The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May 22, according to data from energy services firm Baker Hughes Co going back to 1940. That was a third consecutive week of record lows for the U.S. rig count. In Canada, the count fell to [Read more]

Oil prices slumped on Friday after China's decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world's second-largest oil user. West Texas Intermediate (WTI) crude dropped by $1.79, or 5.3%, to $32.13 a barrel, having gained more than 1% in the last session. Brent crude fell $1.56, or 4.3%, to $34.50 a barrel by 0323 GMT, after gaining nearly 1% on Thursday. China's National [Read more]

Oil prices advanced on Thursday as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains. U.S. West Texas Intermediate (WTI) crude futures for July were up 83 cents, or 2.49%, at $34.32 a barrel, extending its gains into a sixth straight session. Brent crude futures for July delivery were trading up 86 cents, or 2.35%, at $36.64 per [Read more]

Oil prices rose on Wednesday amid signs of improving demand and a drawdown in U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains. U.S. West Texas Intermediate (WTI) crude futures for July were up $1.45, or 4.38%, at $33.23 a barrel. The July contract closed on Tuesday at $31.96, up 1%. Brent crude futures for July delivery were up $1.51, or 4.34%, at $36.06 per barrel. The June contract expired on Tuesday at $32.50 a barrel, up [Read more]

Oil prices were mixed on Tuesday, with Brent pulling back from an early gain on profit-taking, while U.S. crude extended its rally amid signs that producers are cutting output as promised just as demand picks up on a resumption of economic activity. U.S. West Texas Intermediate crude was up 11 cents, or 0.4%, at $31.93 a barrel, giving up some of its earlier gains. It rose as high as $33.44 earlier in the session, hitting its highest since March 16. Brent crude fell 19 cents, or 0.6%, to [Read more]

U.S. crude production from seven major shale formations is expected to fall by a record 197,000 barrels per day in June to 7.822 million bpd, the U.S. Energy Information Administration said in a monthly report on Monday.   The output from shale formations would be the lowest since August, 2018, according to data from the agency.   U.S. crude production from shale formations has more than doubled since 2013, lifting the country's overall oil output to new record highs. [Read more]

U.S. natural gas futures jumped over 10% on Monday on slowing output as energy firms shut wells and slash spending on new oil drilling after crude prices sank earlier this year due to coronavirus-led demand destruction. Those oil wells also produce a lot of gas. Front-month gas futures for June delivery on the New York Mercantile Exchange (NYMEX) rose 17.1 cents, or 10.4%, to $1.817 per million British thermal units at 10:26 a.m. EDT (1426 GMT). That puts the contract on track for its biggest [Read more]

Oil prices climbed more than $2 a barrel on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30 supported by optimism about the re-opening of economies and output cuts by major producers. U.S. West Texas Intermediate (WTI) crude was up $2.63 or almost 9% at $32.06 per barrel, its highest since mid-March. Brent crude was up $2.03, or 6.2%, at $34.53 a barrel by 1217 GMT, its highest level since mid-April. “Optimism on the demand side of the oil equation [Read more]

A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday - and so far there is little sign of a repeat of the historic plunge. The extent of the damage that the coronavirus pandemic had inflicted on the oil industry came into focus on April 20, when the U.S. benchmark WTI contract plunged to minus $38 a barrel. The virus destroyed so much fuel demand as billions of people stopped [Read more]

U.S. energy firms cut number of U.S. oil and natural gas rigs operating to an all-time low for a second week in a row as producers slash spending on new drilling after oil prices collapsed due to a slump in demand caused by global lockdowns to stop the coronavirus pandemic. The rig count, an early indicator of future output, fell by 35 to a record low of 339 in the week to May 15, according to data from energy services firm Baker Hughes Co going back to 1940. The prior all-time low was 374 [Read more]