U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices. Such a swift rise in U.S. production would complicate efforts by top producers Saudi Arabia and Russia to encourage global allies to fulfill their pledges to make record production cuts. They, along with allies in a … [Read more...]
Oil slumps as U.S. crude stocks build amid virus resurgence fears
Oil prices fell on Wednesday as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery of demand. U.S. West Texas Intermediate (WTI) futures fell 2 cents, or 0.07%, to $37.89 a barrel. Brent crude futures were down 8 cents, or 0.25%, at $40.60 a barrel. Both benchmarks rose more than 3% on Tuesday, after the International Energy Agency (IEA) raised its 2020 … [Read more...]
Oil prices rise on supply cuts, improving demand
Oil prices rose on Tuesday, with Brent crude above $40 a barrel, after the IEA increased its oil demand forecast for 2020 and as record supply cuts provided support. Both the North Sea and U.S. contracts gained around 4%, with U.S. oil rising $1.75 to $38.77 a barrel. Brent crude was up $1.49 at $41.32 a barrel. In its monthly report on Tuesday, the International Energy Agency (IEA) forecast oil demand at 91.7 million barrels per day in 2020, 500,000 bpd higher than its estimate in … [Read more...]
U.S. natgas futures little changed on steady weather, demand forecasts
U.S. natural gas futures traded within a few cents of unchanged on Tuesday on forecasts calling for similar weather and demand over the next two weeks as in the previous session. Front-month gas futures rose 0.5 cents, or 0.3%, to $1.674 per million British thermal units at 7:49 a.m. EDT (1149 GMT). On Monday, the contract settled at its lowest since May 15. Refinitiv said production in the Lower 48 U.S. states averages just 87.5 billion cubic feet per day in June, down from a 16-month low … [Read more...]
Heavy discount narrows, stays in tight range
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Monday, remaining in a narrow range despite lower inventories. Crude oil inventories in Western Canada stood at 29.3 million barrels, or 45% of operational capacity, as of May 29, data provider Genscape said. Oil production in Canada's Saskatchewan province rebounded to 470,000 barrels per day in May, up 71,000 bpd from April, analysts at Tudor, Pickering, Holt & Co said. Western Canada Select (WCS) … [Read more...]
Oil drops as new coronavirus outbreaks raise fuel demand concerns
Oil fell more than 2% on Monday, extending losses from last week, as new coronavirus infections hit China and the United States, raising the prospect that renewed outbreaks of the virus could weigh on the recovery of fuel demand. U.S. West Texas Intermediate crude futures were down $1.75, or 4.83%, to $34.73 a barrel. Brent crude futures fell $1.26, or 3.24%, to $37.70 a barrel. A cluster of infections in Beijing has increased concern of a resurgence of the disease. The coronavirus … [Read more...]
Canada’s oil patch cuts back climate efforts under pandemic
Canadian oil sands companies have shelved nearly C$2 billion in green initiatives in a cost-cutting drive to weather the coronavirus pandemic, a reversal in some of their commitments to reduce emissions and clean up their dirty-oil image. International oil firms left Canada in droves in recent years due to the high costs to turn a profit in the sector. Some investors and banks, meanwhile, halted financing in part to pressure the world's fourth-largest crude producer to reduce the … [Read more...]
Heavy discount narrows, supply cuts in focus
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Friday, remaining in a narrow band after supply cuts. Deep oil curtailments in Western Canada have opened ample space on pipelines and kept differentials narrower than usual, according to traders. Demand for oil should return to pre-pandemic levels in the second half, adding to supply tightness, Haywood Research said in a note. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, … [Read more...]
U.S. oil & gas rig count hits record low for 6th week
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a sixth week in a row even as oil prices rebound from historic lows and some producers return to the wellhead. The U.S. oil and gas rig count, an early indicator of future output, fell by five to an all-time low of 279 in the week to June 12, according to data from energy services firm Baker Hughes Co going back to 1940. That was 690 rigs, or 71%, below this time last year. U.S. oil rigs fell … [Read more...]
Oil set to end week lower on coronavirus resurgence fears
Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand. West Texas Intermediate was up 76 cents, or 2.09% to $36.88 a barrel. Both contracts ended around 8% lower on Thursday. Brent was up 96 cents, or 2.51%, at $39.820 a barrel, having lost more than $1 earlier in the session. The oil benchmarks are heading for weekly declines of more than 8%, their first after … [Read more...]
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