Category: News & Announcement

Venezuela’s state oil firm PDVSA has resumed gasoline production at the only operating refinery in the country home to the world’s largest oil reserves that is experiencing severe gasoline shortages, sources with knowledge of the matter told Reuters. PDVSA’s refinery Cardon, capable of processing 310,000 barrels per day, was hit by a fire last week and people with knowledge of the operations told Reuters on July 6 that gasoline production was halted because the fire had affected the catalytic cracking unit. The refinery has since resumed production of gasoline, according…

Read More

The spot price of the U.S. natural gas benchmark Henry Hub hit record lows in the first half of 2020 due to mild winter early in the year and depressed demand later on with the pandemic, the Energy Information Administration (EIA) said on Monday. The average monthly Henry Hub spot price in the first six months of 2020 was $1.81 per million British thermal units (MMBtu). Monthly prices reached as low as $1.63 per MMBtu in June, the lowest monthly inflation-adjusted price since at least 1989, according to EIA estimates.…

Read More

Crude oil production has already peaked in the United States, according to a leading independent oil producer in the U.S. shale patch. Chief executive of Parsley Energy Matt Gallagher said that the peak production that the United States hit back in March—13.1 million bpd on average—represented shale’s glory days, ne’er to be repeated, according to the Financial Times. That forecast comes as the Energy Information Administration published its monthly Drilling Productivity Report, which shows the month of August should see even less production from the seven largest shale plays in…

Read More

Global oil demand is set to crash by 7.9 million barrels per day (bpd) this year, the International Energy Agency (IEA) said on Friday, but this forecast is slightly more optimistic than last month’s expectation of an 8.1-million-bpd demand drop. The IEA, however, noted that the recent rise in COVID-19 cases and the reinstating of partial lockdowns in some countries continue to weigh with uncertainty on the world’s global oil demand in 2020. This year, the world is expected to consume an average of 92.1 million bpd of oil, compared…

Read More

Short interest on Tesla is set to make the EV maker’s stock the first stock to hit US$20 billion in bets against it, data from financial analytics firm S3 Partners showed, as short sellers seem unfazed by Elon Musk’s open mocking in recent days. Short interest in Tesla has reached US$19.95 billion, S3 Partners data, cited by Business Insider, shows. While Tesla’s stock continues to rally, closing at a record $1,394 on Thursday, Ihor Dusaniwsky, managing director of S3 Partners, said in a note on the same day that Tesla…

Read More