Coronavirus

Amid hopes for a stimulus package from Congress to ease the economic burden of the coronavirus, and with forecasts trending colder overnight, natural gas futures were trading several cents higher in early trading Tuesday. The April Nymex contract was up 4.5 cents to $1.647/MMBtu at around 8:40 a.m. ET.

Capital spending cuts are coming across the energy spectrum, with Chevron Corp. and Schlumberger Ltd. among the latest to respond aggressively to the unprecedented downturn in the oil and gas industry.

Chevron Corp. led the way by oil and natural gas producers on Tuesday in announcing huge cuts to capital spending this year, with Marcellus Shale operator Antero Resources Inc. and Permian Basin-focused Laredo Petroleum Inc. also pulling back as the North American energy industry attempts to regroup amid a pandemic and an oil price war.

Forced to operate with limited personnel during the coronavirus emergency, the U.S. oil and natural gas industry needs relief from a laundry list of non-essential compliance obligations, according to the American Petroleum Institute (API).

With markets still awaiting more clarity on the potential demand impacts of continued measures to contain the coronavirus outbreak, natural gas futures were trading lower early Monday. The April Nymex contract was down 4.0 cents to $1.564/MMBtu as of around 8:40 a.m. ET.

Tulsa-based Williams, one of the United States’ largest natural gas pipeline operators, has adopted a limited duration stockholder rights agreement, known commonly as a poison pill, in order to protect shareholders from the speculative acquisition of company shares for a bargain amid current market volatility.

Only two months after predicting the first investment growth since 2014, the Canadian oil and gas industry has reversed course by retreating into austerity to survive the coronavirus pandemic and dizzying commodity price drops.

With the largest initial U.S. outbreak of thecoronaviruscentered in Washington state, the Pacific Northwest received an early wake-up call, and energy providers have hit the ground running to protect their essential services and support community response efforts.

Royal Dutch Shell plc has reduced capital spending by $5 billion and Total SA spending has been cut by $3 billion for the year in reaction to the pandemic and untenable oil prices.