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U.S. oil jumped more than 23% on Thursday for its best day on record, as it clawed back more than half of the losses from Wednesday’s swoon.
As tensions between the two countries escalate, President Donald Trump said the U.S. could intervene, which contributed to oil’s gains in afternoon trading.
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Source: CNBC
NEW YORK (Reuters) – Oil jumps over 8% on Tuesday, bouncing from the biggest rout in nearly 30 years a day earlier
On Monday, U.S. President Donald Trump pledged “major” steps to gird the U.S. economy against the impact of the spreading coronavirus outbreak.
Japan’s government said it planned to spend more than $4 billion in a second package of steps to cope with the virus.
U.S. shale producers, including Occidental Petroleum Corp OXY.N, deepened spending cuts that could reduce production.
“There was almost an immediate response from U.S. producers to cut spending that will likely result in diminished U.S. oil output in the months ahead,” said John Kilduff, partner at Again Capital LLC in New York, noting “The rapidity of that response helped buoy the market after Monday’s collapse.”
Oil plunged about 25% on Monday. It rebounded on Tuesday along with equities and other financial markets.
Brent futures LCOc1 rose $2.86, or 8.3%, to settle at $37.22 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 rose $3.23, or 10.4%, to settle at $34.36.
“The oil price went up today because it went insanely down yesterday, and some bargain hunters are driving things up,” said Bjoernar Tonhaugen, head of oil markets at energy consultant Rystad, noting “It will go down further with some days going up in between.”
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Source: Reuters
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Saudi Aramco is stuck in an unprecedented price war and may need to sell a stake in its pipeline business to raise capital, Bloomberg reported on Monday.
The precipitous drop in oil prices through the month has the world’s largest producer strapped for cash ahead of some massive payments.
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Source: Business Insider
Prices are rising for Brent and WTI crude. The gains follow steep losses and a warning on global demand from the International Energy Agency that says global demand is in “free fall.” Bloomberg’s Su Keenan reports on “Bloomberg Daybreak: Asia.” (Source: Bloomberg)
Brent crude climbed $3.57, or 5.5%, to end the session at $68.75 a barrel after touching its lowest since May 21 at $64.60 during the session.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $3.50, or 5.6%, to settle at $65.64.
Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.
But a drop in the U.S. dollar provided a boost on Monday, making crude less expensive for holders of other currencies.
“Although the oil complex has generally been able to shrug off strength in the stock market, the bullish combo of increased risk appetite and significant weakening in the U.S. dollar indices represents a potent mix that oil has been forced to recognize,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
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OPEC and its Russia-led non-OPEC allies could push Brent Crude prices back to $60 a barrel. This is according to Lukoil.
Last week, OPEC’s leader Saudi Arabia was said to be asking members of the OPEC+ group. The request is to consider an additional collective cut of 1 million bpd.
The Organization of the Petroleum Exporting Countries and its partners will meet in Vienna on March 5-6. They are to discuss additional steps to support the oil market as the spread of the coronavirus risks hurting demand.
OPEC initially called for a cut of 600,000 barrels per day (bpd) to prop up prices. This is in addition to existing cuts of 1.7 million bpd which are expected to be extended.
Over the weekend Russian President Vladimir Putin suggested that Moscow will continue to play ball and cooperate with OPEC, although it sees current oil prices as “acceptable.”
Speaking to Reuters, Lukoil’s Vice President Leonid Fedun said that a collective OPEC+ cut of between 600,000 bpd and 1 million bpd would be sufficient to push Brent back up to $60 a barrel.
The comments of a top executive from Russia’s second biggest oil producer suggest that Russia will continue its cooperation with OPEC.
“We are ready to cut [our oil production] as much as we are told to. Better to sell less oil but at a higher price,” Fedun told Reuters.
On Monday, the executive told reporters he expects the OPEC+ group to reduce more than 1 million bpd of their collective production, with Russia cutting its output by 200,000 bpd-300,000 bpd.
Source: OilPrice.com
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To understand the current shale boom, we take a step back in time to explore the history of oil in Texas… The Permian Basin story.
“Earlier this year, I drove to the site of Santa Rita No. 1. Named after the patron saint of impossible dreams, the Santa Rita was the oil well that launched the first Permian Basin boom and has been fueling the dreams of West Texas wildcatters ever since. The well was a classic Hollywood gusher when Frank T. Pickrell and his partners first struck oil there in 1923, but it’s a lonely site today. The metal derrick stands out like a rusting nail against the yellowed grass and surrounding scrub brush. Wind rattles the tin shack housing the rig’s ancient engine. There are no remnants of the company town that once thrived there. There’s nothing significant about this scene. Just another abandoned well in the West Texas desert. But next to the derrick is a plaque that proclaims that the events that once unfolded there “stretch the imagination.”
Boomtown is a 10-episode podcast series produced in partnership with Imperative Entertainment.
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Source: Texasmonthly.com
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Oil prices rose slightly Monday on hopes energy demand will benefit from the trade deal between the United States and China.
Brent crude oil futures rose 16 cents to $65.37 a barrel, while West Texas Intermediate crude rose 14 cents to settle near a three-month high of $60.21 a barrel.
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Source: CNBC
In a state that produces more crude and more natural gas than any other, is it any wonder the sun rises and sets on the price of West Texas Intermediate?
In this live conversation, we sit down with industry professionals and local officials for a conversation on the state of play in Texas’ oil and gas sector, moderated by The Texas Tribune’s Ross Ramsey.
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Source: The Texas Tribune
The American fracking for oil and natural gas boom will continue on through the 2020s. And why not? Since fracking took off in 2008, we have more than doubled our proven oil reserves to ~65 billion barrels.
Natural gas reserves have surged over 80% to ~430 trillion cubic feet.
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Source: Forbes
U.S. shale oil production will continue growing.
Despite a decline in the number of drilling rigs in the U.S. shale patch since the start of the year, the number of spudded wells has not fallen significantly.
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Source: Oilprice.com
