Coronavirus

U.S. Crude Oil Inventory Declines; Weekly Demand Increases But Remains Modest, EIA Says

U.S. Crude Oil Inventory Declines; Weekly Demand Increases But Remains Modest, EIA Says

After jumping a week earlier, domestic oil inventories dropped during the week ended Dec. 11, the U.S. Energy Information Administration (EIA) said Wednesday.   EIA said in its Weekly Petroleum Status Report that U.S. commercial crude oil inventories — excluding those in the Strategic Petroleum Reserve — decreased by 3.1 million bbl from the prior week.…

December 17, 2020
Cabinet Changes in Mexico Bring Hope for Improving Investment Conditions

Cabinet Changes in Mexico Bring Hope for Improving Investment Conditions

President Andrés Manuel López Obrador of Mexico reshuffled his cabinet early in December in what several analysts consider a move that will improve relations with the private sector and potential foreign investors. The new officials, the analysts suggested, are likely also to work more closely with their U.S. counterparts in the upcoming administration of President…

December 16, 2020
Natural Gas Futures Stall as Major Snowstorms Heads Toward East Coast

Natural Gas Futures Stall as Major Snowstorms Heads Toward East Coast

Natural gas futures pause on fluctuating weather outlooks, lower LNG demand Adequate supplies seen for remainder of winter despite upcoming cold blasts Northeast cash rallies again on approaching winter storm Natural Gas Futures Stall as Major Snowstorms Heads Toward East Coast Natural gas futures shifted into neutral Tuesday amid some inconsistencies in the weather data…

December 16, 2020
IEA, OPEC Each Lower Estimates for Global Oil Demand, Citing Weak Transportation Fuel Consumption

IEA, OPEC Each Lower Estimates for Global Oil Demand, Citing Weak Transportation Fuel Consumption

Demand for transportation fuel remains weak amid a still-raging global pandemic, forcing downward revisions to oil consumption for 2020 and next year. The International Energy Agency (IEA) said Tuesday in its Oil Markets Report for December that it lowered its demand estimate for this year by 50,000 b/d and its projection for next year by…

December 15, 2020
Phillips 66 Cuts 2021 Capex on Challenging Market Conditions

Phillips 66 Cuts 2021 Capex on Challenging Market Conditions

Houston-based energy manufacturing and logistics firm Phillips 66 is targeting a 2021 capital expenditure (capex) budget of $1.7 billion, down from $3.1 billion year/year. “Our 2021 capital budget is supported by our diversified portfolio, strong financial position and capital discipline,” said CEO Greg Garland. “We continue to focus on reducing capital expenditures as market conditions…

December 14, 2020
Texas Upstream Energy Job Losses Steeper than Estimated as Pandemic Jolts Industry

Texas Upstream Energy Job Losses Steeper than Estimated as Pandemic Jolts Industry

Routed by Covid-19, the Texas upstream oil and gas sector has lost more jobs this year than originally reported, according to a top industry group. Using internal data and information provided by the Federal Reserve Bank of Dallas, aka Dallas Fed, workforce reductions in the state over the past year are steeper than first estimates,…

December 10, 2020
November Showed More Job Gains for U.S. OFS Sector, but Uncertainty Still Prevails

November Showed More Job Gains for U.S. OFS Sector, but Uncertainty Still Prevails

Oilfield equipment and services jobs in the United States climbed slightly in November for the third month in a row, but it’s still a tough slog with pandemic-related job losses down by nearly 92,000, according to a new analysis. The Petroleum Equipment & Services Association (PESA) said the domestic oilfield services (OFS) and equipment sectors…

December 10, 2020
Huge U.S. Oil Inventory Build as Demand Crawls Higher, Says EIA

Huge U.S. Oil Inventory Build as Demand Crawls Higher, Says EIA

U.S. oil inventories spiked during the week ended Dec. 4 as petroleum demand only ticked up slightly and remained below year-earlier levels amid new economic restrictions imposed to slow coronavirus outbreaks, according to the Energy Information Administration (EIA). In its Weekly Petroleum Status Report (WPSR), EIA said Wednesday U.S. commercial crude oil inventories, excluding those…

December 9, 2020
OPEC-Plus Agrees to Slightly Boost Global Oil Output in January

OPEC-Plus Agrees to Slightly Boost Global Oil Output in January

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, on Thursday agreed to boost production beginning in January by 500,000 b/d, ending a multi-day standoff over the timing and volume of an output increase because of concerns that new coronavirus outbreaks could dampen demand into early 2021. The cartel and affiliated countries…

December 3, 2020
‘Unprecedented Collapse’ in Transportation Propels Slump in Oil Consumption, Says IEA

‘Unprecedented Collapse’ in Transportation Propels Slump in Oil Consumption, Says IEA

Amid the upheaval imposed by the coronavirus pandemic, 2020 global energy consumption in the transportation sector is forecast to decrease 10% year/year, led lower by an 11% drop in oil consumption, the International Energy Agency (IEA) said Thursday. This decline is expected to account for nearly two-thirds of the total expected year/year pullback in oil…

December 3, 2020