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World’s biggest oil storage firm says almost all space sold

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(Bloomberg) The world’s biggest independent oil storage company said that space for traders to store crude and refined fuels has all but run out as a result of the fast-expanding glut that’s been caused by Covid-19. “The available capacity on...
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Forbes: Don’t panic…it is not oil price Armageddon

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For perspective, it is not oil price Armageddon. West Texas Intermediate (WTI) May-dated futures contracts, which expire on Tuesday, require futures buyers to take delivery of the oil that is in Cushing, Oklahoma, the largest crude oil storage hub...
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WTI Oil crashes 99% to 1 cent per barrel

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U.S. oil prices plummeted in historic fashion Monday, hitting their lowest level on record as traders unloaded positions ahead of the May contract's Tuesday expiration, Yahoo Finance said in a report on Monday. West Texas Intermediate crude oil futures for...
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Global shut-ins surge as Canada, Venezuela among those leading 2 million bpd drop off

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After three consecutive months of Covid-19 demand destruction and gravity-defying oil prices, operators are finally being forced to shut-in considerable production volumes. Globally, at least 1.9 million barrels per day (bpd) of oil production have been booted offline in...
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China: the only respite for crude sellers – S&P Global

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As the world faces unprecedented destruction in oil demand brought about by the coronavirus pandemic, China has in recent weeks emerged to be the only respite for crude sellers seeking to offload their cargoes, market sources told S&P Global...
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US oil prices drop to 21-year low as demand dries up

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(BBC) The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out. The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3%...
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Moody’s downgrades Pemex; no new debt without sovereign guarantees

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Rating agency Moody’s has downgraded Mexico’s debt=laden state oil company Pemex to ‘junk’ which will trigger forced bond sales and increase future financing costs. Pemex was downgraded two notches to Ba2 from Baa3, with a negative outlook. As a result,...
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ConocoPhillips reduces 2020 cash uses by additional $3 Billion

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ConocoPhillips announced on April 16, 2020 that it is taking further actions to respond to the oil market downturn. These actions include capital, operating cost and share repurchase reductions of $3 billion and follow initial actions announced on March...
Exploration

Transocean drill ship Discoverer India suffers contract termination

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Offshore drilling contractor Transocean is reporting that it has received a contract termination for its drill ship Discoverer India which has been operating in Egypt. This is according to Transocean’s latest Quarterly Fleet Status Report dated April 16, 2020. The...
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Contracts for two Maersk Drilling rigs terminated

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Maersk Drilling announced on Thursday that it has received notice of early termination for convenience of two of its drilling contracts. “BG International Ltd., a subsidiary of Shell, has terminated the contract for the semi-submersible Mærsk Developer with immediate effect....
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Eco Atlantic announces passing of Co-Founder and Chief Operating Officer Colin Kinley

Eco (Atlantic) Oil & Gas Ltd. has announced the sudden passing of its co-Founder and Chief Operating Officer, Colin...

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