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Energy

Reuters | Equities.com |

The Saudi Energy Minister warned traders on Thursday against betting heavily in the oil market saying he will try to make the market “jumpy” and promised those who gamble on the oil price would be hurt “like hell”.

The comments by Prince Abdul Aziz Bin Salman Al-Saud, OPEC’s most influential minister, came after a virtual meeting of a key panel of OPEC and allies, led by Russia, known as OPEC+.

Prince Abdul Aziz told the gathering OPEC+ could hold an extraordinary meeting in October if the oil market soured because of weak demand and rising coronavirus cases, according to an OPEC+ source.


Reuters | Equities.com |

Offshore platforms and one refinery along the U.S. Gulf Coast shut down on Sunday as they prepared for a second hurricane strike in less than a month.

Phillips 66 began shutting its 255,600 barrel-per-day (bpd) Alliance, Louisiana, refinery as Tropical Storm Sally was forecast to pass just west of the plant, 24 miles south of New Orleans.

Other refineries in east Louisiana were monitoring the storm, forecast to become a category 2 hurrica...


AP News | Equities.com |

U.S. consumer prices rose 0.4% in August as energy prices moderated after big gains in the previous two months.

The Labor Department reported Friday that the August increase in the consumer price index followed a 0.6% jump in both July and June as prices rebounded following the virus-related shutdowns in earlier months.

The slowdown in August inflation reflected moderation in energy costs, which were up 0.9% last month following gains of 5.1% n June and...


AP News | Equities.com |

Technology and energy companies led a broad sell-off on Wall Street Thursday that wiped out nearly all of the market’s gains from a strong rally the day before.

The S&P 500 lost 1.8% after having been up briefly by 0.8% in the early going. The slide cut deeply into the benchmark index’s 2% gain on Wednesday. The latest gyrations follow a wild stretch where the S&P 500 careened from its worst three-day slump since June to its best day in nearly three months.

Tech stocks accounted for the biggest share of the broad sell-off. The sector has been at the center of the market’s swings, hurt by criticism that their recession-defying surge in recent months was overdone. The Nasdaq, which is full of tech stocks, slumped 10% from last Thursday through Tuesday and recovered for a 2.7% gain Wednesday. It lost most of that ground Thursday, falling 2% after shedding an early gain.


Reuters | Equities.com |

Exxon Mobil Corp is assessing possible worldwide job cuts, a spokesman said on Wednesday, after the company announced a voluntary lay-off program in Australia.

Exxon is the latest oil major to embark on axing jobs spurred by a historic collapse in fuel demand because of the coronavirus pandemic.

The company has slashed capital spending this year by 30% to around $23 billion and said in August it planned both capital and operating expense cuts to defend its dividend after reporting losses in the first and second quarters.


Reuters | Equities.com |

Norwegian oil and gas firm Equinor is set to cut jobs significantly in the United States, Canada and Britain to adjust to a fall in oil prices, a company spokesman said on Wednesday.

The group plans to cut employee numbers in those countries by about 20% and contractor numbers by around half to ensure profitability at lower oil prices, the spokesman told Reuters, adding that the targets were communicated internally on Tuesday.


AP News | Equities.com |

U.S. consumer prices jumped 0.6% in July as gasoline prices continued to rise.

The Labor Department reported Wednesday that the increase last month in its consumer price index matched a 0.6% rise in June. The uptick was about twice what economists expected. But inflation remains in check: Consumer prices are up just 1% over the past year.

Gasoline prices rose 5.3% from June to July but are down 20.3% in the past 12 months as the coronaviru...


Reuters | Equities.com |

Equinor has appointed Anders Opedal as its new chief executive as the Norwegian oil and gas group looks to speed up a move into renewable energy.

The new CEO, who had been Equinor’s head of technology, projects and drilling and is the first engineer to lead the company, replaces Eldar Saetre who will retire after more than 40 years at Norway’s biggest company. Opedal’s appointment is effective from Nov. 2.

European oil companies are pushing ahead with plans to develop emissions-free sources of energy, with some, such as BP and Eni promising to cut their oil and gas production.


Reuters | Equities.com |

Occidental Petroleum Corp on Monday posted a bigger-than-expected quarterly loss as the COVID-19 pandemic sapped fuel demand and hammered prices.

The U.S. oil producer, struggling with debt raised for its $38 billion purchase of rival Anadarko Petroleum last year, recorded $6.6 billion in charges due to impairments in its oil and gas properties.


Reuters | Equities.com |

BP will need to invest tens of billions of dollars over the next decade and may have to accept lower returns than it can get from oil if it is to meet its target of becoming one of the world’s largest renewable power generators.

The British oil and gas company wants 50 gigawatts (GW) of renewables such as wind, solar and hydropower in its portfolio by 2030, up from just 2.5 GW now and more than the total renewable capacity in the United Kingdom at the moment.