Coronavirus

The U.S. Energy Information Administration (EIA) reported an injection of 65 Bcf for the week ending June 26, a print that fell below analysts’ average expectations and sent natural gas futures higher. Prior to the EIA report, the August contract was up 2.2 cents at $1.693/MMBtu, and the prompt month advanced further to around $1.718…

California regulators have rejected a request from Southern California Gas Co. (SoCalGas) to postpone well testing at the Aliso Canyon underground storage facility because of the coronavirus lockdown. Since the largest methane leak ever occurred at the 3,200-acre, 86 Bcf capacity facility over a four-month period in 2015-2016, new state regulations require all storage wells…

Covia Corp., which provides proppants for oil and gas well operations across North America, on Tuesday said it had filed for bankruptcy, making it the third U.S. energy company in three days to seek Chapter 11 protection.  The petition to reorganize under Chapter 11 was filed in the U.S. Bankruptcy Court for the Southern District…

Royal Dutch Shell plc expects to impair up to $22 billion in the value of its global natural gas and oil assets for the second quarter, citing the challenges from Covid-19 that have slammed commodity prices and energy demand. The supermajor said it was adapting “to ensure the business remains resilient.” A revised forecast for…

Natural gas futures posted a strong double-digit advance Monday, lifted by updated outlooks for more extreme July heat that could drive seasonally stronger energy demand. The August Nymex contract surged 16.5 cents day/day and settled at $1.709/MMBtu. It marked a stark contrast from the prior week, when the July contract plummeted to a 25-year low…

Lilis Energy Inc., which plies its exploration talents across the Permian Basin, on Monday sought voluntary protection under Chapter 11 to reduce debt. The filing came one day after onshore giant Chesapeake Energy Corp. filed for voluntary bankruptcy. Fort Worth, TX-based Lilis filed petitions in U.S. Bankruptcy Court for the Southern District of Texas, Houston…

Natural Gas futures sunk to a low last seen in 1995 Storage injection easily surpassed analysts’ expectations and magnified supply/demand imbalance worries Summer heat has intensified in June, but the outlook is mixed Natural gas futures plunged Thursday after a hefty storage injection that easily surpassed the high end of analysts’ expectations and magnified supply/demand…

Occidental Petroleum Corp., which made a $57 billion bet last year to take over Anadarko Petroleum Corp. in part to secure its Permian Basin position, said Thursday it expects to write down the value of its oil and gas assets during the second quarter by $6-9 billion.The Houston-based independent, better known as Oxy, in March…

The oil price debacle, brought about in part by the demand-crushing pandemic, has wiped an estimated $1.6 trillion from the valuation of the global upstream industry, with North American losses leading the way, a new analysis by Wood Mackenzie has found. Global upstream development spend overall this year has been knocked down by 30% from…