Oil Prices ///

Oil’s big swing: How prices went from -$40 to +$40 in a matter of weeks

The renewed strength of the “physical market” for crude -- where actual barrels change hands between producers, refiners and traders -- is driving a surge in the much larger Wall Street world of oil contracts traded on exchanges in London and New York.

Deloitte reports continued strain for shale producers, even as oil prices rise

Almost a third of U.S. shale producers are technically insolvent with crude at $35 a barrel, according to Deloitte LLP, highlighting the industry’s acute financial strain even as oil prices rebound from a record low earlier this year.

Volatile oil prices hamper New Mexico’s plan to dominate U.S. shale

Just months ago, New Mexico, the third-biggest producer of U.S. oil, approved the state’s largest budget ever, paid for by an oil boom that made up 40% of the state’s revenues in 2019. Now that plan has been slashed by more than $600 million, affecting everything from pay raises for state workers to a program designed to provide free community college to state residents.

U.S. oil gaining appeal in Asia as OPEC+ suppliers limit output

Refiners in the top crude-importing region have been forced to accept big reductions in their regular contracted volumes from producers including Saudi Arabia and Iraq in the past couple of months. They’ve also been taken aback by sharp swings in official selling prices.

Oil prices continue their rise, albeit slowly, since April’s crash

Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April.

As oil job losses mount, is a resurgence in U.S. shale production on the horizon?

In our weekly preview podcast, Kurt and Cameron explore PESA's research into oil and gas job losses and their impact on the economy; what new rig count numbers mean for oilfield service companies; and the potential for Continental Resources to lead another U.S. shale production trend.

OPEC+ and Iraq come to terms on cheating, strengthening the deal

OPEC’s habitual quota cheat, Iraq, said it will implement its oil-production cuts in full this month and agreed on the details of how to compensate for falling short of its target in May.

Accelerating demand lifts WTI crude futures above $40/bbl

Oil rallied as stronger consumption continued to push physical markets higher, even as many countries struggle to bring the coronavirus under control.

Continental Resources to begin phasing out production curtailments in July

The company previously announced it would curtail 70% of operated oil production in May, with continued curtailments into June. In July, the Company expects to partially begin resuming production but still expects to curtail approximately 50% of its operated oil production.

Saudis suspend work, delay expansions as oil demand weakens

The world’s biggest oil exporter is hitting the brakes in developing some of its crude and natural gas deposits, idling two offshore drilling rigs as the coronavirus batters energy use.

Daily Brief podcast: Texas emissions reforms and oil demand's new normal

Kurt and Cameron explore the potential impact of gas flaring reforms in Texas, what a "new normal" might be for global demand, and why IEA and EIA projections diverge.

Chinese traders trying their luck with sanctioned Venezuelan oil

Officially, China hasn’t imported any Venezuelan crude since September after Washington sanctioned state entities including PDVSA. Information from data intelligence firm Kpler, however, signals the Asian nation is still buying, with as much as 3.3 MMbbl waiting off the Chinese coast as of June 15 and another 5 MMbbl en route to the port of Qingdao.

After a record April, U.S. imports of Saudi oil near 35-year low in June

After flooding the U.S. with crude earlier this year, Saudi Arabia has all but cut off the taps to the American oil market.

Supermajors find obstacles, and opportunities, as pandemic drags on

The coronavirus has exposed the fragility of some of the world’s biggest oil and gas companies, but also given them the opportunity to make investors swallow some unpleasant remedies.

UAE sees oil prices returning to ‘normal’ on OPEC+ deal

Oil-production limits adopted by a group of major crude suppliers will soon bring prices back to “normal,” according to the energy minister of the United Arab Emirates.

Tighter oil supplies plus U.S. stimulus efforts send Brent above $40

Brent crude rose above $40 a barrel as broader markets rallied on stimulus from the Federal Reserve and physical supplies continued to look tight.

IEA expects oil demand to take 2+ years to recover

Fuel use around the world will remain 2.5% lower next year than in 2019, largely because of the “the dire situation of the aviation sector,” the Paris-based agency said in its first detailed assessment of 2021.

Oil prices climb as fears build of a coming supply squeeze

Oil reversed losses as investors shifted focus from a potential resurgence of Covid-19 outbreaks and toward supply-and-demand fundamentals.

BP takes largest writedown since Macondo as Covid saps oil demand

In a dramatic revision that prompted questions about the affordability of its dividend, the British giant cut its estimates for oil and gas prices in the coming decades between 20% and 30%. It also expects the cost of carbon emissions to be more than twice as high as before.

Saudis cut Asian crude allocations 40% to comply with OPEC+

Saudi Arabia reduced the amount of crude it will supply next month to seven refiners in Asia after OPEC+ agreed to extend its historic output cuts through July.