Tag: oil

July 7, 2020

HOUSTON, July 7, 2020 /PRNewswire/ — PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported that for the month of June 2020, the Company had an average of 65 drilling rigs operating. For the three months ended June 30, 2020, the Company […]

July 1, 2020

Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June, staging a dramatic comeback after falling to record lows in April. Brent crude futures skyrocketed more than 80% in the […]

June 26, 2020

Following last week’s release of the BP Statistical Review of World Energy 2020, I began to review and analyze the data. Today I take a deeper dive into the numbers on petroleum. Oil accounts for a third of the world’s […]

June 23, 2020

U.S. benchmark West Texas Intermediate (WTI) is over $40 a barrel, a price level it has struggled to surpass in the past. The uptick is the result of investor enthusiasm over the fact that global oil supply is still under […]

June 19, 2020

This week, Rystad Energy announced the eye-popping finding that the world’s estimate of oil supplies had suddenly shrunk by 292 billion barrels. Needless to say, the announcement caused eyes to pop, as did the headline’s statement heralding the early onset […]

June 18, 2020

The worst crisis in the history of the global oil industry hit the U.S. oil services sector hard, prompting a wave of cancelled contracts, scrapped investment and bankruptcies. The worst, though, appears to be behind us. It is difficult to […]

June 15, 2020

Here’s a neat political trick: if you want to introduce a new law, but you know people will hate it, give it a misleading, nice-sounding name. It’s surprising how well this works. Let me explain. The U.S. Environmental Protection Agency […]

June 12, 2020

The crash in oil prices and collapse in drilling (especially in the U.S. shale sector) has caused many observers to warn that insufficient investment will lead to another supply shortfall and price spike. This is certainly possible but fears that […]

June 9, 2020

Goldman Sachs sees a correction in oil prices on the horizon even amid a significant recovery in the last month and the recent decision by OPEC and its allies to extend historically large production cuts through July. “With oil now […]

June 8, 2020

Oil prices pared gains on Monday, despite the weekend announcement by OPEC and its allies, known as OPEC+, that historic production cuts of 9.6 million barrels per day across the group would continue through July as the coronavirus pandemic continues […]

June 5, 2020

Fossil fuel companies are set to face “terminal decline” because of falling demand and higher investment risks caused by competition from clean technologies and tougher government climate and energy security targets, according to climate finance analysts. The value of oil, […]

June 4, 2020

Some of the world’s most powerful oil producers had been expected to convene on Thursday, with energy market participants closely monitoring whether the influential group will officially agree to extend their deepest ever round of output cuts. OPEC kingpin Saudi […]

June 3, 2020

Well, that was brief. The collapse in the global oil price at the start of the Coronavirus crisis got many headlines, but its rapid increase as the recovery phase begins has not attracted so much attention. Data revealed yesterday shows […]

May 29, 2020

Oil came under pressure on Friday, the last trading day of month, but it’s still on pace to post its best month in history as an uptick in demand as well as record supply cuts have pushed prices higher. West […]

May 28, 2020

After an enormous rally, oil prices have started to ease off today. The West Texas crude oil’s July contract crossed above $34 per barrel on Tuesday this week, which left many traders scratching their heads. There is no doubt that […]

May 18, 2020

West Texas Intermediate for June delivery jumped more than 12% on Monday to a two-month high, one day ahead of the contract’s expiration, as production cuts and the easing of stay-at-home restrictions supported prices. “Producers are significantly throttling back output […]

May 11, 2020

Oil prices jumped to their highs of the day after Saudi Arabia said it will cut production further in an effort to support global oil markets. Beginning on June 1 the Kingdom will cut output by an additional 1 million […]

May 7, 2020

Oil jumped on Thursday and was on track for one of its best weeks in history as a number of bullish factors supported prices, including U.S. companies cutting production, Saudi Arabia raising its official oil selling price and gasoline demand […]

May 6, 2020

Oil prices dropped on Wednesday, snapping a five-session winning streak, as oversupply concerns outweighed optimism over economies reopening. West Texas Intermediate, the U.S. benchmark, shed 5.7%, or $1.40, to trade at $23.16 per barrel. In a volatile session, the contract […]

May 5, 2020

Oil prices surged on Tuesday as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world pushed prices higher. West Texas Intermediate, the U.S. benchmark, jumped 20.45%, or $4.17, to settle at […]