By restricting crude processing and focusing on making gasoline, U.S. petroleum refiners have made progress in reducing excess stocks of middle distillates such as diesel and heating oil. In the first half of October, however, the strategy has been challenged by softening domestic gasoline consumption, forcing them to make even deeper cuts in crude processing in an effort to stay on track. The volume of gasoline supplied to domestic users fell in both the two most recent weeks, [Read more]
Exxon Mobil ‘very close’ to disclosing U.S., Canada job cuts -CEO
Exxon Mobil Corp is "very close" to completing its workforce appraisals in the United States and Canada and expects to unveil job cuts, its chief executive told employees in an email on Wednesday. The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and is expected to post another quarterly loss when results are released on Oct. 30. The job cuts are part of a plan unveiled earlier this year to redesign how Exxon works and to increase [Read more]
Oil prices slip as U.S. inventory build stokes fears of supply glut
Oil prices eased on Wednesday after a surprise build-up in U.S. crude stockpiles stoked concerns about a global supply glut even as a spike in global COVID-19 cases fuelled fears of slower recovery in fuel demand. December U.S. West Texas Intermediate (WTI) crude futures slipped 15 cents, or 0.4%, to $40.96 a barrel. Brent crude futures for December delivery were at $42.53 a barrel, down 25 cents, or 0.6%. Both benchmarks rose in the previous session. "A U.S. inventory build, together [Read more]
U.S. shale mergers accelerate, as Pioneer-Parsley deal joins roster
Consolidation in the U.S. shale industry is accelerating, ratcheting up pressure on oil and gas producers to gobble up smaller rivals, analysts and executives said. Pioneer Natural Resources Co , one of the largest independent shale operators, joined the ranks of dealmakers as it announced on Tuesday a low-premium $4.5 billion buyout of Parsley Energy Inc . The coronavirus pandemic has slashed oil demand and forced struggling shale producers to cut costs as they cope with a suboptimal [Read more]
U.S. natgas on track for 20-month high as LNG exports rise, cold weather
U.S. natural gas futures gained over 4% and were on track for their highest close in 20 months on Tuesday on rising liquefied natural gas (LNG) exports and forecasts for colder weather and more heating demand over the next two weeks than previously expected. Front-month gas futures rose 11.9 cents, or 4.3%, to $2.914 per million British thermal units at 8:35 a.m. EDT (1235 GMT), putting the contract on track for its highest close since January 2019. Data provider Refinitiv said output in [Read more]
OPEC+ to discuss weakening oil demand outlook
Oil producer group OPEC+ will meet on Monday to discuss the weakening demand outlook in the face of rising coronavirus infections as well as increased output from Libya but is unlikely to recommend immediate action, OPEC+ sources said. An OPEC+ joint ministerial monitoring committee, comprising top producers Saudi Arabia and Russia, is scheduled to meet from 1330 GMT. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, have [Read more]
Minnesota judge upholds state decision on Enbridge Line 3 pipeline replacement
A Minnesota judge on Friday ruled that the state's pollution regulator and Enbridge Inc used proper methods for water crossing for its Line 3 oil pipeline replacement, clearing another hurdle for the project that has faced years of delay. Judge James LaFave upheld the draft water quality certificate that Minnesota Pollution Control Agency issued to Enbridge in February, quashing challenges by activist groups and indigenous bands that had raised concerns regarding Enbridge's intentions to [Read more]
U.S. oil and gas rig count rises by most since January
U.S. energy firms this week added the most oil and natural gas rigs since January as producers return to the wellpad with crude prices holding around $40 a barrel over the past several months. The oil and gas rig count, an early indicator of future output, rose for the fifth week in a row, increasing 13 to 282 in the week to Oct. 16, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count fell to a record low of 244 rigs during the week ended [Read more]
Oil falls as possible OPEC+ supply boost, COVID-19 spike weigh on sentiment
Oil prices fell on Friday on concerns that major producers will move ahead with plans to ease their supply cuts even as a spike in COVID-19 cases in Europe and the United States is curtailing demand in two of the world's biggest fuel consuming regions. U.S. West Texas Intermediate (WTI) crude futures for November delivery slid 52 cents, or 1.3%, to $40.29 a barrel. Brent crude futures for December dropped 51 cents, or 1.19%, to $42.48 a barrel. Both benchmarks fell slightly the [Read more]
OPEC+ panel discusses weaker oil demand outlook, Libya supply rise
An OPEC+ technical committee discussed on Thursday higher oil supply as production resumes in Libya amid a weaker demand outlook due to a second wave of coronavirus infections, two OPEC+ sources said. The Joint Technical Committee (JTC), which includes representatives from key OPEC+ producers such as Saudi Arabia and Russia, was meeting to review compliance with global oil output cuts and to review the oil market. The group had 102% compliance with its production cuts in September, two [Read more]