Tuesday, April 7, 2020

S News

As Oil Crisis Deepens, Hedge Funds Sense a Turnaround

© nattapon7/AdobeStock

Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts in the week ending on March 31.But they initiated 40 million barrels of new purchases as well as 59 million barrels of fresh sales, according to position records published by ICE Futures Europe and the U.S.

As Oil Crisis Deepens, Hedge Funds Sense a Turnaround

Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts in the week ending on March 31.But they initiated 40 million barrels of new purchases as well as 59 million barrels of fresh sales, according to position records published by ICE Futures Europe and the U.S.

As Oil Crisis Deepens, Hedge Funds Sense a Turnaround

Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts in the week ending on March 31.But they initiated 40 million barrels of new purchases as well as 59 million barrels of fresh sales, according to position records published by ICE Futures Europe and the U.S.

Exxon Cuts Spending by $10B

ExxonMobil logo - Image by Alexey Novikov/AdobeStock

Exxon Mobil Corp on Tuesday throttled back a multi-year investment spree in shale, LNG and deep water oil production and will cut planned capital spending this year by $10 billion as the coronavirus pandemic saps energy demand and oil prices.Oil companies are reversing 2020 spending and production increases by an average 20% as countries limit air travel, order businesses to close and tell residents to stay home. In a one-two punch to suppliers, crude prices are down nearly 60% this year and demand for fuels is falling sharply.The largest U.S.

Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World

© Geoff Tweddle / Adobe Stock

Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change.Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it's wreaking across the globe, it may seem that climate change has dropped off the radar screen.Certainly…

Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World

Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change.Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it's wreaking across the globe, it may seem that climate change has dropped off the radar screen.Certainly…

Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World

Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change.Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it's wreaking across the globe, it may seem that climate change has dropped off the radar screen.Certainly…

Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World

Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change.Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it's wreaking across the globe, it may seem that climate change has dropped off the radar screen.Certainly…

Tankers Carrying U.S. LNG Heading to China After Tax Waivers Granted

SK Resolute LNG Carrier - Image by Geir Vinnes - MarineTraffic

Tankers carrying U.S. liquefied natural gas (LNG) are on their way to China after Beijing started granting tax waivers to some importers, according to shipping and trade sources.This is the first time since March 2019 that shipments have resumed after a long-standing trade war that saw China raise tariffs on LNG imports from the United States to 25% last year.Four LNG tankers are currently en route to China after loading cargoes last month in the United States, ship-tracking data from Refinitiv and data intelligence firm Kpler showed.The tankers are expected to arrive in China between late April and early May, according to the data.

Tankers Carrying U.S. LNG Heading to China After Tax Waivers Granted

Tankers carrying U.S. liquefied natural gas (LNG) are on their way to China after Beijing started granting tax waivers to some importers, according to shipping and trade sources.This is the first time since March 2019 that shipments have resumed after a long-standing trade war that saw China raise tariffs on LNG imports from the United States to 25% last year.Four LNG tankers are currently en route to China after loading cargoes last month in the United States, ship-tracking data from Refinitiv and data intelligence firm Kpler showed.The tankers are expected to arrive in China between late April and early May, according to the data.

Tankers Carrying U.S. LNG Heading to China After Tax Waivers Granted

Tankers carrying U.S. liquefied natural gas (LNG) are on their way to China after Beijing started granting tax waivers to some importers, according to shipping and trade sources.This is the first time since March 2019 that shipments have resumed after a long-standing trade war that saw China raise tariffs on LNG imports from the United States to 25% last year.Four LNG tankers are currently en route to China after loading cargoes last month in the United States, ship-tracking data from Refinitiv and data intelligence firm Kpler showed.The tankers are expected to arrive in China between late April and early May, according to the data.

ABB Accelerates Remote Connectivity Rollout

(Photo: ABB)

Technology comany ABB said it has expedited the rollout of and access to its remote service tools and digital solutions across critical industry as companies around the world find new ways to maintain operations throughout the coronavirus crisis.“During the COVID-19 crisis, governments and companies are having to make difficult choices, balancing people’s safety with economic livelihood. ABB is committed to supporting both: protect people, while helping businesses to stay operational during these challenging times,” said Peter Terwiesch, President Industrial Automation, ABB.

ABB Accelerates Remote Connectivity Rollout

Technology comany ABB said it has expedited the rollout of and access to its remote service tools and digital solutions across critical industry as companies around the world find new ways to maintain operations throughout the coronavirus crisis.“During the COVID-19 crisis, governments and companies are having to make difficult choices, balancing people’s safety with economic livelihood. ABB is committed to supporting both: protect people, while helping businesses to stay operational during these challenging times,” said Peter Terwiesch, President Industrial Automation, ABB.

Norway May Join OPEC Meeting

Illustration only; An Equinor Platform - Credit: Equinor - Photo by Bo B. Randulff & Even Kleppa

Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email to Reuters that Western Europe's largest oil producer was ready to make unilateral cuts to production if it benefits its economy, but said there were no ongoing talks with oil companies in Norway."If a broad group of producers agrees on significant cuts in production, Norway will consider a unilateral cut if it contributes to supporting our own resource management and economy…

Norway May Join OPEC Meeting

Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email to Reuters that Western Europe's largest oil producer was ready to make unilateral cuts to production if it benefits its economy, but said there were no ongoing talks with oil companies in Norway."If a broad group of producers agrees on significant cuts in production, Norway will consider a unilateral cut if it contributes to supporting our own resource management and economy…

Norway May Join OPEC Meeting

Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email to Reuters that Western Europe's largest oil producer was ready to make unilateral cuts to production if it benefits its economy, but said there were no ongoing talks with oil companies in Norway."If a broad group of producers agrees on significant cuts in production, Norway will consider a unilateral cut if it contributes to supporting our own resource management and economy…

Norway May Join OPEC Meeting

Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email to Reuters that Western Europe's largest oil producer was ready to make unilateral cuts to production if it benefits its economy, but said there were no ongoing talks with oil companies in Norway."If a broad group of producers agrees on significant cuts in production, Norway will consider a unilateral cut if it contributes to supporting our own resource management and economy…

Norway May Join OPEC Meeting

Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email to Reuters that Western Europe's largest oil producer was ready to make unilateral cuts to production if it benefits its economy, but said there were no ongoing talks with oil companies in Norway."If a broad group of producers agrees on significant cuts in production, Norway will consider a unilateral cut if it contributes to supporting our own resource management and economy…

Equinor Finds Oil at Monument Prospect in U.S. Gulf of Mexico

Pacific Khamsin drillship - Image credit: Equinor

Norwegian oil firm Equinor, with partners Progress Resources and Repsol, has made an oil discovery in the Monument exploration well in the US Gulf of Mexico.The Monument exploration well found approximately 200 feet (c. 60 meters) of net oil pay with good reservoir characteristics in Paleogene sandstone. This provides an early indication of the productive reservoir interval at the well location, Equinor said Monday.The offshore well was drilled to a total depth of 33,348 feet (10,164 meters) using the Pacific Khamsin drillship.“We are pleased to have proved an accumulation of movable hydrocarbons in the Monument exploration well.

Equinor Finds Oil at Monument Prospect in U.S. Gulf of Mexico

Norwegian oil firm Equinor, with partners Progress Resources and Repsol, has made an oil discovery in the Monument exploration well in the US Gulf of Mexico.The Monument exploration well found approximately 200 feet (c. 60 meters) of net oil pay with good reservoir characteristics in Paleogene sandstone. This provides an early indication of the productive reservoir interval at the well location, Equinor said Monday.The offshore well was drilled to a total depth of 33,348 feet (10,164 meters) using the Pacific Khamsin drillship.“We are pleased to have proved an accumulation of movable hydrocarbons in the Monument exploration well.