U.S. energy firms cut the number of oil and natural gas rigs this week to a record low for a 14th week even as higher oil prices prompt some producers to start drilling again. That was 687 rigs, or 74%, below this time last year. U.S. oil rigs fell by four to 176 this week, their lowest since July 2005, while gas rigs held steady at 69, according to Baker Hughes (BKR) data.
BP is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy, three sources familiar with BP's thinking said.
Oil prices fell more than 1% on Friday, limiting their weekly gain due to concerns the global recovery could falter from a resurgence of coronavirus cases. The rise in infections remains the dominant issue for the fuel demand outlook. Brent crude fell 78 cents, or 1.7%, to $44.31 a barrel by 1:15 p.m. EDT.
Saudi Arabian Oil Co. on Thursday slashed the price at which it will sell crude oil to several markets in September. The state-run Arabian oil company, otherwise known as Saudi Aramco, lowered the price for its Arab light crude oil-- which it will sell in Asia in September--by $0.30 cents a barrel, giving it a $0.90 cents-a-barrel premium to the Oman/ Dubai average. The decision ended a three-month streak of increases in its Asian light crude selling price.
Canadian Natural Resources Ltd (CNQ) posted a smaller-than-expected quarterly loss on Thursday as improved natural gas prices and cost cuts helped cushion the blow from the COVID-19 pandemic on its operations.
Oil prices hovered below five-month highs on Thursday, falling after a session in which bearish sentiment about fuel demand counteracted optimism about Iraq's supply cuts, pushing the benchmarks in and out of positive territory. Concerns remain that demand is depressed by the economic slowdown due to the coronavirus pandemic, said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Marathon Oil Corp (MRO) posted a smaller-than-expected loss on Wednesday as it reined in costs to cushion the impact from the COVID-19 pandemic that has crushed crude prices and sapped demand for fuel. The oil and gas producer cut its costs and expenses by 17.2% to $975 million as the average realized price for its U.S. crude oil and condensate fell 63.4% to $21.65 per barrel.
Fujairah Oil Industry Zone on
Wednesday published, via industry information service S&P Global
Platts, the following weekly inventory data for oil products for
the week ended Aug. 3.
Oil prices rose to their highest since early March on Wednesday after U.S. crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook. Brent crude ended the session up 74 cents, or 1.7%, at $45.17 a barrel, while West Texas Intermediate oil settled 49 cents, or 1.2% higher, at $42.19 a barrel.
U.S. shale oil producer Continental Resources on Tuesday said it plans to resume most curtailed production, adding prices need to rise further for a significant rebound in overall industry activity. Supply and demand are rebalancing, but current prices near $40 a barrel are not enough for long-term growth in U.S. output, founder and Chairman Harold Hamm said.
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