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UPDATE 6-Oil prices steady amid U.S. unemployment, fuel demand concerns   Jul 02, 2020
Oil futures were little changed on Thursday, supported by a fall in U.S. unemployment and Wednesday's drawdown in crude inventories, but the spike in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks. Reuters  

OPEC basket oil price rises above $40 for first time in 4 months   Jul 02, 2020
The Organization of the Petroleum Exporting Countries' basket oil price rose above $40/bbl for the first time in four months, reflecting higher official selling prices, according to the group's data. Reuters  

Sweeter, lighter, cheaper: refiners seek oil to meet rising gasoline demand   Jul 02, 2020
With more cars taking to the roads as coronavirus lockdowns ease, demand for lighter, sweeter oil more suitable for refining into gasoline is ticking up. Reuters  

UPDATE 2-Canada's Supreme Court dismisses appeal of long-delayed Trans Mountain oil pipeline   Jul 02, 2020
Canada's Supreme Court removed an obstacle to expansion of the Trans Mountain oil pipeline on Thursday, dismissing an appeal of a lower court decision that had backed Ottawa's approval of the project. Reuters  

Apache pares gain on report of exploring Premier Oil deal   Jul 02, 2020
Apache (NASDAQ:APA) pares gains after StreetInsider reports that the company is exploring a potential bid for Premier Oil (OTCPK:PMOIF +3.9%) (OTCPK:PMOIY +4.8%) in the U.K.Apache, recently up 2.7%, h Seeking Alpha  

Goldman Sachs Expects Crude Prices To Rise In 2021   Jul 02, 2020
Goldman Sachs sticks to its $35 per barrel outlook for oil prices in the short term, but says that prices could go higher in 2021 as demand picks up OilPrice  

Exxon’s Historic Losses Multiply on Virus-Driven Crude Slump   Jul 02, 2020
Exxon Mobil Corp. incurred an unprecedented second straight quarterly loss as almost every facet of the oil giant’s business slumped amid Covid-19 lockdowns that stunted economic activity. Bloomberg  

Brazil May oil production falls 6.5% as coronavirus bites   Jul 02, 2020
Oil production in Brazil fell 6.5% in May from the same month a year before, as the novel coronavirus rips through offshore and onshore oilfields, hurting production, national oil regulator ANP said on Thursday. Reuters  

Nornickel draws up permafrost monitoring plan after Arctic fuel spill   Jul 02, 2020
Russia's Norilsk Nickel, a major global nickel and palladium producer, has prepared a long-term programme to monitor the condition of permafrost and remedy environmental damage after an Arctic fuel spill in its home city, Reuters  

Energy Transfer Twists Oil Companies’ Arms On Dakota Access Pipeline   Jul 02, 2020
Energy Transfer, the company behind the controversial Dakota Access oil pipeline, has declared force majeure on the project to stop companies from pulling out of its plan to double the pipeline ... OilPrice  

Exxon signals 2nd quarterly loss in a row on production, refining hits   Jul 02, 2020
Exxon Mobil Corp's oil and gas producing and refining businesses will report operating losses in the second quarter, it said in a regulatory filing on Thursday, setting the stage for the company to post another quarterly loss this year. Reuters  

Exxon Indicates Second Straight Quarterly Loss on Energy Plunge   Jul 02, 2020
Exxon Mobil Corp. indicated it will likely report a second-straight quarterly loss following the crude-oil price crash. Bloomberg  

Oil prices get a boost from fall in U.S. unemployment and crude stockpiles   Jul 02, 2020
Oil prices rose slightly on Thursday after data showed a fall in U.S. unemployment and a sharp drop in crude stockpiles, although concerns that a spike in U.S. coronavirus infections could stall a recovery in fuel demand kept gains in check. Reuters  

U.S. natgas futures gain on hotter forecasts; focus on storage report   Jul 02, 2020
U.S. natural gas futures rose on Thursday as forecasts for higher than normal temperatures drove expectations of increased cooling demand for the fuel, while investors awaited the U.S. Energy Information Administration's weekly storage report. Reuters  

Citigroup: Oil Will Never Return To $100   Jul 02, 2020
Citigroup analysts said on Thursday that they don’t expect to ever see $100 oil ever again as the demand outlook for the commodity is looking gloomier than ever before OilPrice  

Exxon Faces More Pressure Than Ever to Release a Private Outlook   Jul 02, 2020
America’s biggest oil companies are coming under increasing pressure from climate-conscious investors to disclose their long-term forecasts for crude prices as the Covid-19 pandemic injects fresh uncertainty into the demand outlook for fossil fuels. YAHOO!  

Federal regulators give Enbridge green signal to reopen the western leg of the Line 5 pipeline   Jul 02, 2020
A Michigan judge allowed Enbridge (NYSE:ENB) to partially restart its dual oil and gas pipeline below Lakes Michigan and Huron (line 5), nearly a week after shutting it down after an inspection that f Seeking Alpha  

Pandemic hastens threat of closure for struggling oil refineries   Jul 02, 2020
The collapse in oil demand from the COVID-19 pandemic is hastening the reckoning for those refiners already struggling as new capacity overtakes demand, posing an existential threat to many, particularly Europe's ageing plants. YAHOO!  

ICE’s Global Energy Markets Reach Record Open Interest as Participants Navigate Challenging Markets   Jul 02, 2020
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, continues to attract record levels of open interest across its energy markets. YAHOO!  

Oil Market at a Crossroads: Will It Break Out or Break Down?   Jul 02, 2020
While retreating from last week's all time highs, current domestic stocks, at 533.5 million barrels, is still 13.9% above the year-ago figure and 15% over the five-year average. YAHOO!  

Exxon details expected Q2 hit from lower prices, margins; shares rise premarket   Jul 02, 2020
B in Q2, says Exxon (NYSE:XOM) in a regulatory filing released this morning. Lower gas prices will cause a $400M-$600M hit. In Q1, Exxo Seeking Alpha  

CEOs Drop Climate Change Talk to Focus on Surviving Covid-19   Jul 02, 2020
Green chatter on earnings calls slumped by half during the first quarter, with the decline steepest among energy, consumer and financial companies. Bloomberg  

Russia's Nornickel to receive assessment on Arctic fuel leak damages in a month   Jul 02, 2020
Russia's Norilsk Nickel said on Thursday it expected to receive an assessment of the damages caused by a fuel leak in the Arctic in a month. Reuters  

Shell And The Myth Of Oil Major Green Energy   Jul 02, 2020
Shell is a big oil major which wants to be an energy conglomerate with more green energy assets. That strategy is so far slow to execute, with unproven results. Seeking Alpha  

Exxon signals second quarterly loss in a row on production, refining hit   Jul 02, 2020
Rivals Royal Dutch Shell and BP Plc have disclosed massive spending cuts and writedowns due to the price drop. The company's oil and gas operations will swing to a loss compared with the first quarter because of lower prices that reduce operating profit between $2. YAHOO!  

Natural Gas Price Prediction – Prices Decline Ahead of Thursday’s Inventory Report   Jul 02, 2020
Natural gas prices moved lower on Wednesday dropping 3.5% ahead of Thursday inventory report from the Department of Energy. Expectations are for a 77 Bcf build. This follows last week’s 120 Bcf build where analysts expected a more meager 85 Bcf build. YAHOO!  

Exxon Mobil's second quarter to be hit by lower oil and gas prices   Jul 02, 2020
Exxon Mobil Corp said on Thursday its second-quarter results will take a hit from the drop in oil and gas prices after the coronavirus-related lockdowns caused a dramatic plunge in demand. Reuters  

BRIEF-Transocean Ltd - Co, Unit Entered Into Settlement Agreement With Eni Us   Jul 02, 2020
ON JULY 1, CO, UNIT ENTERED INTO SETTLEMENT AGREEMENT WITH ENI US * TRANSOCEAN LTD -ENI US AGREED TO PAY TRANSOCEAN OFFSHORE Reuters  

Breakingviews - Oil majors’ Atlantic divide shows up in valuation   Jul 02, 2020
Oil majors’ growing Atlantic divide has an interesting valuation quirk. American energy giants Exxon Mobil and Chevron are lagging further behind European rivals Royal Dutch Shell, BP and Total in embracing the pivot away from hydrocarbons. Reuters  

Wild Moves From Occidental Petroleum   Jul 02, 2020
The management team at Occidental Petroleum has been making some wild moves lately. The firm's announced debt refinancing kicks the can down the road but at a v Seeking Alpha  

Oil Edges Higher With U.S. Stockpiles Draw Offsetting Virus Fear   Jul 02, 2020
(Bloomberg) -- Oil rose for a second day as a bigger-than-expected draw in American crude stockpiles and plunging output from OPEC producers outweighed nervousness about a coronavirus resurgence in the U. YAHOO!  

Oil Glut At Sea Starts To Shrink   Jul 02, 2020
The huge volumes of oil held at sea have started to shrink and are expected to continue declining into the second half of this year, thanks to recovering demand and a change in the oil market structur OilPrice  

Gulf Oil Producer Oman Is Quickly Running Out Of Options   Jul 02, 2020
Oman’s high breakeven price per barrel, low proven reserves and high hydrocarbon dependence make it difficult for the country to secure funding when it needs it the most OilPrice  

Oil Rallies On Bullish EIA Inventory Data   Jul 02, 2020
Oil prices continued their way up after the EIA confirmed a major draw in commercial crude inventories and a small draw in distillates OilPrice  

Traders thought Apple had 'the holy grail' of oil data, but the quest continues   Jul 02, 2020
Every day, energy merchants collect and scrutinize whatever information they can find on fuel demand to get a trading edge: from satellite data tracking oil tankers worldwide to thermal images from cameras on pipelines and storage tanks. YAHOO!  

Fuel demand shock threatens future of Australia's oil refineries   Jul 02, 2020
A coronavirus-driven collapse in fuel demand is threatening Australia's oil refining industry, just as supply chain disruptions wrought by the pandemic have focused the government on the need to shore up fuel security. YAHOO!  

TC Energy: Growth Prospects Even Today   Jul 02, 2020
TC Energy is one of the largest and strongest midstream companies in North America, boasting operations in three countries. The company has operations in natura Seeking Alpha  

$40 Oil Isn’t Enough To Prevent A Wave Of Shale Bankruptcies   Jul 02, 2020
Covid-19 and the oil price war have led to a surge in bankruptcy filings from medium and even large oil companies this year OilPrice  

Oil prices dip on demand worries as California reimposes restrictions   Jul 02, 2020
Oil prices slipped in early trade on Thursday after California reimposed some coronavirus lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand. California sharply rolled back efforts to reopen its economy on Wednesday, YAHOO!  

ConocoPhillips to Revive Output, Expects Q2 Profit to Fall Y/Y   Jul 02, 2020
ConocoPhillips COP recently announced its intention to bring back a portion of its curtailed output in July. The company also provided an update on the impact of production cut from its operations. Following the massive dip in oil prices that stemmed from energy demand destruction caused by coronavirus-induced lockdowns and a price war between Saudi Arabia and Russia, YAHOO!  

UPDATE 1-Michigan court rules to reopen part of Enbridge's Line 5 pipeline   Jul 02, 2020
Canadian pipeline operator Enbridge Inc can restart operations at the west leg of its Line 5 pipeline while the damaged east leg remains shut, a Michigan circuit court judge ruled on Wednesday. Reuters  

Crude Posts Best Quarter Since 1990 After Historic Price Crash   Jul 02, 2020
Oil posted its best quarter in nearly 30 years, bouncing back from this year’s historic price crash.Futures in New York surged 92% in the three months through June 30th following crude’s worst quarter on record, YAHOO!  

Are Oil Bulls In For A Disappointing July?   Jul 02, 2020
While the sentiment in oil markets has been decidedly bullish over the last two weeks, a second wave of COVID cases and a possible OPEC+ breakdown are both threatening to drag prices down OilPrice  

Hawthorne Energy Announces Commitment From Carnelian Energy Capital   Jul 02, 2020
Hawthorne Energy, LLC (“Hawthorne”) today announced the closing of an equity commitment from Carnelian Energy Capital III, L.P., an investment fund. YAHOO!  

Global OCTG Market Worth $22.5 Billion by 2024 - Sudden Outbreak of COVID-19 Leading to a Decline in the Exploration and Production of Oil & Gas   Jul 02, 2020
Market: Insights & Forecast with Potential Impact of COVID-19 (2020-2024)" report has been added to ResearchAndMarkets.com's offering. The global OCTG market is expected to record a value of US$22.52 billion in 2024, YAHOO!  

Insights on the Tire Material Market to 2027 - Featuring Cabot, Chevron & Exxon Mobil Among Others   Jul 02, 2020
The "Tire Material - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering. Amid the COVID-19 crisis and the looming economic recession, the Tire Material market worldwide will grow by a projected US$17. YAHOO!  

BP completes sale of Alaskan oil and gas producing properties to Hilcorp Energy   Jul 01, 2020
With Wednesday’s purchase, Texas-based Hilcorp becomes the state’s second largest oil producer and reserves holder, behind ConocoPhillips (COP.N). Hilcorp will nearly triple its workforce in ... Reuters  

For Albertans, the future of oil and gas is not just another policy debate, it goes much deeper   Jul 01, 2020
We asked Albertans what needs to be done to get the economy back on track. Their answers show how polarized the province is. CBC.ca  

Iraq Looks To Lure Saudi Investment As It Tries To Comply With OPEC+ Deal   Jul 01, 2020
Iraq is looking to attract investment from Saudi Arabia in one of its natural gas fields, Iraqi Deputy Prime Minister and Finance Minister, Ali Allawi, told Bloomberg OilPrice  

Aramco CEO Says The Worst Is Over For Oil   Jul 01, 2020
The worst in the oil market is over, Amin Nasser, president and CEO of the world’s biggest oil company, Saudi Aramco, says, adding that he is “very optimistic” for the second half of this year OilPrice  

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