Oil Prices ///

Consumption drop most dangerous for U.S., Russian, Canadian crude

Oil demand is getting hammered at a faster pace than anyone had predicted and landlocked crude production in the U.S., Russia and Canada is most vulnerable, according to Goldman Sachs Group Inc.

Experts see a future for shale: ‘Rocks don’t go bankrupt’

The American shale industry shocked the world with its rebound after the 2014-2016 bust, setting records for output that pushed the U.S. to the top spot among oil-producing countries. A handful of experts is saying that will happen again.

Some Canadian crude costs more to ship than to buy

Canadian heavy crude has become so cheap that the cost of shipping it to refineries exceeds the value of the oil itself, a situation that may result in even more oil-sands producers shutting operations.

OPEC members balk at request to review virus’ impact on markets

OPEC nations aren’t giving support to a request from the group’s president for emergency consultations over tanking oil prices, according to a delegate.

Daily Brief podcast, Friday, March 27th

Kurt Abraham and Cameron Wallace summarize the week's market moves, discuss reaction to Wayne Christian's op-ed, and finish off reviewing results of the tariff survey.

Saudis dispel rumors, saying no talks with Moscow on oil output

Saudi Arabia held firm on its position in the price war with Russia, saying on Friday that the kingdom hasn’t had any contacts with Moscow about oil production cuts or about enlarging the OPEC+ alliance.

Oil at historic lows beginning to force shut-in of wells

The industry is bracing for something that last happened on this scale 35 years ago: producers shutting down their wells as pumping crude makes no economic sense.

World Oil survey: Trump administration would have to impose U.S. import tariff

While a near majority of U.S. professionals believes that an import fee could stabilize and perhaps improve domestic drilling as a whole, there is less certainty when the question is applied to their own individual companies and/or customers.

Oil resumes plunge after IEA warns of ‘free fall’ in demand

Oil resumed its decline after the head of the International Energy Agency warned global demand was in ‘free fall’ as coronavirus lockdowns wreak havoc on consumption while major producers pump more.

Daily Brief podcast, Thursday, March 26th

We've been talking a lot about production lately, so today we'll take a look at what's happening with oil demand, and the resulting need for storage options for all the extra crude.

Energy Department withdraws tender to fill Strategic Petroleum Reserve

The Energy Department said in a notice dated Wednesday that it was withdrawing a March 19 tender for the first part of its plan to purchase 77 million barrels for the reserve.

Oil market fears U.S. is running out of crude storage capacity

The U.S. oil market is displaying worries that stockpiles are going to run out of storage space, with futures being whipsawed as a growing glut counters economic stimulus measures.

Pipeline companies concerned traders may use their network for oil storage

The glut of U.S. oil is growing so fast that at least one pipeline owner is concerned wily traders may try to stow away crude on its network until prices improve.

Venezuela’s output plunges, may be shutting in wells

High inventories of oil and low prices are forcing Venezuela to consider shutting wells, adding a dire context for Nicolas Maduro’s handling of an economy already under stress from the coronavirus crisis.

World Oil survey: Near majority of U.S. firms thinks import tariff could help

While a near majority of U.S. professionals believes that an import fee could stabilize and perhaps improve domestic drilling as a whole, there is less certainty when the question is applied to their own individual companies and/or customers.

Daily Brief podcast, Wednesday, March 25th

Kurt and Cameron talk about market prices, Wayne Christian's op-ed, and the opinions of service companies and operators regarding intervention in the oil market.

Funding to refill U.S. Strategic Petroleum Reserve cut from stimulus plan

Funding for President Donald Trump’s plan to fill up the nation’s emergency oil reserve to help struggling drillers cope with the price crash failed to make it into the latest stimulus legislation, but could return in other forms.

U.S. urges Saudis to reassure global energy and financial markets

The U.S. made its most direct intervention yet in the oil price war between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.

Texas RRC Chairman Wayne Christian: We must stabilize worldwide oil markets

In an exclusive World Oil guest editorial, Wayne Christian, Chairman, Railroad Commission of Texas says time is of the essence to identify and implement a solution to global oil market turmoil.

Oil trader says demand is down as much as 20% from last year

Global oil demand has fallen as much as 20% from last year as more countries lockdown billions of people inside their houses in a bid to halt the spread of the coranavirus, the world’s top independent oil trader said.