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…
Canada’s oil and gas industry is still reeling from the double whammy of demand destruction from the coronavirus and the overwhelming supply from warring producers such as Saudi Arabia and Russia. With storage likely to brim by mid-May, the outlook for global crude prices is still grim, though WTIC futures,…
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…
Chevron Corp. (NYSE: CVX) released its quarterly financial results on Friday and warned that its performance is expected to keep under pressure unless oil prices recover. The company also slashed its 2020 capital expenditures further on Friday. In the first quarter, Chevron generated £25.14 billion in revenue as compared…
British Petroleum (LON: BP) announced its net profit to have significantly plunged in the first quarter on Tuesday. The company cited low oil prices attributed to the Coronavirus and shrinking storage capacity for downbeat results.The London-headquartered oil and gas company recorded its underlying replacement cost profit at £642 million…
British Petroleum (LON: BP) announced a few changes in the financial terms of its Alaska deal on Monday. The oil major is seeking to sell its Alaska business to Hilcorp Energy for £4.5 billion. BP cited the recent crash in global oil prices for the changes that may result…
Shares of Chevron (NYSE:CVX) have surged 3% today as oil prices continue a sharp rebound following a collapse on Monday and Tuesday. Fundamental analysis: Chevron stock jumps, ignores a row with TrumpChevron stock price has surged higher despite an order from President Trump to halt oil production in Venezuela.
The energy market is trashing the record books. On Monday, when oil prices closed in negative territory for the first time, there came another statistic from the U.S. Energy Information Administration (EIA): the U.S. had turned a net exporter of energy in 2019, the first time this happened in…
After a historic day in which crude oil prices (May future contracts) were pushed into the negative territory, the selloff in oil continues as the price of “black gold” – the June contract – trades around the $16 mark, around 22% lower today. Fundamental analysis: Catching a falling knife Crude…
Crude oil prices are on track to post the worst day on record as the June contract for WTI, the benchmark for U.S. crude prices, trades almost 50% lower amid worries about a lack of storage.“Price discovery is complicated, more so than usual, by the soon-to-expire WTI NYMEX front-month contract…
Crude oil price trades around 27% lower to trade at levels below the $14 mark for the first time since early 1999 as supply is hitting record highs, while demand may reach the lowest levels since 1985, according to the International Energy Agency (IEA). Fundamental analysis: Storage runs outCrude oil…
Crude oil price hit a new 18-year low this week as investors continue to punish OPEC+ countries for failing to meet their expectations in the size of the production cut. A claim from a group of analysts that Saudi Arabian oil exports to the U.S. more than doubled made waves…
