Singapore — China National Offshore Oil Corp. cut its production and capital expenditure targets by 2.9% and 11.1%, respectively, for 2020 from the original plan amid low oil prices, with the reduction mainly falling on overseas projects, a company executive said late Wednesday during the company’s 2020 first quarter results call. With the adjustment, its …
Continue reading “Chinese Oil Giant CNOOC Cuts US Shale, Canada Oil Sands Output”
Prices of oil soared on Wednesday to recover some losses recorded earlier this month with West Texas Intermediate (WTI) jumping over 15% on OPEC+ output cuts optimism. Russian Energy Minister Alexander Novak stressed that the country’s oil companies are expected to trim its oil production by as much as 19% to comply with the OPEC+ …
Continue reading “US oil pushes over 11%, continuing yesterday’s rally”
BOSTON (Reuters) – The United States Oil Fund was sitting on more than $700 million in unrealized losses at the end of March, several weeks before the market fully grasped the outsize role it would play in this month’s unprecedented collapse in the price of front-month oil contracts. U.S. crude oil futures plunged to -$37.63 …
Continue reading “The World’s Largest Oil Fund Is Sitting On $725 Million In Unrealized Losses”
My day would not be complete without these guys screwing their costumers
U.S. oil companies have started sending oil to the Strategic Petroleum Reserve, Bloomberg reports, citing a Department of Energy official. According to the official, since the start of April, some 1.1 million barrels of crude have been sent into the SPR after the federal government finalized negotiations with nine companies for leasing SPR space for …
Continue reading “U.S. Oil Companies Begin Sending Crude To Strategic Petroleum Reserve”
The Trump administration is quietly organizing a Manhattan Project-style effort to drastically cut the time needed to develop a coronavirus vaccine, with a goal to have 100 million doses ready by year’s end, according to two people familiar with the matter. Called “Operation Warp Speed,” the program will pull together private pharmaceutical companies, government agencies …
Continue reading “Trump’s ‘Operation Warp Speed’ Aims to Rush Coronavirus Vaccine”
The Federal Reserve kept its main interest rate close to zero on Wednesday, as officials weighed the impact of the heavy dose of liquidity and stimulus already delivered to the US economy in the last two months. At the end of a two-day meeting on Wednesday, the Federal Open Market Committee stopped short of any …
Continue reading “Fed keeps rates close to zero during pandemic fallout”
United States markets opened sharply higher on Wednesday after Gilead Sciences announced its drug remdesivir showed positive results in treating COVID-19 patients during clinical trials. The result from Gilead’s (NASDAQ:GILD) trial of remdesivir is “quite good news,” says “President” Anthony Fauci, with the data showing “clear cut significant positive effect in diminishing the time to …
Continue reading “Dow jumps over 600 pts on COVID-19 drug trial success”
Prices of oil soared on Wednesday to recover some losses recorded earlier this month with West Texas Intermediate (WTI) jumping over 15% on OPEC+ output cuts optimism. Russian Energy Minister Alexander Novak stressed that the country’s oil companies are expected to trim its oil production by as much as 19% to comply with the OPEC+ …