- ON THE MOVE: Schubkegel Named CTO at Akuna Capitalon May 27, 2020
The weekly recap of hires, job moves and promotions around Wall Street.
- Cboe Set to Re-Open Trading Floor June 8on May 27, 2020
Cboe expects approximately 50% of the trading floor participants to return on June 8 to the newly reconfigured and larger trading space.
- June Natural Gas Expires 7 Cents Lower on Bleak LNG Outlook, Ballooning Storageon May 27, 2020
Natural gas futures took a step back Wednesday, quickly erasing the gains mounted following the holiday weekend. With export demand remaining a threat and eyes on a plump storage injection, the June Nymex gas futures contract expired 7.1 cents lower at $1.722. July, which takes over the prompt-month position on Thursday, fell 5.9 cents to $1.886.
- Tulsa’s Unit Files for Chapter 11 as Low Oil Prices Batter Lower 48on May 27, 2020
Tulsa-based Unit Corp. has filed for Chapter 11 bankruptcy protection in Houston, joining a growing list of distressed Lower 48 operators battling low oil demand and prices.
- Pipeline Natural Gas Exports to Mexico Seen Ticking Up as Some Industries Reopen; Prices Hit Record Low in Aprilon May 27, 2020
Pipeline natural gas exports from the United States to Mexico are coming in lower year/year, but the slow reopening of the Mexican economy may increase transported volumes heading south of the border.
- Volkswagen ordered to offer compensation for emissions scandalon May 25, 2020
Thousands of German motorists can now claim damages from the carmaker.
- Clean energy backers’ anger grows as House ignores aid pleaon May 21, 2020
Some clean energy backers say House Democrats’ latest $3 trillion bill blows another chance to help the ailing sector.
- Will There Be Another Oil Price War?on May 28, 2020
Two months ago, Russia said no to Saudi Arabia’s proposal for deeper oil production cuts. It was enough to start a price war that, coinciding with the Covid-19 pandemic, wiped out billions in oil revenues for both Russia and Saudi Arabia while forcing them to enact even deeper cuts than previously discussed. Some say the price war was never about Saudi Arabia and Russia. They say it was about U.S. shale. If that is accurate, what happens when the U.S. shale patch regains enough strength to start ramping up production again? It might sound…
- Have Oil Traders Abandoned Fundamentals?on May 27, 2020
Oil prices are back at levels last seen in mid-March, and while fundamentals for crude have improved somewhat, markets have become too optimistic Market euphoria continues to push financial markets and commodities higher, and oil prices have climbed back to levels not seen since lockdown orders in the U.S. began in March. By a variety of metrics, markets have recently made up a lot of lost ground over the past two and a half months. The Dow Jones Industrial Average surged past 25,000 points on Tuesday, and the S&P 500 jumped above 3,000. Both…
- North American crude oil prices are closely, but not perfectly, connectedon May 27, 2020
The New York Mercantile Exchange (NYMEX) front-month futures contract for West Texas Intermediate (WTI), the most heavily used crude oil price benchmark in North America, saw its largest and swiftest decline ever on April 20, 2020, dropping as low as -$40.32 per barrel (b) during intraday trading before closing at -$37.63/b. Prices have since recovered, and even though the market event proved short-lived, the incident is useful for highlighting the interconnectedness of the wider North American crude oil market.
- EIA forecasts lower U.S. natural gas consumption in 2020on May 26, 2020
In the latest Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that decreases in natural gas consumption in the United States in 2020 will be driven by declines in natural gas used in the industrial, commercial, and residential sectors. In the U.S. electric power sector, EIA forecasts natural gas consumption to decline in the second half of 2020 after growing in the first half of the year.
- Algeria’s Oil Revenues Test Record Lowson May 22, 2020
With Algeria’s 2020 oil export revenues on track for an 18-year low, the country’s finances, and potentially politics, could be stretched to…
- Algeria’s Revised 2020 Budget: More Questions Than Answerson May 22, 2020
Algeria has issued a revised version of its 2020 budget. The revisions ostensibly take into account the collapse in earnings from oil and ga…
- DNO ASA has implemented a target 35% reduction across all spend categories to shrink its 2020 budget by $350 million to $640 million in response to turbulence and uncertainty in global oil and financial markets triggered by the coronavirus pandemic.
- The US drilling rig count dropped 21 units to reach 318 rigs working for the week ended May 22, according to Baker Hughes data. The count is down 665 units from the 983 rigs working this time a year ago.
- Texas Railroad Commissioner: DoC adjustments bring stability to an energy market ‘in drastic need of it’Vienna, Austria, 26 May 2020–Ryan Sitton, the Texas Railroad Commissioner who urged his state to adjust oil production, has praised the ‘Declaration of Cooperation’ (DoC) participating countries for their swift efforts to stabilize the global oil market.