Following a brutal year for their balance sheets, the world’s biggest oil companies are anticipating a windfall of cash flow this year. Prices have rallied significantly over the past month or so, and the massive cost-cutting from last year positions some of the biggest International Oil Companies (IOCs) to reap the benefits of high crude […]
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Since 1944, one of the largest oil field service companies in Texas, Baker Hughes Company, has released data at the end of each week on the state of the oil and gas industry. Last week, Baker Hughes reported an increase in U.S. rig counts which affects demand in a variety of energy sectors such as […]
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The oil market received positive news on Thursday as oil futures for Brent and WTI Crude rallied for the first time since the oil price crash in early March, all fueled by the positive news of vaccine approval in Canada and the United Kingdom. Brent Crude hit $50 per barrel, while WTI Crude was trading […]
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News of the Pfizer vaccine is spreading like wildfire around the world today. Covid-19 has killed more than 1.2 million people the world over. Today, Pfizer announced a vaccine that has a 90% effective rate with no serious safety concerns. If these numbers are to hold true, Pfizer’s new vaccine would hold up to the […]
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Oil and gas explorations remain sluggish and failing to rebound as expected. At $40+ a barrel and positive market indicator would historically promote conditions for the industry to recover, however there has been no indication of a recovery to speak of. The new normal seems to be a slim, budget conscious, and efficient industry soup […]
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A few days ago, the Maran Apollo, a 1,100-feet long oil tanker, left the U.S Gulf of Mexico for the Chinese port of Rizhao hauling a cargo of two million barrels of U.S. crude. Sitting for almost two months, the supertanker held demand-less crude during the coronavirus outbreak. This crude sitting on the tanker is […]
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Economic busts are no stranger to the energy industry. Workers have become familiar to the roller coaster ups and downs of employment in the energy sector, but is 2020 the year of a paradigm shift or is it simply another economic shock that shall soon pass?
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Prices in the oil sector are under pressure today prompted by a gigantic build in distillate inventories last week as reported in today’s Department of Energy (DOE) petroleum report.
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The first quarter of 2020 has absolutely rocked global oil markets due to COVID-19, an OPEC+ supply and price dispute as well as a global economic recession. What happens next is still unknown, but with global storage on the brink of filling up and demand destruction nearing 20 million bpd, the global oil industry will […]
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