Shale Drillers Signal Bleak 2020  | Rigzone
(Bloomberg) — Three shale explorers signaled a grim rest of 2020 for the U.S. oil patch just hours after President Donald Trump arrived in the Permian Basin championing “American energy dominance.” In second-quarter earnings reports published after the close of trading in New York, QEP Resources Inc. cut its production outlook, WPX Energy Inc. further
Covid-19 is the Elephant in the Room  | Rigzone
Covid-19 is the elephant in the room and the U.S. death toll passing the milestone of 150,000 has spread concern to every kind of market, including commodities. That’s according to Rystad Energy’s head of oil markets, Bjornar Tonhaugen, who added that traders that have been “brushing away” reports of new infections have now started to
Trading Bonanza Saves Quarter for Shell and Total  | Rigzone
(Bloomberg) — Royal Dutch Shell Plc and Total SE were saved from what many feared would be the worst quarter ever for the oil and gas industry, thanks to their mammoth trading operations. Investors had already been warned that the coronavirus pandemic hammered almost all parts of the energy giants’ businesses — from forecourts, to
How Many Oil Jobs Did Texas Lose in 1H?  | Rigzone
According to the Texas Independent Producers and Royalty Owners (TIPRO) Association’s latest mid-year energy report, Texas has lost over 39,000 direct oil and natural gas jobs in the first half (1H) of 2020. The report outlined that 321,455 Texans were directly employed by the oil and gas sector in 1H and revealed that this figure
Oil Prices Finish Higher on Strong Draw  | Rigzone
(Bloomberg) — Oil was propped up by the biggest decline in U.S. crude inventories this year, signaling a bright spot in a market weakened by Covid-19. Domestic oil inventories tumbled by more than 10 million barrels last week, the biggest decline since December, according to an Energy Information Administration report. Oil imports declined, with shipments
Rystad Foresees New Oil Supply Glut  | Rigzone
A new four-month oil supply glut of approximately 170 million barrels should result from the partial return in August of curtailed OPEC+ production, Rystad Energy predicts in a new analysis. The consultancy bases its prediction on the assumption that “a mild second wave” of COVID-19 in key markets will prevent oil demand from rebounding as
Trump Heads to Texas  | Rigzone

Trump Heads to Texas  | Rigzone

(Bloomberg) — President Donald Trump will look to deep-pocketed energy barons to help jump start his sputtering re-election campaign on Wednesday during a stop in Texas, a traditional Republican bastion that has become increasingly competitive for Democrats. Trump plans to raise money for the Republican National Committee and his campaign at a pair of fundraisers
Oil Holds Loss as Focus Turns to Stockpiles  | Rigzone
(Bloomberg) — Oil held a loss to trade near $41 a barrel after analysts forecast U.S. crude stockpiles continued to swell last week, overshadowing expectations for a dovish statement from the Federal Reserve. Futures in New York were steady in Asian trading after closing down 1.4% on Tuesday. U.S. inventories grew by 450,000 barrels last
Oil Up After Unrest Hits Key OPEC Producers  | Rigzone
(Bloomberg) —Oil declined as investors turned their focus to domestic supply, with expectations for another build in already swelling U.S. stockpiles. Futures in New York fell 1.3% on Tuesday. A U.S. government report Wednesday will probably show crude stockpiles increased 450,000 barrels after last week’s nearly 5-million-barrel rise, further compounding concerns over a stalling economic
IGC Holds Drills Off Strait of Hormuz  | Rigzone
(Bloomberg) — Iran’s Islamic Revolutionary Guard Corps held “large-scale” military drills off the Strait of Hormuz on Tuesday, according to a statement on its Sepah News website. The exercise involved naval and air forces and the Nour satellite Iran launched into orbit earlier this year was part of it, Sepah News reported. The drills concluded