U.S. energy firms cut the most oil rigs in a week since April 2015, removing rigs for a second week in a row as a coronavirus-related slump in economic activity and fuel demand has forced massive retrenchment in investment by oil and gas companies. Drillers cut 40 oil rigs in the week to March 27, bringing the total count down to 624, the lowest since March 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil rig count, an early indicator of [Read more]

Oil prices fell on Friday as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world and the United States faced the prospect of becoming the next global epicenter of the pandemic. U.S. crude was down $1.48, or 6.5%, at $21.66. Brent crude was down $2.16, or 8%, at $24.75 a barrel. Both contracts were on track for a fifth consecutive weekly drop. They are down nearly two thirds this year and the coronavirus-related slump in economic [Read more]

A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia's sovereign wealth fund said, adding that countries should also cooperate to cushion the economic fallout from coronavirus. A pact between the Organization of the Petroleum Exporting Countries and other producers, including Russia (known as OPEC+), to curb oil production to support prices fell apart earlier this month, sending global oil prices into a tailspin. "Joint [Read more]

Brent oil futures may be trading at $27 per barrel but oil producers are selling their crude in the physical market at lower prices not seen since the aftermath of the Asian financial crisis of the late 1990s. Most are offloading their oil for below $20 a barrel as the coronavirus pandemic savages demand and global supply rises amid a battle between Saudi Arabia and Russia for market share, according to traders, state oil firms, major refiners and prices quoted in physical markets. While [Read more]

The U.S. Department of Energy said on Thursday it has ditched plans to purchase crude for the nation's emergency reserve due to a lack of funding from Congress, dealing a blow to President Donald Trump's plan to give relief to energy companies amid the global oil market collapse. Energy Secretary Dan Brouillette had asked lawmakers for $3 billion to purchase up to 77 million barrels to fill the reserve, but the stimulus package passed by the Senate on Wednesday did not include the funding. [Read more]

Oil prices fell on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a U.S. $2 trillion emergency stimulus will shore up economic activity. West Texas Intermediate (WTI) crude futures fell $1.39, or 5.75%, to $22.85 a barrel. Brent crude futures fell $1.01, or 3.67%, to $26.52 a barrel. Both contracts are down about 60% this year. "Oil markets received a lift from the U.S. stimulus chatter, [Read more]

Oil prices extended falls for a third session on Wednesday. U.S. crude was at $23.58 a barrel, down 81 cents, or 3.4%. Brent crude was trading down $1.13, or 4.2%, at $26.48 a barrel after rising to a high of $28.29. The U.S. Congress may vote on Wednesday on the $2 trillion stimulus after Republicans and Democrats said they were close to a deal, with optimism over the package fueling a surge in stock markets. Still, demand for oil products, especially jet fuel, is falling worldwide [Read more]

From Canada and the Caribbean to the Baltic and Singapore, oil tanks around the world are filling fast, despite a 50%-100% jump in lease costs, as oil companies and traders scramble to park unwanted crude and refined products. Millions of barrels are struggling to find buyers among industrial users and refiners, which have cut operations as the impact of the coronavirus has destroyed demand and a Saudi-Russia market share battle has led to a flood of supply. Fuel storage rates doubled this [Read more]