Oil Posts Another Weekly Gain Despite Doubts About China Growth  | Rigzone
(Bloomberg) — Oil fell, paring a weekly gain, as investors weighed improving supply fundamentals against doubts surrounding China’s economic growth. Futures in New York slid 2% Friday but notched a 13% increase for the week. Major producers continue to scale back production. U.S. explorers laid down another 21 oil rigs, bringing the total to the lowest
Completions Death Spiral Slows Down  | Rigzone
The recent steep plunge in a key oil and gas industry health indicator appears to have moderated, an informed market-watcher told Rigzone. Read on to find out what this metric is, along with additional insights, in this review of oil market hits and misses from the past week. Rigzone: What were some market expectations that
Oil Takes Breather on China Economy Doubts  | Rigzone
(Bloomberg) — Oil retreated from the highest level in more than two months with doubts emerging over the strength of China’s economic recovery and as tensions rose between Washington and Beijing. Futures in New York fell 3.4%. Beijing won’t set a target for economic growth this year due to “great uncertainty” over the coronavirus, although it did
$2.7B Cut of West Africa Contracts Bound for Saipem  | Rigzone
A multibillion-dollar set of contracts tied to the expansion of a liquefied natural gas (LNG) production facility in Nigeria generated a considerable amount of pageviews on Rigzone this week. Keep reading to find out more about this and other recent industry developments linked to downstream oil and gas that were popular with readers. Saipem Snags
Trump Cautioned on Imposing Oil Tariffs  | Rigzone
The American Energy Alliance (AEA) reported Wednesday that it has joined a coalition of 23 free-market, small business and consumer groups urging President Trump not to enact tariffs on imported crude oil. Although imposing tariffs has been touted as a means of helping U.S. oil and gas producers, AEA maintains the approach would not achieve
Big Jump Predicted for Nat Gas Prices  | Rigzone
Natural Gas Prices Could Double Next Year At the start of April, gas was priced at $1.64 per million British thermal units (MMBtu), the lowest it has been since December 2009. Goldman Sachs expects gas prices to more than double by winter 2020-2021 though. Read full article here McDermott Lands Middle East FEED Contract McDermott
Oil Sees Longest Streak of Gains in More Than a Year  | Rigzone
(Bloomberg) — Oil posted its longest streak of gains in more than a year, buoyed by output cuts across the globe that have whittled away at a stubborn supply glut. Futures climbed 1.3% in New York. U.S. supply data showed crude inventories fell for a second week after climbing steadily since January and stockpiles at
New Mexico Lease Sale Postponed  | Rigzone
A scheduled oil and gas lease sale in New Mexico that was set for the morning of May 20 was postponed, according to updated information posted at EnergyNet, an online marketplace that provides commodities auction and sealed bid transaction services for the oil and gas industry. Select conservation groups had said the auction should be
Industry Bodies Partner on Inclusive Campaign  | Rigzone
UK industry bodies AXIS Network and Step Change in Safety revealed on Thursday that they are partnering to develop guidance for operators and the supply chain on inclusive offshore working practises. “I believe this partnership offers us the opportunity to produce some best practice advice for operators and supply chain which is easy to implement,
Oil Heads for 6th Daily Rise on US Stockpile Draws  | Rigzone
(Bloomberg) — Oil was headed for its longest run of daily gains in 15 months after a drop in U.S. crude stockpiles added to signs that a market upended by coronavirus lockdowns and a producer price war is rebalancing. Futures in New York rose for a sixth day past $34 a barrel, the longest streak