The world is burning through the oil supply glut that threatened to cripple the energy industry a few months ago, but spiraling coronavirus infection numbers are putting the recovery in jeopardy, the International Energy Agency said Wednesday. In its monthly oil market report, the IEA said global oil supply in September was 9% below the pre-pandemic average of 2019. The amount of oil in expensive offshore floating storage fell sharply below its level in May, at the nadir of the...
By Christopher M. Matthews and Orla McCaffrey. Defenders of the oil-and-gas industry in Washington are fighting back against big banks who want to stop financing new Arctic-drilling projects, fearing it could be a harbinger of an unbankable future for fossil-fuel companies. Five of the six largest U.S. banks-- Citigroup Inc. (C), Goldman Sachs Group Inc., JPMorgan Chase& Co., Morgan
Stanley (MS) and Wells Fargo& Co.-- have pledged over the past year to end funding for new drilling and...
A group of the world's largest energy, agriculture, mining, and commodity trading companies will for the first time assess and disclose the climate alignment of their shipping activities. United Nations agencies estimate the international shipping industry to carry around 80% of world trade flows and to be responsible for 2-3% of global greenhouse gas emissions annually. Large industrial corporations are significant users of international shipping services.
Gasoline demand in the U.S. has flatlined for much of the third quarter, keeping crude-oil prices near $40 a barrel and challenging the global energy industry heading into the final months of the year. Fragile fuel demand joins other indicators of economic activity-- from consumer spending to hiring-- in signaling that growth is softening after a surge from April to June. That trend has many investors skittish as fall begins, particularly with November's presidential election...
Predicting oil demand has rarely been more challenging, buffeting prices and muddying the outlook for traders, investors and energy producers. Energy analysts are mapping out the course of the coronavirus and efforts to stop the pandemic, including limits on flights, cruises and the use of public transportation. They are also grappling with the effects on fuel demand of an economic downturn, rising unemployment, and changing patterns of work, study and travel.
A swift recovery in fuel consumption by U.S. drivers is petering out, posing new challenges to the oil market, economy and global energy industry. After demand for gasoline surged from mid-April to late June, consumption has stayed relatively flat in the past two months and remains well below its prepandemic levels, government data show. The fizzling rebound highlights the lingering effects of coronavirus precautions and travel restrictions.
A swift recovery in fuel consumption by U.S. drivers is petering out, posing new challenges to the oil market, economy and global energy industry. After demand for gasoline surged from mid-April to late June, consumption has stayed relatively flat in the past two months and remains well below its prepandemic levels, government data show. The fizzling rebound highlights the lingering effects of coronavirus precautions and travel restrictions.
The Dow Jones Industrial Average's coming farewell to Exxon Mobil Corp. (XOM) is the latest sign of the waning influence of America's struggling energy sector. When trading begins next week, the blue-chip benchmark will include only one energy stock: Chevron Corp., which will represent just 2.1% of the price-weighted index, according to an S&P Dow Jones Indices analysis. In the broader S&P 500, the group isn't faring much better: Its weighting has shrunk to less than 2.5%, leaving...
By Benoit Faucon in London, Isabel Coles in Beirut and Michael R. Gordon in Washington. Chevron Corp. (CVX) is in talks to invest in a major Iraq oil field, according to Iraqi officials, part of a string of prospective deals with U.S. companies signaling confidence in that country's energy industry despite years of instability and start-and-stop foreign investment. Chevron (CVX) and the Iraqi government tentatively plan to sign a memorandum of understanding to develop one of Iraq's large...
By Benoit Faucon in London, Isabel Coles in Beirut and Michael R. Gordon in Washington. Chevron Corp. (CVX) is in talks to invest in one of Iraq's large oil fields, according to people familiar with the situation, providing a vote of confidence in the country's energy industry despite years of instability and start-and- stop foreign investment. Chevron (CVX) and the Iraqi government tentatively plan to sign a memorandum of understanding to develop one of Iraq's large oil fields in the south of...
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