas rig count fell 29 to 369 on the week, rig data provider Enverus said Thursday, marking the ninth straight week of double-digit declines as the industry downturn continued deepening from the coronavirus pandemic. The weekly drop came entirely from a decline in oil-focused rigs, which fell by 30 to.
OPEC member Nigeria has reined in oil production to bring Africa’s top crude exporter into line with an agreement among producers to curb output, Minister of State for Petroleum Timipre Sylva said. “The cut for Nigeria is about 417,000 barrels per day (bpd), which is about 23% of our production. And of course, as at.
In its closely-watched monthly report, the IEA’s outlook for oil demand showed a fall of 8.6 million barrels per day (b/d) to 91.2 million b/d this year. That’s 0.7 million b/d more than the group anticipated in its previous report. The IEA stressed a resurgence of Covid-19 cases would constitute a “major risk factor” to.