U.S. energy firms this week added oil and natural gas rigs for a sixth week in a row for the first time since June 2018, with the industry expecting more momentum in drillers' return to the wellpad as crude prices steady around $40 a barrel.
A Venezuelan floating oil facility that had been listing in recent weeks is upright and shows no sign of sinking, but plans to transfer crude off the vessel posed the risk of a spill, the energy minister of neighboring Trinidad and Tobago said.
Oilfield services provider Baker Hughes
Co (BKR) reported a third straight quarterly loss on Wednesday and warned that activity may be lower next year, as a coronavirus-induced slump in commodity prices continued to hurt demand for equipment and services. Producers have been drilling fewer wells following a collapse in crude oil prices this year as demand for oil products has sunk.
Fujairah Oil Industry Zone on
Wednesday published the following weekly inventory data for oil
products for the week ended Oct. 19, according to industry
information service S&P Global Platts.
Oil edged lower on Monday, weighed by concerns over surging coronavirus cases globally and by Libya's plan to boost output, but hopes for a U.S. fiscal package lent some support. Analysts also focused on an OPEC+ ministerial monitoring committee meeting on Monday. Brent crude futures fell 31 cents to settle at $42.62 a barrel.
Oil prices edged lower on Friday, dragged down by concerns that a spike in COVID-19 cases in the United States and Europe will continue to drag on demand in two of the world's biggest fuel-consuming regions.
U.S. energy firms this week added the most oil and natural gas rigs since January as producers return to the wellpad with crude prices holding around $40 a barrel over the past several months.
Kansas City Southern (KSU): * KANSAS CITY SOUTHERN EXEC- "THE RECOVERY HAS BEEN REMARKABLE, ALBEIT A BIT UNEVEN, WHILE CERTAIN BUSINESS SEGMENTS SUCH AS CRUDE REMAIN UNDER PRESSURE"- CONF CALL. * KANSAS CITY SOUTHERN EXEC SAYS U.S. TRUCKING DEMAND HAS BEEN IMPROVING AND CO IS SEEING TIGHTENING CAPACITY, IMPROVED PRICING.
Occidental Petroleum Corp (OXY) expects global oil supply and demand to rebalance by the end of 2021, its chief executive told the Energy Intelligence Forum on Wednesday. U.S. crude oil output will grow modestly next year, CEO Vicki Hollub said.
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