Oil futures bounced back from session lows as stronger-than-expected US economic growth data and signs that Europe may get more stimulus offset some of the fallout from renewed lockdown restrictions.
The FTSE 100 Index eked out a gain of 8.21 points, or 0.13%, to 6,269.73 today, as traders continued to show caution despite recent progress towards a vaccine for Covid-19.
Subsea technology and service firms could turn their backs on oil and gas work if customers keep heaping pressure on margins, an industry chief has warned.
Premier Oil’s boss says it would make “no sense” for Opec and its allies to increase output ahead of a meeting between the producing nations on Wednesday afternoon.
The FTSE 100 Index failed to hold on to Monday’s gains today, despite a rally for stocks on Wall Street overnight.
US oilfield equipment firm Dril-Quip could be poised to make scores of Aberdeen staff members redundant in response to the crude price slump and Covid-19 pandemic.
A focus on providing high quality virtual services to international clients is helping TRACS International shrug off the worst of the latest downcycle and replenish its order book.
Hefty investments and lengthy contract wins have put Brimmond Group in a “strong financial position” from which to ride out the latest oil industry downcycle, bosses said.
The oil price crash wiped $1.6 trillion off the valuation of the global upstream industry, according to energy researcher and consultancy Wood Mackenzie.
An analyst has suggested the same “hardball” treatment that the supply chain was subjected to during the last downturn may not be repeated this time around.
In a recent article I described the mechanisms which drive the market structures of backwardation and contango, which explained how and why the market got into negative territory, with a steep contango forward curve. But having got there, how does that same understanding of market behaviour help us form a view of where we go from here?
There is a certain irony in the coincidence of two recent major events that together, focused minds on how exactly the huge upheavals caused by COVID-19 may affect our efforts to achieve net zero carbon.
There’s one hope for oil market bulls facing into the abyss of the 9.3 million barrels-a-day demand slump from the spread of Covid-19: The aftermath will see a renaissance in car-driving.
The FTSE 100 Index edged up a further 822.22 points, or 1.4%, to 5,935.98 today.
Brent crude oil was down about 6.5% at $28.96 per barrel at the London market close despite spending much of today on the advance.
The price of a barrel of Brent crude surged above $30 on Tuesday amid growing hopes that global demand for oil is rising again.
Do we play as a team or individuals? How should we take on the challenge of the unpredictable turbulence of today’s business environment? Our industry faces a triple whammy of pressures from operational disruption due to Covid-19, massive reductions in demand for our product and a globally oversupplied market.
How can energy supply chain companies weather the perfect storm of the oil and gas price crash, Covid-19 lockdown and social distancing, pressure to fully decarbonise and, of course, Brexit?
The FTSE 100 started the week slightly in negative territory but oil prices were up amid hopes new production cuts can reduce a massive global oversupply.
North Sea industry is facing an “existential threat” and will need quicker, simpler support from governments to overcome the price rout, an investment expert has said.
Brent crude oil was up by nearly 8% to $26.16 per barrel by the London market close today.
Oil rallied for a second day as global production cuts deepened and signs of a recovery in physical markets emerge.
Dutch geo-data services firm Fugro said this morning that it would reduce its headcount by up to 10% in response to the “deterioration in market circumstances”.
Oil advanced for a second day on signs fuel consumption is starting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.
Brent crude oil was up by 7.3% at $24.4 per barrel, as of 6pm.