|Day's range||26.75 - 26.90|
Investing.com’s Commodities Week Ahead typically looks at the prospects for oil and gold prices in the upcoming trading week. In the first of this two-part series, we examine the Trump administration's attempts to save the U.S. oil industry amid the collapse in demand for crude from the coronavirus crisis and the production-and-price war between market titans Saudi Arabia and Russia. Read part 2 here.
Last year’s oil and gas merger mania seems to have stopped in its tracks as crashing oil prices and the coronavirus crisis weighs on the industry
While the figures quoted in Trump’s tweet appear to be unrealistic, there are now rumors of a global effort to cut production, with OPEC hosting a meeting on Monday on the topic
Crude prices notched a record weekly gain of as much as 37% on OPEC jawboning and President Donald Trump's tweets that he expected world oil producers to resume production cuts. A drop in the U.S. oil rig count, however, showed that drillers in the country had already begun work to balance a market left incredibly oversupplied by the Covid-19 pandemic. Trump tweeted on Thursday that he had brokered a deal for Saudi Arabia, Russia and other oil producers to cut between 10 million and 15 million barrels of supply from daily world output.
Big Oil’s stocks soared on Thursday, following the surge in oil prices after U.S. President Donald Trump said that he hoped for a large output cut from Russia and Saudi Arabia
Chevron Corporation (NYSE: CVX), one of the world’s leading energy companies, will hold its quarterly earnings conference call on Friday, May 1, 2020 at 11:00 a.m. ET (8:00 a.m. PT).
Wall Street bounced on Thursday as hints of a deal between Russia and Saudi Arabia drove a record 30% surge in oil prices, outweighing the shock of a jump in U.S. jobless claims past 6 million. The S&P energy index, down by half this year, gained 12%, with double-digit gains for majors Exxon Mobil Corp and Chevron Corp helping drive a more than 1% rise for both the S&P 500 and the Dow. U.S. President Donald Trump said he expected Russia's Vladimir Putin and the Saudi Crown Prince to announce an output cut of 10 million to 15 million barrels per day, putting Brent on track for its biggest one-day gain on record.
Can Donald Trump achieve what OPEC itself couldn’t? The U.S. president’s tweets on Thursday that he expected Saudi Arabia and Russia to resume production cuts sent a market battered on demand destruction and a supply gut soaring about 25% in early New York trade. "Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia,&I expect&hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil&gas industry!" Trump said in his first of two tweets on the matter.
Driven by the ongoing trough in oil prices, Chevron (CVX), Equinor (EQNR) and Eni (E) made announcements on spending cuts.
As the world fights a pandemic, top energy companies will have to reassess their payout strategies, either by slowing down share buybacks or reintroducing non-cash dividends.
One thing we could say about the analysts on Chevron Corporation (NYSE:CVX) - they aren't optimistic, having just made...