Oil Rises for Fifth Day  | Rigzone

Oil Rises for Fifth Day  | Rigzone

(Bloomberg) — Oil rose for the fifth straight session as investors weighed signs the market is rebalancing against what’s still a precarious economic outlook. Futures in New York for July delivery rose 4.8% Wednesday. The U.S. Energy Information Administration showed crude oil inventories declined for the second week in a row and the Cushing, Oklahoma,
Oil Prices Surging After Plunging into Abyss  | Rigzone
(Bloomberg) — For the world’s most important commodity, there’s never been a month like it. Just a few weeks ago, crude oil was akin to industrial waste in some parts of the world, something you had to pay people to take away. Now prices are surging, up about 70% in New York since the start
Oil Rally Stalls with Fed Warning Countering Cuts  | Rigzone
(Bloomberg) — Oil steadied after a four-day gain as investors weighed signs the market is rebalancing against what’s still a precarious economic outlook. Futures in New York for July delivery were little changed near $32 a barrel after the June contract closed at a 10-week high as it expired. Federal Reserve Chairman Jerome Powell warned
Oil Rises on Supply Cuts, Improving Demand Signals  | Rigzone
(Bloomberg) — Oil gained in a day of choppy trading as investors weighed supply cuts and a demand rebound against an ominous economic outlook from the Federal Reserve. West Texas Intermediate crude for July delivery rose 1%. Output cuts by the world’s largest producers are whittling down a supply glut while oil consumption is recovering
Can US Shale Producers Innovate Themselves Out of Trouble?  | Rigzone
The shale industry was in trouble even when oil was priced at $30 a barrel. Hundreds of small producers across Texas and the Midwest were laden with debt, sweet spots already taken and forcing well operators to tap higher-cost locations. WTI crude at under $20 a barrel, is less than half the $40-plus-a-barrel breakeven needed
Veteran Iranian OPEC Governor Passes Away  | Rigzone
The Islamic Republic of Iran’s Ministry of Petroleum has revealed that the country’s OPEC Governor Hossein Kazempour Ardebili has passed away. Ardebili had been in a coma for nearly two weeks following a severe brain hemorrhage, the ministry outlined. In a statement posted on its website, Iran’s petroleum ministry described Ardebili as a veteran negotiator
Repeat of Sub-Zero Oil Plunge Unlikely  | Rigzone
(Bloomberg) — Oil’s historic crash below zero looked increasingly like an aberration as the June contract rose for a fourth day in its last session of trading before expiring. Amid growing signs of a nascent recovery in demand, deepening production cuts and optimism that the world is getting closer to finding a vaccine for the coronavirus,
Oil Posts Two-Month High  | Rigzone
(Bloomberg)–Oil rose to levels not seen since Covid-19 lockdowns paralyzed the world’s largest economy, lifted by signs of recovering demand and news of a viable coronavirus vaccine. Futures in New York climbed 8.1% Monday, the highest level since mid-March. Chinese oil use is at 13 million barrels a day, just shy of the levels of a year
ADNOC Chief Sees Signs of Better Market Conditions  | Rigzone
Speaking in an online company forum, the CEO of Abu Dhabi National Oil Co. (ADNOC) observed there are signs that oil market conditions are improving. “When it comes to oil, there are signs that the market has tightened in recent weeks,” ADNOC Group CEO and UAE Minister of State Sultan Ahmed Al Jaber said Thursday
Oil Contract Expiry to Show If Market Players Learned Lesson  | Rigzone
An expiring futures contract, bankruptcies and U.S.-China trade deserve the oil market’s attention this week, a panel of market-watchers told Rigzone. Read on for details. Tom Seng, Assistant Professor of Energy Business at University of Tulsa’s Collins College of Business: With the June West Texas Intermediate (WTI) NYMEX futures contract expiring on Tuesday, the market