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All the latest in Oil, Gas, Commodity news and analysis

Russia?s Plan To Bankrupt U.S. Shale Could Send Oil To $60
by Irina Slav
29 Mar 2020 at 5:00pm
As soon as U.S. shale leaves the market, prices will rebound and could reach $60 a barrel, Rosneft?s Igor Sechin said recently. As fate would have it, in what many would have until recently considered an impossible scenario, a lot of U.S. shale might do just that. Breakeven prices for U.S. shale basins range between $39 and $48 a barrel, according to data compiled by Reuters. Meanwhile, West Texas Intermediate (WIT) is trading below $25 a barrel and has been for over a week now. The SCOOP/STACK play in Oklahoma has the highest average?

The Shadow War Playing Out Behind The COVID-19 Crisis
by Gregory R. Copley
29 Mar 2020 at 3:00pm
The rush to what is essentially a new wartime footing began consciously and urgently in the first quarter of 2020 between some of the most powerful geopolitical players of the modern era: the United States of America, the People?s Republic of China (PRC), and the United Kingdom. It was not about the ?battle? to cope with the COVID-19 (coronavirus) epidemic, or the global fear pandemic which it engendered, but those contagions broke the cycle of globalism and the belief in the indissoluble nature of interdependence. It allowed?

Natural Gas Prices Could Double Next Year
by Nick Cunningham
29 Mar 2020 at 1:00pm
Unprofitable drilling, a global recession and dwindling access to capital could lead to a decline in U.S. natural gas production this year and next. The declines could finally set the stage for an increase in prices in 2021, according to two reports. The frenzied pace of fracking in the U.S. over the last few years led to a supply glut even prior to the onset of the coronavirus. Associated gas in the Permian, along with record production in the Marcellus shale in Appalachia, crashed prices below $2/MMBtu at the start of 2020. The bust?

An Oilman?s Plea To President Trump
by Dan Doyle
29 Mar 2020 at 11:00am
Dear President Trump, I voted for you and I?m voting for you again. I like what you?re doing with our country. I like too that you like me. I say that because I?m a fracker and you seem to like frackers. We like you too. Because of our solid relationship, I feel I can be impertinent, even obnoxious, and suggest that you take a few moments out of your extremely tight schedule and entirely remake the oil world at your earliest possible convenience. Please keep applying all your efforts to the Coronavirus. Don?t stop any of?

How COVID-19 Could Spark The Next Recession
by OilPrice.com
29 Mar 2020 at 9:00am
If the stock markets around the world are telling us anything, it is that there is more uncertainty and pessimism about the economy than there were some weeks ago. This is a reasonable reaction, given that the virus is still spreading, its severity and probable duration are increasing, and there are both supply and demand shocks to a world economy that is much more interlocked than many realized. Even if heroic and costly efforts to ?flatten the curve? succeed, there is a chance of rebound cycles that cause either renewed isolation?

Refiners Are Having To Pay To Produce Gasoline
by Alex Kimani
28 Mar 2020 at 5:00pm
When the oil markets go into a deadly tailspin as they have right now, sooner or later, everybody in the value chain starts to feel the heat keenly. Only three months into the year, oil and gas companies are trading at roughly half their valuations as the -49.5% YTD return by the Energy Select Sector Fund (XLE) portends, thanks to crude prices tanking to multi-decade lows. It was only a matter of time before the shockwaves hit oil refineries, with the sector now sinking into the red. Gasoline and jet fuel margins have plunged to their lowest?

Canadian Drillers Face Nightmare Scenario As Oil Crashes To $5
by Tsvetana Paraskova
28 Mar 2020 at 3:00pm
The U.S. shale patch laments oil prices in the low $20scrippling companieswith already weakened debt and liquidity profiles. But further north, the outlook for Canada?s oil patch is even gloomier. Hit by the pandemic-driven demand shock and the price war-induced supply shock, Canadian oil prices have already crashed to below US$10 a barrel. This year?s oil price crash will hit Canada?s oil patch harder than the 2014 price collapse, analysts say. Following the double supply-demand shock of the past weeks,?

Oil Prices Could Fall Another 20%
by OilPrice.com
28 Mar 2020 at 1:00pm
Brent crude was down four percent Friday afternoon at $27.50 per barrel. US crude was five percent lower at $21.47 per barrel. Prices were on track for their fifth weekly drop in a row as coronavirus ravages economies around the world. Containment measures have caused demand to slump and supply chains to be severely disrupted, dramatically lowering demand for oil. The price war launched by Saudi Arabia almost three weeks ago after talks with Russia over price stabilisation broke down has sent prices to their lowest level in 17 years.?

Why Are Tesla Cars So Popular?
by Michael Kern
28 Mar 2020 at 11:00am
Shipment delays, fires, autopilots gone mad, and charging times that have yet to compare with the time it takes to fill up a gasoline tank are only a handful of the problems Tesla has experienced since it became a mass car maker. Despite all these problems, however, people seem to love these electric cars. Here?s why. Excellent Design and Engineering If there is one thing even Tesla skeptics would agree on it is that Tesla changed people?s perspective on electric cars. All electric vehicles before the Model S were, to put it mildly,?

U.S. Targets 20 Iranian Companies In Fresh Round Of Sanctions
by RFE/RL staff
28 Mar 2020 at 9:00am
The United States says it has imposed sanctions against 20 companies based in Iran and Iraq, along with officials and other individuals there who are accused of supporting terrorist groups. The U.S. Treasury Department said on March 26 that the targeted ?front companies, senior officials, and business associates?provide support to or act for or on behalf of? Iran's Islamic Revolutionary Guards Corps (IRGC) and its branch for elite operations abroad, the Quds Force. The individuals and entities are also accused of ?transferring?

Here?s What Oil Traders Are Doing To Profit From Ultra-Low Oil Prices
by Julianne Geiger
27 Mar 2020 at 3:30pm
Some of the world?s major oil traders are looking to take advantage of the abnormally low oil prices,Reuters reportedon Friday, citing shipping sources, as WTI falls below $22 per barrel, and Brent sinks to sub $28 per barrel. Traders?of which Vitol is one?have booked at least five very large crude carriers (VLCCs) over the past day, in order to store oil at sea. Vitol?whose 2019 revenues clocked in at $225 billion---and other unnamed traders hope to capitalize on the lower oil prices by producing or buying the?

The Cheapest Way For Trump To Save U.S. Oil
by Lourcey Sams
27 Mar 2020 at 3:00pm
The President of the United States has the power, at his sole discretion without any other authority, to place a fee on imported oil or products. It becomes variable when a base price (floor price) is set and a fee is paid on any imports where the price on imports is below the base price. If the base price for oil was set at $50.00 per barrel and the import price is $30.00 per barrel, then an import fee of $20.00 per barrel would be paid to the United States Treasury. Likewise, if the import price (world price) is $50.00 a barrel, then no fee is?

Price War Hits Africa?s Largest Oil Producer
by Tsvetana Paraskova
27 Mar 2020 at 2:30pm
Caught in the Saudi-Russian oil price war, Africa?s largest oil producer, Nigeria, has discounted deeply its crude and aims to pump as much as it can, trying to retain customers in the unprecedented demand plunge. However, the price to pay in the oil price war may be too steep for Nigeria. Right now, Nigeria?s only response is to discount its oil and to pump oil at maximum levels possible, the country?s petroleum, minister Timipre Sylva, toldBloombergin an interview. Africa?s largest?

Egypt Sentences Five People To Death For Deadly Oil Pipeline Explosion
by Tsvetana Paraskova
27 Mar 2020 at 1:30pm
An Egyptian criminal court sentenced this week five people to death for oil pipeline damage that killed nine people in November, Egyptian mediareport. Five other people who were involved in the pipeline destruction received a sentence of 25 years in jail. The ten defendants rented in October a private property in northern Egypt, through which a petroleum pipeline passed, to dig underground and place smaller pipes to steal fuel from the pipeline. In the middle of November 2019, the would-be petroleum thieves accidentally ruptured?

Oil Tumbles Towards $20 As Glut Grows
by Josh Owens
27 Mar 2020 at 1:00pm
The brief rebound in oil prices was never going to last in the current environment, and as the global crude glut nears historic highs, prices are heading towards $20 (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)Friday, March 27th, 2020Markets rallied this week as the U.S. Congress appears poised to pass a $2 trillion stimulus plan. Jobless claims in the U.S. topped 3 million, with economists seeing unemployment nearing Great Depression levels in the coming months.?

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