Oil prices rose this morning as governments lift lockdown measures and demand increases around the world.
A Rystad Energy analysis reveals that stocks in oilfield services companies have collectively lost half their value since the beginning of 2020.
Oil prices rose this morning, stabilising above US$30 Brent, as traders welcomed a hinted demand recovery and saw a slight decrease in US stock builds.
21% of senior oil and gas industry professionals say their organisation is already actively entering the hydrogen market, according to a new report published by DNV GL.
The IEA has adjusted its global 2Q20 demand prediction upwards by 3.2 million bpd – still sharply down on last year by 19.9 million bpd.
A Rystad Energy analysis shows that gross US cuts could reach at least 2 million bpd in June, including liquids.
Oil prices fell this morning as traders curbed their enthusiasm about new cuts from the Middle East, due to an emerging possibility of increased lockdown periods fearing a possible second Covid-19 wave.
The total horizontal oil rig count fell below 270 rigs last week, a 57% decline from the peak of 624 rigs seen in the middle of March 2020.
Oil prices rose this morning as Saudi Arabia’s move, accompanied by Kuwait and the UAE, to expand production cuts boosted the market’s confidence.
From June, Saudi Arabia is cutting an extra 1 million bpd, the UAE an extra 100 000 bpd, and Kuwait an extra 80 000 bpd.
Oil prices started the week with mild losses, as news about renewed outbreak pockets around the world alarmed traders to be cautious on how quickly demand can rebound.
US production of 616 000 bpd will be shut during May and 655 000 bpd during June as a result of the supply-demand imbalance that the Covid-19 pandemic has created, according to a Rystad Energy analysis.
On Thursday morning oil prices continued to see their earlier gains trimmed further for a second day, as the global oversupply persists despite the cuts that are already in place.