Shares of Chevron Corporation (NYSE: CVX) are likely to join other oil stocks in tumbling on Monday after the company has been forced to shut production and commence evacuation of its crews from the US Gulf of Mexico ahead of tropical storms. Fundamental analysis: Another issue for oil producers…
Crude oil price closed the week 0.17% higher in another low-volume weekly trading session. Reuters reports that some OPEC+ countries will have to slash their production in August and September to offset oversupply. Fundamental analysis: OPEC+ must cut supply In order to balance the excessive production and output levels from…
Shares of BP PLC (LON: BP.) rose 8% on Tuesday after the oil giant announced a dividend ‘reset’ by 50%. BP stock price is now trading above GBX300 again as it attempts to break the descending trend line. Fundamental analysis: New strategy presented BP reported a loss of $16.8…
British Petroleum (LON: BP) said on Saturday that it has invested £790 million in India’s Reliance Industries. The investment, it added, will get the British oil major a minority stake in Reliance’s fuel retail business. BP recently raised £9.50 billion via its first hybrid bonds issue. Shares of…
April 2020 was a historic month for financial markets as oil prices traded in the negative territory for the first time ever. The demand was practically non-existent in April, which led to OPEC+ countries cutting production to its lowest levels in 30 years. Historically low production from OPEC+ members…
Crude oil price closed over 2% in the red despite posting the 3-week high above the $40 mark. Investors are worried that the surge in the number of new coronavirus cases will slow down the economic recovery. Fundamental analysis: Infection cases on the rise again Crude oil price closed this…
Shares of Repsol SA (ETR: REP) closed the week over 6% in the red for the third week in a row. The stock price has now pared back gains and it trades almost 3% down in June. Fundamental analysis: Repsol inks new contracts Repsol SA, the tenth biggest company…
Shares of Petrofac Limited (LON: PFC) have slumped over 10% today after the company reported it expects a 70% decline in revenue for its two divisions. As a result, Petrofac share price has erased gains recorded in the past four days. Fundamental analysis: Weak oil demand hurting the company…
Crude oil price is wavering today as worries of a second coronavirus wave outweigh the falling US and Canadian oil rig count. Brent, the international benchmark, is up by 0.35% while West Texas Intermediate (WTI) is up by 0.20%. At the same time, the Bloomberg Commodities Index is up by…
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…
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…
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…
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…
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…
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 declines as inventories jump Crude oil price as US…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
