OPEC-PLUS WATCHDOG URGES GREATER COMPLIANCE WITH AGREED PRODUCTION CUTS
By Brai Odion-Esene, SW4 Insights for Mace News WASHINGTON (MaceNews) – Complete adherence to the recent accord on oil production limits is paramount to rebalancing oil market fundamentals and ensuring stability in the industry, the OPEC-plus watchdog group warned Thursday. The Joint Ministerial Monitoring Committee (JMMC) is co-chaired by Russia and Saudi Arabia’s energy ministers, […]
DATA FLASH: US MAY CPI FALLS 0.1% BEFORE JUNE DEMAND PICKUP
–Core Prices Also Down 0.1%; Ex. Only Energy, CPI Up 0.1%.–Energy Prices Again Down Sharply; Foods Prices Rise on Food at Home–Owners’ Equivalent Rents Up 0.3%, Lodging Away from Home Down 1.5% By Kevin Kastner WASHINGTON (MaceNews) – U.S. consumer prices were below the flat reading expected, as energy prices declined further, but demand is […]
FED’S BEIGE BK: SEVERE DISRUPTIONS CONTINUE; NO QUICK RECOVERY SEEN
–Some Recent Improvement in Autos –Not Seeing Full Hirebacks WASHINGTON (MaceNews) – The Federal Reserve’s latest Beige Book survey of economic activity across the country Wednesday chronicled the continuing – and in some regions, deepening – severe disruption caused by the pandemic with some Districts finding low expectations for a quick rebound and complete rehirings. […]
US ENERGY SECRETARY: MAY LEASE ADDITIONAL CRUDE OIL STORAGE IN SPR
By Brai Odion-Esene, SW4 Insights, for Mace News WASHINGTON (MaceNews) – The Trump administration is pleased with initial results of its actions to secure crude oil for the national stockpile while easing storage pressures on the struggling oil companies, and might conduct similar operations in the near future, Energy Secretary Dan Brouillette said Thursday. Speaking […]
DATA FLASH: US INITIAL CLAIMS DIP; 36.5 MLN SINCE MID-MARCH
–Initial Claims Fall 195,000 to 2.981 Mln; Signs Backlogs Winding Down–Import Prices Fall 2.6% in April; Still Down 0.5% Excluding Fuels By Kevin Kastner WASHINGTON (MaceNews) – The rate of initial claims growth slowed further in the May 9 week as backlogs are worked down, but there is no indication that the number of people […]
TEXAS OIL REGULATOR VOTES AGAINST CAPPING STATE’S OIL PRODUCTION LEVELS
–Waives Fees, Relaxes Regulations To Support Companies And Boost Storage Capacity By Brai Odion-Esene, SW4 Insight, for Mace News WASHINGTON (MaceNews) – Texas’ oil regulator Tuesday decided against imposing limits on production by the state’s energy industry, but approved financial and regulatory relief to struggling oil companies. The measures passed by the Texas Railroad Commission focused […]
IEA PREDICTS ‘SIGNIFICANTLY DIFFERENT’ ENERGY SECTOR POST-COVID 19 CRISIS
WASHINGTON (MaceNews) – The demand destruction sparked by efforts to contain the global coronavirus pandemic will have a lasting impact on the energy sector, the International Energy Agency predicted Thursday, warning that financial struggles could become a permanent feature of the industry’s landscape. “This unprecedented situation and the stimulus packages that governments are putting in […]
IEA: DOUR ENERGY DEMAND OUTLOOK, REBOUND HINGES ON LOCKDOWN LENGTH
WASHINGTON (MaceNews) – Global energy demand will drop by 6% in 2020 – far outstripping the decline witnessed after the 2008 global financial crisis, and a rebound will be heavily-dependent on how long measures to contain the coronavirus pandemic remain in place, the International Energy Agency said Thursday. The group’s 2020 Global Energy Review said […]
WHITE HOUSE WATCH COMMENTARY: SOMETHING OFF KILTER IN A SHAKY WEEK
By Denny Gulino WASHINGTON (MaceNews) – There were moments in the week just past when everything made sense, virus deaths were leveling in many areas including the New York City metro, the government’s efforts to massively ramp up the acquisition and production of medical gear were on track and the markets were moderately positive. The […]