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Oil prices fell in the international market on Friday, as more coronavirus cases start to appear globally and in the United States indicating that a fuel demand recovery could be delayed. Brent crude slipped 0.8%, at $42.79 a barrel. U.S. WTI crude was priced 0.9% lower, at $40.30 a barrel. “Crude oil prices are notoriously fickle when it comes to oscillations in global sentiment,” said an analyst at DailyFX.
Oil prices slipped in the international market on Thursday, stressed down by the biggest one-day spike in US coronavirus cases and as California brought back some lockdown measures. Brent crude dropped 0.1%, to $41.97 a barrel. U.S. WTI crude was priced 0.3% lower, at $39.72 a barrel. New cases of COVID-19 rose by almost 50,000 in the U.S. on Wednesday, according to a Reuters tally.
Colorado’s oil major, Extraction Oil and Gas has filed for Chapter 11 bankruptcy after executive and managerial pay out. The firm was totally saddled with the lingering $1.7 billion long-term debt and had been struggling to stay. Extraction has secured a $125 million financing plan that would offer $50 million in new money post approval from the U.S. Bankruptcy Court.
Aker Solutions has secured a contract from Subsea 7 to deliver umbilicals for Murphy Oil subsidiary Murphy Exploration and Production’s King’s Quay development in the US Gulf of Mexico. Murphy Oil holds a 50% stake in King’s Quay floating production system (FPS) while the remaining interest is held by private equity firm Ridgewood Energy Corporation.
As the US drilling industry sails through a rough patch, the auction market has once again become active. On Friday, a $500,000-worth Caterpillar oil swabbing rig was being auctioned by Auctioneer Greg Highsmith before a North Dakotan buyer paid $27,500. Auctions are likely to remain on the calendar throughout the year and into 2021.
Oil prices slid early, extending heavy overnight losses on a surge in coronavirus cases across the US this week, raising the concerns of a second wave of the outbreak. WTI was 0.41% higher at $36.49 a barrel. Brent crude was up 0.52%, at $38.75 a barrel, having dropped nearly 8% in the previous session.
The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter.The sanctions would be imposed through the Treasury Department and are intended to avoid a U.S. military confrontation with the countries, the person said on the condition of anonymity.
Massachusetts attorney general Maura Healey has called on the Massachusetts Department of Public Utilities (DPU) to open an investigation into the future of the natural gas industry as Massachusetts transitions away from fossil fuels and toward a clean renewable energy future by 2050. Massachusetts could become the third state to launch a regulatory proceeding to proactively manage the state’s transition away from natural gas.
The conversion of the Cheyenne HollyFrontier Refinery to renewable diesel production cause a loss of about 200 jobs in Cheyenne over the next 12-18 months, according to a release from the company. This conversion will cost about $125 million to $175 million. When the process is finished the Cheyenne site will produce about 90 million gallons per year of renewable diesel.
Oil prices edged lower after U.S. inventory data showed lackluster fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 0.7%, to $35.04 and WTI crude was at $33.18 a barrel, down 1.6%. Still, both contracts are set for a fifth weekly gain, helped by production cuts and optimism about demand recovery in other countries.
Oil prices fell in early trade on Thursday after US crude, gasoline and heating oil inventories all rose more than expected, dousing hopes of a smooth recovery in demand from coronavirus lockdowns. WTI crude futures were down 3%, at $31.84 whilst, Brent crude futures last traded down 2.3% at $33.96. Many fear that Russia may not agree to extend production cuts as decided by OPEC and its allies.
Brent Crude fell $1.56, or 4.3%, to $34.50 a barrel, after gaining nearly 1% on Thursday. WTI crude dropped by $1.79, or 5.3%, to $32.13 a barrel, having gained more than 1% in the last session. Prices slumped following China’s decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world’s second-largest oil user.
Brent crude futures for July delivery were up 62 cents, or 1.7%, at $36.37 per barrel, rising for a second day. WTI crude futures for July were up 61 cents, or 1.8%, at $34.10 a barrel, extending its gains into a sixth straight session. Oil prices rose on Thursday to their highest since March, offsetting fears over the economic fallout from the Covid-19 epidemic.
Brent crude climbed $0.85, or 2.4%, to $35.66 a barrel, after touching its highest since April 9. WTI crude was up $1.30, or 4.1%, at $33.12 a barrel, after hitting its highest since March 16. Oil prices were mixed, with Brent pulling back from an early gain on profit-taking, while WTI crude extended its rally amid signs that producers are cutting output as promised.
Gavilan Resources LLC, formed by buyout firm Blackstone Group Inc., has filed for bankruptcy protection, a victim of the collapse in energy prices and a long-running commercial dispute with a rival Texas shale driller. They sought protection from creditors under chapter 11, owing to the slump in oil prices due to the Coronavirus pandemic. That rebound in prices proved to be too late for the firm.
Brent crude was up $1.19, or 3.7%, at $33.69 a barrel, after touching a high since April 13. WTI Intermediate crude was up $1.26, or 4.3%, at $30.69 a barrel, after rising to its highest since March 16. Also supporting the oil prices are production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, a grouping known as OPEC+.
Oil prices rose in the international market on Thursday, following an unexpected drop in the U.S. crude stocks. Brent crude futures were up 5.7%, to $30.86 a barrel, while the WTI crude futures edged 6.3% higher, to $26.89 a barrel. Further gains were capped by both a bleak outlook for the world’s no. 1 economy as the coronavirus pandemic crushes fuel demand and concern over a potential second wave of cases.
With the US natural gas prices topping the prices chart in Europe and Asia, the buyers have started cancelling the cargos. The buyers of the two continents have already cancelled the loading of around 20 cargoes from the United States in June. Henry Hub benchmark in Louisiana settled over both the Japan/Korea Marker (JKM) according to the most recent price data.