Sharks in the Water

“Dice are rolling, the knives are out … ”

Oil’s recent price implosion, resulting from the double whammy of OPEC’s early March failure to agree on further production cuts with Russia and demand destruction in the wake of the global coronavirus pandemic, has left the global oil & gas exploration business reeling. Subsequent OPEC++ cuts announced on April 12 did ...

Goldman Sachs Predicts $51 Oil In 2021

Goldman Sachs raised its estimate for WTI Crude prices in 2021 to $51.38 per barrel from $48.50, expecting a gradual recovery in global oil demand and production cuts from OPEC+ and shut-ins elsewhere to support oil prices next year.    “Oil production has started to decline quickly from a combination of scaleback in activity, shut-ins and core-OPEC/Russia production cuts,” ...

Source: Oilprice.com

Infrastructure Policy Flickers In Senate’s Return to Action

This article first appeared on Transport Topics

President Trump has insisted on funding dedicated for the infrastructure networks as part of the economic stimulus He argued that could pave the way for a badly needed economic rebound, but a debate on infrastructure policy as championed by Trump has yet to be scheduled by the Senate. Here's your Capitol Agenda look at the week ahead for trucking on Capitol Hill.

Read More Source: Transport Topics

Petrobras Sets Record Of 1 Million Bpd Oil Exports

Brazil’s Petrobras set a new oil exports record of 1 million bpd in April, as domestic demand plunged, the state-controlled oil firm said on Monday, days after a large group of other oil producers, OPEC+, began a 9.7-million-bpd collective cut aimed at rebalancing the market. Brazil is not part of the OPEC+ group and hasn’t pledged formally any cuts. Petrobras set ...

Source: Oilprice.com

Gibson Energy Declares Dividend

All financial figures are in Canadian dollars unless otherwise noted Calgary, Alberta, May 04, 2020 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI), announced today that its Board of Directors has approved a quarterly dividend of $0.34 per common share payable on July 17, 2020, to shareholders of record at the [Read more]

Source: BOE Report

Gibson Energy announces 2020 first quarter results

All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta – Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI), announced today its financial and operating results for the three months ended March 31, 2020. “Gibson delivered strong operational and financial results in the first quarter, driven by the continued growth of stable, [Read more]

Source: BOE Report

Gibson Energy Publishes Inaugural Sustainability Report

CALGARY, Alberta, May 04, 2020 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI), announced today the release of its inaugural Sustainability Report, which formalizes Gibson’s commitment to sustainability and marks the beginning of the Company’s efforts to consolidate and report on its work in this important area. “We are excited to [Read more]

Source: BOE Report

Oil Price Crash Forces Algeria To Cut State Budget By 50%

OPEC member Algeria has decided it would slash its budget for this year by 50 percent, due to the drastically lower income from oil after the price crash. Algeria – which was already feeling a squeeze on foreign exchange reserves even before oil prices collapsed in early May due to the Saudi-Russian oil price war and the global demand crash ...

Source: Oilprice.com

The Week Ahead For Crude Oil, Gas and NGLs Markets – May 4, 2020

CRUDE OIL

  • June WTI settled at $19.78/bbl last Friday, up 17.5% from last Monday’s open. Prices were supported by smaller-than-expected US inventory builds as well as early indications that production cuts are beginning to take effect globally. Despite the recent easing in the rate of inventory builds, physical markets still remain oversupplied. Supply pressures persist even as refined ...

Tesla Applies To Sell Electricity In The UK

Tesla has applied for a license to supply electricity in the United Kingdom, The Telegraph reports, citing a document. According to sources the daily cited in its report, Tesla will use its battery technology to enter the UK energy market. Other details were not disclosed. Tesla, which reported a surprising profit for the first quarter despite the coronavirus outbreak, has been expanding its ...

Source: Oilprice.com

Russia’s Gazprom Neft Sees Oil Prices Topping $30 This Summer

Oil prices will top $30 a barrel this summer as demand will start to recover slowly, Alexander Dyukov, chief executive at Russian oil producer Gazprom Neft, told a Russian television channel in an interview on Friday. Dyukov, head of Gazprom’s oil arm, said that he hoped oil prices would exceed $30 a barrel in the summer and approach $40 per barrel by ...

Source: Oilprice.com