Crude oil news & headlines
Latest breaking stories, features and analysis
- BP gets a 49% stake in a fuel retail joint venture with Indian Reliance Industries.
- Reliance's owner Mukesh Ambani’s net worth surpasses that of Warren Buffet.
- RBML will expand its network & workforce to become a leader in low carbon solutions.
Features & analysis
Latest Crude oil news
British Petroleum (LON: BP) said on Thursday that its hybrid bonds issue raised a total of £9.50 billion in debt in multiple currencies. As per a BP’s spokeswoman, the company wishes to benefit from low-interest rates to strengthen its balance sheet. Learn more about the key balance sheet components. Shares of the company are less than 1% down on Thursday. At 311 pence per share, British Petroleum is more than 30% down year to date in the stock m...
Saudi Aramco said on Wednesday that it has completed its deal with Saudi Basic Industries. Aramco now has a 70% stake in the Riyadh-based petrochemicals company that it purchased for £55.10 billion. Aramco also announced a 3-year extension on the payment period to 2028, aimed at providing support against weak oil prices. Shares of Aramco ended almost flat on Wednesday. At £6.94 per share, the Saudi Arabian multinational petroleum and natural gas...
British Petroleum (LON: BP) slashed its long-term price forecasts for oil and gas on Monday as it warned of a lasting impact of the Coronavirus pandemic on the energy sector. The company also said that the virus outbreak will accelerate a global shift to renewable energy. In the current quarter, BP now estimates £10.36 billion to £13.95 billion of write-downs. Shares of the company were reported more than 3% down in premarket trading on Monday. A...
Crude oil prices are down significantly today as investors worry about global demand after China confirmed a new cluster of coronavirus cases in Beijing. The price of Brent, the international benchmark, declined by 1.30% while the West Texas Intermediate (WTI) fell by 1.85%. Similarly, other commodities declined, with the Bloomberg Commodities Index falling by more than 0.70%. Also, global stocks fell, with the DAX index, FTSE 100, and CAC 40 fal...
Exxon Mobil’s (NYSE: XOM) plans of selling its assets in the British North Sea were previously delayed due to the Coronavirus pandemic and a sharp slump in global oil prices. In an announcement on Thursday, however, industry sources highlighted that the U.S. oil major has now decided to restart the sale. The news comes a month after Exxon released its financial results for the first quarter. Shares of the company were reported about 3% dow...
Crude oil price dropped today after the Energy Information Administration (EIA) released the weekly inventory data. International Brent is trading at $40.60, down more than 1.3% from a day ago while West Texas Intermediate is trading at $38.28. Crude oil price as US inventories rise US crude oil inventories rose by 5.7 million barrels a week ago, according to the EIA. This was a surprise to market participants because analysts polled by Bloomberg...
In a statement on Friday, Premier Oil (LON: PMO) said that British Petroleum (LON: BP) has agreed to lower the price of its assets in the North Sea that it is selling to Premier. BP released its Q1 financial results in the last week of April that posted a 67% decline in its net profit. Share of Premier Oil climbed about 9% in premarket trading on Friday. At 34.60 pence per share, the stock hit its highest since early March when global oil prices...
In an announcement on Thursday, Eni (BIT: ENI) said that it has decided in favour of establishing a separate division that will focus entirely on renewable energy. The Italian oil major has been committed to corporate reorganisation in recent months. Shares of the company climbed more than 1% on Thursday in the afternoon session but lost all intraday gains before the market close. At £8.06 per share, Eni is roughly 35% down year to date in the st...
Crude oil price is trading above the $35 mark for the first time since the first half of March as rising U.S.-China tensions weighed on risk sentiment. Fundamental analysis: An escalation in tensions between the United States and China Crude oil prices are trading around 1% higher today to hit the levels near the $36 handle for the first time since March 11. Prices have been recovering for weeks after printing historic lows. Investors are w...
Oil prices have rebounded north of $30 per barrel but the commodity is still deep in the red as WTI crude is down 30% over the past three months and Brent Crude is down more than 32% over the same time period. Oil rebounded from negative territory It wasn’t too long ago that WTI oil was trading in negative territory and when a seller of oil is paying someone to take it off their hands, it shouldn’t surprise investors when oil has “no other place...
May could turn out to be WTI crude’s best month ever, having rallied over 70% this month, and the key driver could be expectations that the crude oil market may be near rebalancing. Russia’s oil ministry expects demand and supply for the pandemic-stricken commodity to rebalance by July. “For now, the surplus stands at around 7-12 million barrels per day. The energy ministry is counting on the market to balance out in June – July thanks to a...
The US commodities regulator, the Commodity Futures Trading Commission (CFTC), issued Wednesday a rare, and rather a blunt reminder to market participants of the risk of negative oil pricing. The advisory also reminded them of their responsibility to maintain orderly trading and pricing in commodities. The CFTC’s letter on risk management and market integrity could also be construed as an unprecedented and public warning to the Chicago Mercantile...
Saudi Aramco announced its net profit in the first quarter to have declined by 25% on Tuesday. The company’s quarterly dividend, however, matched its plan of paying £60.74 billion to its shareholders in base dividends in 2020. Analysts had anticipated Aramco to slash government payout but maintain its dividend for minority shareholders. In the quarter that ended on 31st March, Aramco reported a net profit of £13.48 billion after tax and zakat tha...
Global oil prices have rebounded strongly in the past two weeks as investors bet on an uptick in demand, as nations around the globe prepare for a gradual reopening for business. The national lockdowns imposed by governments to fight the spread of COVID-19 are likely to cause the biggest economic contractions in decades. “Many market participants believe there is light at the end of the tunnel [for oil prices]. But while the inflectio...
Oil prices are on a rally as producer supply cuts kick in and hopes rise of a gradual normalisation as lockdowns are lifted across the globe. Crude oil prices fell to record lows amidst a destruction of demand due to the coronavirus pandemic, while OPEC plus producers could only agree to supply cuts effective Friday, May 1. WTIC June futures closed Tuesday at $ 24.56 per barrel, up $ 4.17, or 20.5%. The contract logged its fifth consecutive run o...
Total (EPA: FP) said on Tuesday that its net quarterly profit saw a decline ascribed to historically low oil prices as Coronavirus swept off demand. At £1.44 billion, Total’s net profit in the first quarter came in 35% lower than £2.25 billion in the same quarter last year. It was, however, stronger than the experts’ forecast of £1.12 billion, as per Refinitiv. Total declares a 58 pence per share of quarterly dividend The French oil major also de...
Shares of Exxon Mobil (NYSE:XOM) plunged more than 4% on Friday after the oil giant posted a first quarterly loss in years amid the collapse in oil prices. Fundamental analysis: Significant impact on near-term demand Excluding a $2.9 billion charge, Exxon reported a non-GAAP earnings of $0.53 cents per share compared to the FactSet consensus of $0.01 cents per share. A net loss of $610 million was reported compared to a $2.35 billion profit...