Oil falls with virus mutation raising lockdown risks
Oil fell after posting a seventh weekly gain on concern a mutation of Covid-19 discovered in the U.K. could speed transmission of the virus and lead to more lockdowns.
Markets
Oil and gas leopards changing their spots to focus on investor returns
More oil and gas firms are “pivoting” their business models towards shareholder returns and away from high risk and reward exploration, an analyst has said.
Cairn to dish out special dividend as Senegal sale nears completion
Cairn Energy will return £188 million to shareholders following completion of the sale of its Senegalese assets to Woodside.
88E Preparing for Maiden Drilling of 1.6 Billion Barrel North Slope Project
88 Energy Ltd (ASX 88E; LON 88E) this week executed its drilling contract to drill the Merlin-1 and Harrier-1 wells for Project Peregrine on the North Slope of Alaska.
Rusty won’t let sun set on DGO’s success story
“We set it up from day one to focus on free cash flow and, as we’ve grown, that strategy really hasn’t changed. The industry has operated for too long on negative free cash flow.”
S&P strikes deal to buy IHS Markit for $39bn
S&P Global Inc. has agreed to buy IHS Markit Ltd. for about $39 billion in stock, a deal that accelerates the wave of consolidation among the finance industry’s biggest data providers.
Andrew Austin’s new venture Kistos looks to raise £32m via imminent AIM listing
Entrepreneur Andrew Austin’s new energy sector investment company expects to raise £31.75 million via its initial public offering, slated for this week.
Commodities on edge as tight US election hurts gold, aids oil
Gold fell with copper and oil pared gains as tight races in battleground states in the U.S. election shook traders’ initial faith in a decisive outcome, raising the prospect of a prolonged wait for the final result.
i3 shares rise on farm-out and maiden dividend talk
Oil firm i3 Energy is in talks over a potential farm out of stakes in its Serenity discovery in the outer Moray Firth.
Updated: Oil trims losses after plunging to four-month low on virus fears
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.
Shell and BP investors look to results amid tough year for oil majors
Britain's two biggest oil companies are set to update shareholders next week amid a low oil price and a race to reduce emissions.
OPEC+ vows ‘proactive’ response to precarious oil market
The OPEC+ alliance warned of a “precarious” outlook as a resurgent pandemic hurts oil demand, dropping further hints about a potential change of policy next month.
More Scots companies should consider AIM listing, says capital markets expert
Scottish telecoms technology company Calnex Solutions today confirmed its £42m listing on London’s AIM market – the first Scottish AIM listing since 2018.
Shares in oil firms tumble with fall in prices
Royal Dutch Shell “A” and “B” shares closed down 35.9p at £9.28 and 32.9p at 907.3p respectively yesterday as investors watched oil prices continue to fall – a day after the company announced 9,000 jobs will be cut.
BP shares drop to 25-year low a week after unveiling climate strategy
Just a week after revealing its plan to turn itself into a clean-energy giant, BP watched its share price drop to a 25-year low.
Understanding how oil and currency prices are connected
Oil, as the world's most heavily-traded natural resource and the bedrock foundation of some of the planet's largest economies, has always had a strong impact on virtually every area of economics and finance. The global oil trade is estimated to be worth something in the region of around $4 trillion a year in revenues, or about 3.8% of global GDP.
Oil steady with US-China tension offset by signs virus easing
Oil was steady after a weekly gain as investors weighed worsening relations between Washington and Beijing and the prospect of more supply against a weakening dollar and signs the virus is easing in the U.S.
The oil market continues its cautious rally but more uncertainty lies ahead
For the oil markets, the first half of the year saw extraordinary swings in supply and demand, culminating in what is now thought to have been a staggering 22mbbpd of oversupply in April as OECD economies headed into lockdown and OPEC+ cuts dissolved. Demand fell to 78mmbpd and Saudi Arabia pumped an additional 1.6mmbpd, driving Brent down to under $10/bbl on April 21st and briefly pushing the WTI futures contract into negative territory.
88 Energy Prepare for a Farm out on Billion Barrel Plus Alaskan Project
Alaska’s North Slope basin has a long history of successful oil discoveries — recent discoveries have included the two largest conventional oil discoveries onshore North America in over 40 years.
FTSE nudges up, Brent crude nears $45
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.
Oil heads for weekly decline as new virus cases surge
Oil in New York is heading for a weekly decline as surging coronavirus cases raised fresh concerns about demand, while the market is continuing to grapple with ample supply.
FTSE 100 dragged lower by Rolls-Royce, National Grid and BP
London’s blue-chip FTSE 100 Index fell 106.54 points, or 1.73%, to 6,049.62 as Covid-19 continued to weigh heavily on the world’s leading financial markets today.
Oil stuck below $41 as concern over growing coronavirus cases linger
Oil was anchored near $41 a barrel with an industry report signaling a surprise gain in U.S. crude stockpiles, while concerns linger about the threat to demand from rising coronavirus infections.
FTSE 100 falters amid subdued sentiment in London
The FTSE 100 Index failed to hold on to Monday’s gains today, despite a rally for stocks on Wall Street overnight.
Oil edges lower as US gasoline stockpiles forecast to increase
Oil edged lower toward $40 a barrel before U.S. government data that’s forecast to show gasoline stockpiles increased, while rising virus infections raised concern stricter controls will be extended.