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Showing posts from February, 2020

Oil prices fall as coronavirus spreads outside China - The Associated Press

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NEW YORK (AP) — With the viral outbreak spreading to more countries, the price of oil has dropped precipitously as global demand weakens even further. That has sent shares tumbling for oil giants like Exxon and Chevron while smaller producers with idling rigs continue to slash jobs. Hundreds of new cases of the virus that causes the COVID-19 disease have been announced in recent days outside of China. The list of countries touched by the illness has climbed to nearly 60 as Mexico, Belarus, Lithuania, New Zealand, Nigeria, Azerbaijan, Iceland and the Netherlands reported their first cases. More than 85,000 people worldwide have contracted the illness, with deaths topping 2,900. Oil industry analysts fear that what they thought was a contained disruption may instead lead to more travel restrictions and even less oil consumed. “That was the fear all along, that the virus would not be contained in China,” said Claudio Galimberti, head of demand, refining and agriculture at S&P Glo

Farewell to the Argyll after 50 years - News for the Oil and Gas Sector - Energy Voice

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Farewell to the Argyll after 50 years - News for the Oil and Gas Sector - Energy Voice Farewell to the Argyll after 50 years - News for the Oil and Gas Sector - Energy Voice Posted: 10 Feb 2020 12:00 AM PST The Transworld 58 which produced Argyll from 1985 to 1984 including Duncan for the final year, became the first North Sea production faclilty to be transferred when it was moved to the nearby Innes Field. Aberdeen Journals Picture 1985 EnQuest's decision to cease production from its linked Alma-Galia oilfields effectively brings to a close a 50-year chapter in the annals of the UK North Sea. It was in 1971 that an obscure North American exploration company, Hamilton Brothers, discovered the Argyll field 190 miles south-east of Aberdeen. In June 1975, Fred and Ferris Hamilton achieved the first ever commercial oil production offshore UK with Argyll, pipping BP's Forties field. It was a remarkable feat. The brothers had

How Markets And The Media Have Overhyped Coronavirus - OilPrice.com

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In my last article, Are Oil Markets Overreacting To The Coronavirus? , I warned of the power of media hype when it comes to epidemics. The human brain has a tendency to mix up the severity of an outcome with how likely that thing is to happen. Just like our fear of terrorism or shark attacks , when it comes to epidemics we are incredibly poor judges of how much of a danger they really pose. Our intensely interconnected societies and sensationalist media mean that this failure of judgment can translate into mass hysteria and fear in the markets that can have a tangible impact on the world economy. Oil prices have collapsed, stock markets have fallen by the largest amount since the 2008 financial crisis and the Dow Jones saw its largest single-day points drop in history. All of this has come from the spread of the coronavirus from China to South Korea, Italy, Iran, and Japan. But as this spread continues there is one key factor that market observers appear to be missing, highlighted by

Wall Street has worst week since 2008 as S&P 500 drops 11.5% - RiverBender.com

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Wall Street has worst week since 2008 as S&P 500 drops 11.5% - RiverBender.com Wall Street has worst week since 2008 as S&P 500 drops 11.5% - RiverBender.com Posted: 28 Feb 2020 09:21 AM PST Stocks sank around the globe again Friday as investors braced for more economic pain from the coronavirus outbreak, sending U.S. markets to their worst weekly finish since the 2008 financial crisis. The damage from the week of relentless selling was eye-popping: The Dow Jones Industrial Average fell 3,583 points, or 12.4%. Microsoft and Apple, the two most valuable companies in the S&P 500, lost a combined $300 billion. In a sign of the severity of the concern about the possible economic blow, the price of oil sank 16%. The market's losses moderated Friday after the Federal Reserve released a statement saying it stood ready to help the economy if needed. Investors increasingly expect the Fed to cut rates at its next policy meeting in m

Oil prices have tanked 12% since coronavirus exploded globally — but key OPEC members swear the alliance .. - Business Insider

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Oil prices have tanked 12% since coronavirus exploded globally — but key OPEC members swear the alliance .. - Business Insider Oil prices have tanked 12% since coronavirus exploded globally — but key OPEC members swear the alliance .. - Business Insider Posted: 25 Feb 2020 07:26 AM PST Reuters Oil has tumbled 12% since the outbreak of coronavirus, with WTI and Brent crude both tumbling almost 4% Monday. Oil and energy ministers from OPEC member countries are scrambling to reassure markets amid the selloff — but questions remain around whether Russia will support further cuts at the alliance's meeting next week. Visit Business Insider's homepage for more stories . A brief respite from fear around the coronavirus outbreak ended abruptly Monday in a selloff that saw WTI crude fall 3.7% and Brent crude drop 3.8%. The tumble continued into Tuesday. The WTI generic contract is now dow 12% since the start of the outbreak. The los

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${latestItem Saudi Arabia Aims For Additional Cuts As Oil Plunges Below $50 - OilPrice.com Posted: 28 Feb 2020 07:30 AM PST Faced with a slump in demand and plunging oil prices, OPEC's top producer and de facto leader Saudi Arabia is asking members of the OPEC+ group to consider an additional collective cut of 1 million bpd when the coalition meets in Vienna next week, Financial Times reports , citing five people with knowledge of the talks. The Saudi proposal has been discussed this week during a visit to Saudi Arabia of OPEC's Secretary General Mohammad Barkindo, the FT reports. The 1-million-bpd collective cut would be 400,000 bpd higher than an initial proposal of a technical panel of the OPEC+ group which proposed earlier this month that the coalition reduce production in Q2 by 600,000 bpd to counter the slump in oil demand caused by the coronavirus outbreak.   Within OPEC, several of the key members are leaning toward a d

Excelsior Energy Capital Closes on Acquisition and Financing for 109 MW Operating Wind Portfolio From Invenergy - Yahoo Finance

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Excelsior Energy Capital Closes on Acquisition and Financing for 109 MW Operating Wind Portfolio From Invenergy - Yahoo Finance Excelsior Energy Capital Closes on Acquisition and Financing for 109 MW Operating Wind Portfolio From Invenergy - Yahoo Finance Posted: 08 Jan 2020 12:00 AM PST Excelsior Energy Capital ("Excelsior"), a leading independent North American renewable energy investor, announced today that its North American Renewable Energy Fund (the "Fund") has closed on the acquisition of 90.1% of Invenergy's sponsor equity interests in the combined 109-megawatt Prairie Breeze II and Prairie Breeze III projects (the "Projects"), located in Antelope and Boone counties, Nebraska. Concurrent with the acquisition closing, Excelsior closed on back-leverage financing for the Projects with NORD/LB. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/2

Gas prices rise in Delaware as crude oil tumbles - delawarebusinessnow.com

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Delaware gas prices remain higher than a week ago, although downward pressure is being felt from growing crude oil supplies. Delaware has been on a roller coaster, with tumbling gas prices followed by sizable increases. Drivers could continue to experience volatility in the coming days and weeks due to further oil market effects from refinery maintenance season, the mid-March switch to summer-blend gasoline and the coronavirus. Gas was widely available for $2.30 a gallon, with the newly opened pumps at the Costco near Christiana Mall selling regular for $2.20. CURRENT AND PAST GAS PRICE AVERAGES Regular Unleaded Gasoline (*indicates record high) 2/28/20 Week Ago Year Ago National $2.45 $2.46 $2.41 Pennsylvania $2.65 $2.66 $2.64 Philadelphia (5-county) $2.63 $2.60 $2.60 South Jersey $2.42 $2.40 $2.39 Delaware $2.35 $2.29 $2.27 Crude Oil $44.76 per barrel (Fri. 2/28/20 close) $53.38 per barrel (Fri.

S.Korea's Feb crude oil imports plunge 13.9% y/y - preliminary data - Reuters

SEOUL, March 1 (Reuters) - South Korea's February crude oil imports fell 13.9% from a year earlier to 84.8 million barrels, preliminary data from the Ministry of Trade, Industry and Energy showed on Sunday. Final data will be released later this month by state-run Korea National Oil Corp (KNOC). Details are as follows (in millions of barrels): Feb 2020 Jan 2020* Feb 2019* Crude Oil 84.8 92.7 98.5 * Actual import figures Note: The ministry does not break down imports by country of origin. South Korea's total January crude imports edged down 0.4% year on year to 92.7 million barrels, KNOC data showed. (Reporting by Jane Chung, Joori Roh; Editing by Clarence Fernandez) Our Standards: The Thomson Reuters Trust Principles.

Mexico's Oil Hedge Takes Next Step - OilPrice.com

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Mexico's Oil Hedge Takes Next Step - OilPrice.com Mexico's Oil Hedge Takes Next Step - OilPrice.com Posted: 05 Sep 2019 12:00 AM PDT After questions were raised about Mexico's billion-dollar stalled oil hedge surfaced last month, Mexico is now moving forward with the lucrative hedging program, exclusive Reuters sources said on Thursday. Mexico is asking banks for quotes, Reuters sources familiar with the matter said, as financial oil options contracts for next year have risen in recent days. The sources, one on Wall Street and the other a Mexican congressional source, shared with Reuters that banks are already submitting offers for the hedge, after Mexico had requested that they do so. The hedge is the largest annual oil hedge the world, and has been a major source of revenue for the country, protecting revenue streams even when oil prices are low. Last year, Mexico spent  $1.23 billion  to protect its 2019 rev

EOG Resources (EOG) Q4 Earnings Top Estimates, Reserves Grow - Yahoo Finance

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EOG Resources (EOG) Q4 Earnings Top Estimates, Reserves Grow - Yahoo Finance EOG Resources (EOG) Q4 Earnings Top Estimates, Reserves Grow - Yahoo Finance U.S. Oil Production Disappoints To The Downside In December - Seeking Alpha 3 Stocks to Play Oil's Sharp Upward Movement - Nasdaq EOG Resources (EOG) Q4 Earnings Top Estimates, Reserves Grow - Yahoo Finance Posted: 28 Feb 2020 05:12 AM PST EOG Resources Inc. EOG delivered fourth-quarter 2019 adjusted earnings per share of $1.35, beating the Zacks Consensus Estimate of $1.16. The bottom line also increased from the year-ago quarter's $1.24.   Total revenues in the reported quarter declined 5.6% year over year to $4,320.3 million. Moreover, the top line lagged the Zacks Consensus Estimate of $4,374 million. The strong quarterly earnings were aided by higher oil equivalent production volumes and lower lease and well operating expenses. This was partiall