Exxon Mobil Corp was once the largest U.S. publicly-traded company by market value in the United States. Now, the oil major is not even the most valuable energy name, having been surpassed by rivals and even a renewable company, as it tries to maintain its hefty dividend. It has been a difficult year for Exxon. It is expected to report a record-setting third straight quarterly loss on Friday as the COVID-19 pandemic crushes demand globally for crude oil and fuel. The company on Thursday [Read more]
Natgas flows to U.S. LNG export plants hit highest since March
The amount of gas flowing to U.S. liquefied natural gas (LNG) export plants on Thursday was on track to reach its highest since hitting a record high in March, erasing all of this year's losses from coronavirus demand destruction. Data provider Refinitiv said feedgas to the LNG plants was on track to reach 9.4 billion cubic feet per day (bcfd) on Thursday, the highest since hitting a record 9.5 bcfd on March 31. In late August, feedgas flows collapsed to an 18-month low of just 2.3 bcfd [Read more]
Oil slides over 5% overnight as hurricane shuts U.S. output
Oil prices on Thursday recovered slightly from a 5% slump in the previous session, gaining support from the prospect of tighter short-term supply with two-thirds of U.S. output shut in the Gulf of Mexico as Hurricane Zeta slammed Louisiana. Market watchers said technical support was a factor as well, after signs of a growing global oil supply glut and a second wave of coronavirus infections sent prices tumbling on Wednesday. U.S. West Texas Intermediate (WTI) crude futures dropped $2.40 or [Read more]
U.S. natgas futures slip from 21-month high as drop in crude prices weigh
U.S. natural gas futures slipped on Wednesday from a 21-month high earlier in the week as a 5% drop in crude futures weighed on all energy markets. That price dip came despite forecasts for colder weather and higher heating demand over the next two weeks, rising liquefied natural gas (LNG) exports, and a drop in output as producers shut wells ahead of Hurricane Zeta, which is expected to smash into eastern Louisiana later Wednesday. On their last day as the front-month, gas futures for [Read more]
Oil falls 3.5% as rise in U.S. crude stocks fans oversupply fears
Oil prices slid about 2 percent on Wednesday, giving up most of the previous day's gains, as a surge in U.S. crude stocks and growing coronavirus infections in the United States and Europe fanned fears of a supply glut in oil and weaker fuel demand. U.S. oil was down $1.40, or -3.6%, at $37.58 a barrel, after gaining on Tuesday. Brent crude was down $1.36, or -3.4%, at $39.32 a barrel, having climbed the previous day. U.S. crude oil and gasoline stocks rose last week, data from industry [Read more]
Cenovus to cut up to 25% of combined workforce with Husky Energy after deal
Cenovus Energy plans to cut 20% to 25% of its workforce after it acquires Husky Energy , the companies told Reuters on Tuesday, as Cenovus begins to slash costs in the Canadian oil patch's biggest merger in four years. The job losses could total about 2,150 positions, based on the size of their workforces, with the majority to take place in Calgary, Alberta, Husky said in a statement. Cenovus and Husky confirmed the job cuts after two sources told Reuters of the magnitude of the [Read more]
OPEC+ set for a three-month output rollover
Saudi Arabia and Russia will probably agree to extend their oil production cuts and postpone planned increases when they meet for talks with their OPEC+ partners at the end of November. For tactical reasons, both countries are trying to avoid committing to a rollover until the meeting is closer, seeking to keep their options open and secure adherence from other oil producers in the OPEC+ group. At present, the production schedule agreed by OPEC+ in April implies the group’s output will [Read more]
Oil selloff pauses, but outlook shaky on surging coronavirus cases, supply woes
Oil prices regained a semblance of stability on Tuesday after suffering sharp losses over the previous session and last week, as a resurgence of coronavirus cases globally hit prospects for crude demand while increasing supply also hurt sentiment. The gloomy backdrop is set to keep prices under pressure over the coming day. U.S. oil was up 31 cents, or 0.8%, at $38.89 a barrel, after declining more than 3% on Monday. In early Asia, Brent crude was up 31 cents, or 0.8%, at $40.76 a [Read more]
U.S. offshore energy producers brace for Hurricane Zeta impact
Energy firms and ports along the U.S. Gulf Coast were bracing on Tuesday for another test as Hurricane Zeta, the 11th hurricane of the season, entered the Gulf of Mexico. BP , Chevron and Equinor evacuated oil workers and Royal Dutch Shell paused drilling as winds intensified on Monday. Pipeline operator Enbridge evacuated two offshore platforms and on Tuesday plans to remove workers from a Louisiana natural gas processing plant. Some oil producers were pulling workers for at least the [Read more]
U.S. offshore energy producers brace for Hurricane Zeta impact
Energy firms and ports along the U.S. Gulf Coast were bracing on Tuesday for another test as Hurricane Zeta, the 11th hurricane of the season, entered the Gulf of Mexico. BP, Chevron and Equinor evacuated oil workers and Royal Dutch Shell paused drilling as winds intensified to 85 mile-per-hour (136 kph). Pipeline operator Enbridge evacuated an offshore platform and on Tuesday plans to remove workers from a Louisiana natural gas processing plant. Some oil producers were pulling workers for [Read more]