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Why The Cushing Storage Hub Matters to Oil


> The crude oil hub in Oklahoma provides the physical delivery mechanism for the benchmark WTI futures contract > As global economies reopen, oil stocks in Cushing have been drawn down to 51 million barrels in storage since the peak of 65.4 million barrels on May 1, 2020 > Pipelines at Cushing have 3.7 million […]

Exxon and Chevron Post Historic Losses


Exxon Mobil Corp. and Chevron Corp. posted the worst losses in a generation after the pandemic and a global crude glut combined to batter almost every part of their businesses. Exxon’s $1.1 billion second-quarter loss was the deepest in the company’s modern history. A collapse in crude prices bled the company’s production division while Covid-19 […]

Will AI Save Us From Ourselves?


Humanity and AI putting the pieces together. Copyright (C) Andrey Popov It is the year 2050. The world population is roughly two billion people, just 25% of what it was thirty years ago. Back in 2018, the United Nations had predicted that we were approaching the point of no return on climate change. Unfortunately, by […]

The oil crisis shakes industry


As expected, the two largest oil services companies Schlumberger and Halliburton have announced figures that highlight the scale of the oil and gas crisis shaking the planet. Schlumberger is laying off 21,000 of its 85,000 employees in 120 countries. Halliburton has already separated 4,500 out of 55,000 employees. Falling oil prices and demand have forced […]

The decline of the family-owned oil company


Since the first US oil well was drilled in 1859, countless families have made a name for themselves in the industry. There were many private, family-owned oil and gas firms across the US. America’s first billionaire, John D. Rockefeller, built his fortune from the founding of Standard Oil in 1870. This dynasty exists in various […]

Don’t drop oil and gas off cliff in energy transition


The oil and gas industry for decades has provided Americans without a college education a high-paying and stable construction job, paving a path into the middle class. But as governments, businesses and consumers start to shift away from fossil fuels to more environmentally sustainable energy sources, oil and gas construction workers say they are increasingly […]

Pemex Reveals Virus Death Toll

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Of all the companies around the world affected by Covid-19, none has disclosed a worse death toll than Pemex, Mexico’s state-owned oil producer. Petroleos Mexicanos, as it’s also known, said late Tuesday that 202 employees and five contractors have died of the disease so far. No other company has reported fatalities that come anywhere near that number, according […]

The Oil And Gas Situation: Low Rig Count, Low Fracking Activity, Low M&A

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Consolidation? What consolidation? – The highlights of the quarterly mergers and acquisitions tracking report from Enverus are out today, and they show that the predicted consolidation within the U.S. shale business is still failing to materialize. This is not really a surprising result given all of the volatility in the market seen during the second […]

Fracking pioneer Chesapeake files for bankruptcy protection


Chesapeake Energy, a shale drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection. The Oklahoma City-based company said Sunday that it was a necessary decision given its debt. Its debt load is currently nearing $9 billion. It has entered a plan with lenders to cut […]

3 Risks Threatening To Crash Stocks


Since the appearance of the bearish island reversal we noted two weeks ago, stocks have struggled and so far failed to regain the highs reached earlier in June. And another bearish island reversal happened on Tuesday. The resistance displayed by these reversals and the resulting choppiness of trading are exactly the sort of indicators we […]

What’s Next For Big Oil?


Something unthinkable is happening in Big Oil, and it’s not the demand slump or the spending cuts or the layoffs. With the exception of the demand slump, we’ve seen all this before–more than once, in fact.  No, what’s unthinkable is that Big Oil appears to be planning to stop being Big Oil. It’s not a […]

Beyond Petroleum: Is BP finally moving from rhetoric to reality?


Low oil prices may be here to stay — as the world recovers from coronavirus, there are signs across the world that the economic recovery might well be greener (via Getty Images) Kneeling in prayer for a sin he doesn’t regret, Shakespeare’s Claudius, Hamlet’s fratricidal uncle, ruefully admits: “My words fly up, my thoughts remain […]

Kurt Cobb: The financialization of the end of the world


For those who are fans of cartoons from The New Yorker magazine and consistent readers of this blog, you might be able to guess my two favorite cartoons. In the first one, a man in a coat and tie stands at a podium and tells his unseen audience the following: “And so, while the end-of-the-world […]

BP Anticipates the Fall of Oil with a 17.5 Billion Dollar Loss


BP is one of the largest oil companies in the world, and even they are seeing the renewable energy boom as an inevitability. As a result of the current market conditions, the company will be devaluing its assets by 17.5 billion dollars. In their statement, BP had this to say, “growing expectation that the aftermath […]

Our Wile E. Coyote Economy: Nothing But Financial Engineering

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Ours is a Wile E. Coyote economy, and now we’re hanging in mid-air, realizing there is nothing solid beneath our feet. The story we’re told about how our “capitalist” economy works is outdated. The story goes like this: companies produce goods and services for a competitive marketplace and earn a profit from this production. These profits […]

A Retrospective Look at the Oil Price History

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How did oil price change in recent centuries? Read about the major milestones in the history of oil, who are the main oil producers, and what defines its price. One of the most valuable assets on Earth, oil has a great impact on the global financial market. The price of oil depends on a large […]

Yale Economist Warns of Dollar Crash

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Peter Schiff has been warning that that real crash will be a dollar crash. Now, some people in the mainstream are starting to sound that alarm as well. Even before the coronavirus pandemic, Peter was warning about the dollar’s demise. During an interview on RT last September, he warned that America’s “fiscal profligacy” was going […]

CEOs Bank Big Bonuses As Oil Companies Go Bankrupt


When public oil and gas companies are doing relatively well, many are happy to adopt a pay-for-performance model to reward CEOs and executives. However, the tables are quickly turned when things go to the dogs. When these companies go bankrupt, the misery is shared by employees who lose their jobs; retirees see their benefits and […]

BP to cut 10000 jobs worldwide amid virus pandemic


Oil and gas company BP announced Monday that it will slash its global workforce by 10,000 jobs as the COVID-19 pandemic slams the energy industry. Chief Executive Bernard Looney said that the cuts will affect office-based roles in BP’s global workforce of 70,000 people and come mostly this year. The changes are expected to significantly […]

The case for the suburbs


The topic of suburbanization has come to the forefront as COVID-19 spreads and the subsequent shutdown endures. As the virus lingers, we have seen big-city residents seeking shelter by migrating to less dense places in the suburbs. While most of these moves are a temporary response to the pandemic, population data suggests urban centers have […]

Oil Market Could See Long Term Contango


The oil market could stay in a state of contango for longer after supply and demand finally balance due to the vast amount of crude and products in storage, Reuters reported on Friday, citing analysts and investment banks. Contango is the state of the market in which prices for delivery at later dates are higher […]

Kunstler: When Giants Fall


It was only a few decades ago that Walmart entered the pantheon of American icons, joining motherhood, apple pie, and baseball on the highest tier of the alter. The people were entranced by this behemoth cornucopia of unbelievably cheap stuff packaged in gargantuan quantities. It was something like their participation trophy for the sheer luck […]

Industry hit by weak demand finally faces threat from electric cars


Oil companies may be facing uncertainty as the coronavirus pandemic triggers a collapse in demand for their products, but automakers are betting the crisis will help accelerate an electric future. With economies reeling from lockdowns to curb the virus, the sharpest plunge in oil prices in two decades has slashed the cost of filling up […]

Will Oil Demand Reach Pre-COVID Levels as Lockdown Measures Ease?


With the WTI June futures contract settlement date just around the corner, market participants are watching oil prices closely. However, hope remains that oil prices won’t go negative again this month, and moreover, that oil will still be able to rebound as lockdown measures ease. Earlier this week the Chief Executive of BP, one of […]

Saudi Aramco’s Stock Trades on a Different Planet


Don’t worry if you missed Saudi Aramco’s earnings call: There wasn’t one. Now the sticklers and bores among you might raise a hand and suggest that, what with the global pandemic, oil crash and assorted what-have-yous, it might be advisable for the biggest oil major in the world to spare an hour for an update. But honestly, […]

Oil Crash Busted Broker’s Computers and Inflicted Big Losses


Syed Shah usually buys and sells stocks and currencies through his Interactive Brokers account, but he couldn’t resist trying his hand at some oil trading on April 20, the day prices plunged below zero for the first time ever. The day trader, working from his house in a Toronto suburb, figured he couldn’t lose as […]

Can oil recover from coronavirus? An industry debate is underway.


When the pandemic is all over will society go back to driving cars and hopping on planes with nary a worry as it did just two short months ago? Or is the world more permanently changed, with the commute to work a thing of the past, public events radically scaled back and the confined spaces […]

“Biblical” Wave Of Bankruptcies Is About To Flood The US


One of the silver linings of the coronacrisis to date is that despite the unprecedented collapse in the broader economy and the 30 or so million unemployed, the pace of bankruptcy filings has been relatively steady compared to the pre-covid levels, as the following Goldman chart shows. Unfortunately the relative calm is not meant to […]

Millions of farm animals culled as US food supply chain chokes up

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Covid-related slaughterhouse shutdowns in the US are leading to fears of meat shortages and price rises, while farmers are being forced to consider “depopulating” their animals. More than 20 slaughterhouses have been forced to close, although some have subsequently reopened. On Tuesday President Trump issued an executive order to keep slaughterhouses open which would, he […]

How natural gas is withstanding the energy market collapse


Natural gas is withstanding the coronavirus-fueled economic crash in a way that its closely associated relative, oil, isn’t. Oil prices have reached record lows, with the U.S. benchmark oil price briefly dropping below zero last month after trading at around $60 per barrel at the start of 2020. The U.S. natural gas price, meanwhile, is […]

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