Oil Sinks in Worst Week Since 2008  | Rigzone
(Bloomberg) — Oil had it worst week since the financial crisis as panic over the coronavirus pandemic battered global markets. Futures in New York fell 16% this week, marking the biggest weekly drop since December 2008. The viral outbeak showed no signs of relenting, with the World Health Organization raising global risk to “very high” from “high.”
US to Sell 12 Million Barrels of Oil as Virus Hits Demand  | Rigzone
(Bloomberg) — The U.S. will sell up to 12 million barrels of oil from its emergency government stockpile just as global crude demand takes a hit from the spreading coronavirus. The crude would be delivered to U.S. Gulf Coast pipelines in April and May, adding incremental barrels to an already oversupplied market at a time when oil demand is
Chevron Staff Cuts Coming Soon  | Rigzone
Here are Rigzone’s top stories during the last week, just in case you missed them… Chevron Launching Layoffs in April Chevron Corp. will be launching a round of layoffs beginning April 6 as it sells its Appalachian natural gas operations, according to a WARN notice the company sent to the Pennsylvania Department of Labor & Industry earlier
Oil Market Hits and Misses for the Week  | Rigzone
Though they command opposite ends of the spectrum, hindsight and its foil foresight both garner much attention within the energy markets. Given this importance of these contrasting concepts in oil and gas, Rigzone is launching a new weekly addition to its editorial lineup that will present insights from informed market-watchers comparing what they expected to
OPEC+ Meetings Now on Critical Path  | Rigzone
The upcoming OPEC+ meetings on March 5 and 6 are now on the critical path. That’s according to a new research note from Jefferies, which reveals that the company now believes OPEC+ needs to make “much steeper” cuts than the 600,000 barrel per day recommendation from their technical committee to support prices. “At least a
Worst Oil Week Since 2011 Puts Pressure on OPEC+  | Rigzone
(Bloomberg) — Oil was on course for its biggest weekly loss since 2011 as the fast-spreading coronavirus roiled global markets, intensifying speculation that OPEC and its allies will strike a deal to support prices. Futures in New York fell a sixth day after fears over the outbreak sent shares on Wall Street down by the most in
Crude Falls to Lowest in a Year as Coronavirus Panic Grows  | Rigzone
(Bloomberg) — Oil tumbled to the lowest since early January 2019 on mounting fears of the coronavirus contagion wreaking havoc on economic growth. Futures fell 3.4% in New York on Thursday and are poised for the worst weekly loss since 2014 as the coronavirus spreads further outside of China, roiling financial markets. The S&P 500
Rystad Cuts 2020 Oil Price Forecast  | Rigzone
Rystad Energy has cut its 2020 Brent crude oil price forecast from nearly $60 per barrel to around $56 per barrel. In addition to the cut, the company warned that another negative revision “might be around the corner” due to increasing downside risk. “Brent has come under renewed downwards pressure this week, trading below $55
Oil Extends Slump on Mounting Pandemic Fears  | Rigzone
(Bloomberg) — Oil extended losses after closing at a 13-month low as more new coronavirus cases were reported outside China than within, adding to fears the world is on the brink of a pandemic that will take a hefty toll on growth. President Donald Trump failed to calm markets at a briefing on the outbreak, with Asian equities declining
Chevron Sends London Traders Home on Virus Concern  | Rigzone
(Bloomberg) — Chevron Corp. asked traders and other staff at its Canary Wharf office in London to work from home as a precaution after an employee was tested for the coronavirus, according to a person familiar with the matter. The employee had flu-like symptoms and coronavirus hasn’t been confirmed, the person said. “Chevron continues to