Oil Prices ///

Saudis send a message to the oil market with reduced U.S. deliveries

The kingdom last month loaded about 5.6 million barrels a day on to tankers, a small increase from July, vessel-tracking information compiled by Bloomberg show. Within that, an ever-smaller share went to the U.S., and import data show that deliveries in August were likely the lowest in decades.

Oil prices fall on lower U.S. refinery demand projections

Oil tumbled to the lowest level in more than a week with the expectation that refinery demand for crude will weaken in the fall and as investors sought refuge in a stronger dollar.

U.S. crude stockpiles fall for sixth straight week, sending oil prices higher

There was a positive technical signal for crude as West Texas Intermediate’s 50-day moving average rose above the 200-day marker for the first time in more than six months, forming a so-called golden cross and indicating that prices could break higher.

Oil crests $43 on continued Chinese recovery and bullish analyst reports

Oil rose above $43 a barrel in New York to its highest closing level since early March amid a broader rally in equities and as China’s economic recovery continued.

Oil prices hover at $43 as Gulf Coast hurricane recovery begins

Oil edged lower with U.S. Gulf Coast facilities shifting to recovery mode after Hurricane Laura and traders turning their attention to viral flare-ups dimming the prospects for a recovery in global fuel demand.

Oil edges lower as Hurricane Laura threatens Gulf refinery capacity

Oil edged lower from a five-month high as Hurricane Laura bore down on key refining facilities on the U.S. Gulf Coast, with forecasts saying it will strengthen rapidly into a “potentially catastrophic” Category 4 storm.

Oil prices climb as two hurricanes shutter U.S. offshore production

Almost 58% of crude output, or more than 1 million barrels a day, in the Gulf of Mexico was closed as of midday Sunday. The storms Marco and Laura -- the latter of which is forecast to become a hurricane -- are coming from different directions and have the potential to cause billions of dollars in damage.

Climbing U.S. rig count lends credence to Halliburton’s recovery projections

Drillers in the Permian basin of West Texas and New Mexico led the rest of the nation in expanding the rig count. With crude stabilizing above $40 a barrel, the total number of active U.S. oil rigs rose by 11 to 183 this week, according to Baker Hughes Co. data released Friday.

Oil falls below $43 on challenged demand recovery

Europe’s economy unexpectedly lost momentum this month, causing concerns over energy consumption and showcasing the challenge to growth. The region is battling to control a new spike in virus cases while trying to avoid renewed lockdowns.

Valaris, world’s largest offshore rig owner, declares bankruptcy

“The substantial downturn in the energy sector, exacerbated by the Covid-19 pandemic, requires that we take this step to create a stronger company able to adapt to the prolonged contraction in the industry,” Valaris CEO Tom Burke said in a statement.

OPEC+ leaders push to maintain production cuts as oil recovery slows

Saudi Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak hailed the rebound in oil prices and demand, but repeatedly urged their allies in a video conference on Wednesday not to ease off their output curbs.

High costs, low oil prices increasing financial risks for deepwater drillers

Firms including Transocean, Seadrill and Pacific Drilling are exploring strategic options as they seek to stave off default, leaving more than $30 billion of debt at risk. The industry’s turmoil has sparked the biggest wave of restructurings since 2017, when the effects of the last oil price downturn reverberated through the industry.

China buys millions of barrels of U.S. oil to comply with trade deal

As much as 14 million barrels -- or seven super-class tankers full -- of U.S. oil will be loaded next month for delivery to China, according to estimates by Vortexa Ltd. based on provisional tanker bookings. If all those shipments make the trip that will be more than double the volumes set for August.

OPEC+ tries to balance market share gains with weak oil demand

The coalition of producers led by Saudi Arabia and Russia is restoring some of the vast quantities of crude halted during the depths of the coronavirus crisis. So far the supply boost hasn’t derailed oil’s fragile recovery, which has seen prices climb to a five-month high.

How "lower for longer" has become the new baseline for the oil and gas industry

As forecasts show no near-term end in sight for depressed oil demand, operators are making dramatic adjustments to meet the new oil and gas industry reality.

Drilling rig count falls on distant prospects of an oil price recovery

Shale explorers parked more drilling rigs in the U.S. this week as stagnant oil prices push the industry to extend a historic retrenchment. The number of active oil rigs in U.S. fields fell by 4 to 172, according to Baker Hughes Co. data released Friday.

Stranded assets force oil companies to ask: Is new exploration worth it?

As the coronavirus ravages economies and cripples demand, European oil majors have made some uncomfortable admissions in recent months: oil and gas worth billions of dollars might never be pumped out of the ground.

Major forecasters agree: No oil demand recovery until at least 2022

All three of the world’s main oil forecasting agencies — the International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries — published new quarterly forecasts this week and none project oil demand back at 2019 levels by the end of next year.

Bleak air travel forecasts lead IEA to lower oil demand projections

The IEA reduced oil demand estimates for almost every quarter through to the end of 2021, with the second half of this year taking the steepest downgrades. Air travel remained two-thirds lower than last year in July, normally a peak month because of holiday flying, it said in a monthly report.

A tough summer for oil-dependent nations may foretell their new normal

The prospects for petrostates have dramatically shifted from just a decade ago. Oil prices were near $100 a barrel then and consumers were worried about supplies running out. Now, OPEC is increasingly having to reckon with the prospect of peak demand, when consumption starts to decline as wind and solar power become more popular.