Coronavirus

An analysis indicates that Canada’s oil production appears to be the most affected by the Covid-19 pandemic and from reduced oil demand, with shut-ins estimated to climb above 1.1 million b/d between April and June.

An analysis indicates that Canada’s oil production appears to be the most affected by the Covid-19 pandemic and from reduced oil demand, with shut-ins estimated to climb above 1.1 million b/d between April and June.

While some of the world’s largest oil producers were meeting to discuss potential curtailments, natural gas traders were making cuts of their own, slashing Nymex futures even further as demand impacts from Covid-19 became increasingly clear. After plunging as low as $1.721, the May contract settled Thursday at $1.733, down 5.0 cents day/day. June dropped 3.3 cents to $1.863.

While some of the world’s largest oil producers were meeting to discuss potential curtailments, natural gas traders were making cuts of their own, slashing Nymex futures even further as demand impacts from Covid-19 became increasingly clear. After plunging as low as $1.721, the May contract settled Thursday at $1.733, down 5.0 cents day/day. June dropped 3.3 cents to $1.863.

The energy sector was quick to take a red pen to the 2020 budget in March as the coronavirus turned into a pandemic and the price war continued overseas, but some operators are finding they have to cut deeper in the face of uncertain demand for oil and gas.

The energy sector was quick to take a red pen to the 2020 budget in March as the coronavirus turned into a pandemic and the price war continued overseas, but some operators are finding they have to cut deeper in the face of uncertain demand for oil and gas.

The U.S. horizontal oil rig count is poised to drop by an estimated 65% amid the unprecedented effects of the oil price war and Covid-19pandemic, according to a new analysis by Rystad Energy.

The U.S. horizontal oil rig count is poised to drop by an estimated 65% amid the unprecedented effects of the oil price war and Covid-19pandemic, according to a new analysis by Rystad Energy.

Further colder trends in the overnight weather data helped natural gas futures extend their recent run higher in early trading Tuesday. The May Nymex contract was trading 8.0 cents higher at $1.811/MMBtu at around 8:40 a.m. ET.