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Chevron Shares Slide After Recording Historic Quarterly Loss
Chevron Shares Slide After Recording Historic Quarterly Loss Chevron Corporation reported a loss of $8.3 billion for the second-quarter 2020, the worst quarterly decline in a generation, and warned: “COVID-19 significantly reduced demand for our products and lowered commodity prices.” Chevron lost $1.59 per share on an adjusted basis while recording revenues around $13.49 billion. In the same quarter last year, […]
Peak oil in Asia Update June 2020 (part 1)
Peak oil in Asia Update June 2020 (part 1) Fig 1: Asian oil consumption is around 5 times higher than production The production decline after the peak in 2015 is very modest. The size of the gap between consumption and production is mainly determined by consumption growth rather than by production decline. Will the Corona […]
How Saudi Arabia Caused The Worst Oil Price Crash In History
How Saudi Arabia Caused The Worst Oil Price Crash In History Saudi Arabia made good on its promise to flood the market with oil after the collapse of the previous OPEC+ deal in early March. The Kingdom’s oil exports jumped by 3.15 million bpd to 11.34 million bpd in April. Saudi Arabia made good on […]
Oil Market Heading For Months Of Deficit
Oil Market Heading For Months Of Deficit The oil market is set for a deficit from August onwards, even after OPEC+ eases the current cuts that are up for a tentative extension through July, Rystad Energy analysts said on Friday. Assuming that global demand recovery continues in the coming months, the oil market will still […]
Is EIA Data Disguising A Disastrous Decline In U.S. Shale?
Is EIA Data Disguising A Disastrous Decline In U.S. Shale? The Trump administration claims that the U.S. is “transitioning to greatness,” and that energy companies are going to see “massive gains.” U.S. Secretary of Energy Dan Brouillette says there is “stability” in the oil market, and that economic activity will “explode” on the other side […]
Has Demand For Oil Already Peaked?
Has Demand For Oil Already Peaked? Oil prices continue to rise on the prospect of a rebound in fuel demand as economies begin to reopen. But there is a large difference between oil demand rising from recent lows and actually growing relative to pre-COVID-19 trends. In other words, demand destruction on the order of nearly 30 […]
Oil Price Crash Was Inevitable
Oil Price Crash Was Inevitable The oil price crash was inevitable. To understand why we have to review a bit of history. In 2013, I began warning of the risk to oil prices due to the ongoing imbalances between global supply and demand. Those warnings fell on deaf ears. Nobody wanted to pay much attention […]
WTI Crashes To 19 Year Low As Trading Reopens; S&P Futures Slide
WTI Crashes To 19 Year Low As Trading Reopens; S&P Futures Slide After a relatively drama-free weekend, futures have started off the new week lower by about 0.4%, trading at 2850, down 20 points from Friday’s CTA inspired and momentum-driven meltup which appears to be reversing as algos realize they have frontrun a rebound in not just […]
For Oil and Its Dependents, It’s Code Blue
For Oil and Its Dependents, It’s Code Blue The great price collapse of 2020 will topple companies and transform states. If oil has been laid low by the coronavirus, then the nations whose economies most depend on it might soon be on ventilators. By any prognosis the great oil price collapse of 2020 has pushed […]
Canadian Oil Sands Per Barrel At $4.47, Now Cheaper Than 12-Pack Coke, $5.08
Canadian Oil Sands Per Barrel At $4.47, Now Cheaper Than 12-Pack Coke, $5.08 The collapse of global oil demand has impacted the price of Canadian Oil Sands to such a degree, the price of a barrel is now cheaper than a 12-pack of Coke purchased at Walmart. According to oilprice.com, the current price of a barrel […]
WTI Extends Losses Below $20 After Record Surge In Crude Inventories
WTI Extends Losses Below $20 After Record Surge In Crude Inventories WTI crashed below $20 (tagging $19.20) overnight after API reported huge inventory builds and was not helped by comments from the International Energy Agency that a historic production cut deal won’t be enough to counter a record demand slump this year. This appears to confirm a key […]
FIRST STAGE OF OIL DEMAND DESTRUCTION: U.S. Supply Of Petroleum Products Down 7 Million Barrels Per day
FIRST STAGE OF OIL DEMAND DESTRUCTION: U.S. Supply Of Petroleum Products Down 7 Million Barrels Per day The U.S. is only in the FIRST STAGE of the country’s oil demand destruction. Since the nationwide shutdown announced by the U.S. Government in mid-March, domestic oil demand has fallen more than 7 million barrels per day. In […]
Singapore Oil Trading Giant On Verge Of Collapse After Banks Freeze Credit Lines
Singapore Oil Trading Giant On Verge Of Collapse After Banks Freeze Credit Lines Back in the second half of 2015, shortly after Saudi Arabia unleashed the (first) OPEC disintegration by flooding the market with oil in hopes of killing US shale (so deja vu… only back then it took it about two years for it […]
Oil Turns Negative After Russia, Saudis Agree To Cap Output At 8.5MM B/D For 2 Months
Oil Turns Negative After Russia, Saudis Agree To Cap Output At 8.5MM B/D For 2 Months Update (1350ET): What started off euphorically, has quickly become R-OPEC’s latest dud, with oil now sliding red on the day after earlier surging more than 10%, following the latest news out of the oil producerteleconference, according to which Russia and […]
