Oil tariffs reached a four-month h8 on Tuesday, as promises of primary stimulus packages in the EU and the US offset a design in COVID cases. Chart of the week: U.S. liquid fuel intake is expected to continue to be exposed in the second. component of 2020, however, will remain low pre-pandemic grades until August 2021, according to a new EIA forecast: for the whole year, the EIA considers that fuel demand will average 8.3 mb/d, a decrease of 1 mb/d year-year, a 10 percent minim. For example, firm stipes requesting jet fuel will fall by only 12% next year. Other analysts see lasting scars in aviation. Market Engines: Marathon Petroleum’s Tesoro High Plains (NYSE: MPC) pipeline was ordered to close for the first time in 67 years after the Decomposition of the Office of Indian Affairs of the Interior decided that the pipeline had entered Native American land. The pipeline transports Bakken oil through North Dakota. – Halliburton (NYSE: HAL) rose more than 8% after reporting effects in the second quarter that exceeded expectations. Halliburton “just scored exceptional leclassified ads in relation to expectations … [because] the discounts on structural charges are paying off,” Tudor Pickering Holt analysts said. Halliburton suffered a $2.1 billion impairment. – Total (NYSE: TOT) has secured $5 billion in funding for its Mozambique LNG project. Tuesday, July 21, 2020 Oil tariffs rose sharply on Tuesday. Despite bad news about coronaviruses in the United States, which can weaken demand, there is high hope for economic recovery. The European Union has accepted a historic stimulus, and the U.S. Congress decided to take another $1 trillion economic package. Crude oil tariffs hit the four-month h8lay station on Tuesday. Chevron buys Noble for $5 billion. Chevron (NYSE: CVX) announced the acquisition of Noble Energy (NASDAQ: NBL) for $5 billion, a $13 billion share transaction adding debt. This resolution adds U.S. shale assets To the DJ basin and, above all, a strong presence in the eastern Mediterranean. The agreement was the first primary movement in mergers and acquisitions due to the birth of the pandemic.
Related: Newcomer Brazil Steals Market Share In Key Asian Oil MarketAustralian LNG hit by impairments. Australia’s LNG sector has been hit hard by multiple impairments from domestic and international gas companies. Woodside Petroleum (ASX: WPL) recorded a $4.37 billion impairment, and Royal Dutch Shell’s (NYSE: RDS.A) massive $15-$22 billion write-down was led by Australian LNG. “Realized prices have dropped dramatically due to global oil oversupply and demand destruction from the pandemic,” a Woodside executive said on an investor call. Natural gas prices fall. Natural gas prices fell sharply on Monday after data showed another dip in U.S. LNG exports. Fewer canceled U.S. LNG cargoes for September. The volume of U.S. LNG cargoes canceled by buyers for September slowed compared to preceding months. The exact number is unclear, but Reuters reports that somewhere between 15 and 26 cargoes have been canceled for September delivery, a smaller number than the 40 to 45 reported for July and August. Cheniere Energy (NYSE: LNG) (NYSEAMERICAN: CQP) has the most canceled cargoes. Brazil boosts oil exports to Asia. Brazil’s oil exports to Asia averaged 1.07 mb/d in the first six months of 2020, a 30 percent year-on-year increase. Saudi Arabia wants more than $40. The OPEC+ deal has succeeded in tightening up the market and boosting oil past $40, but Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, has highlighted that although OPEC itself does not have a price target, current prices are not sustainable for the industry, leading to potential insecurity of supply in the long term.EV investor craze continues. Tesla (NASDAQ: TSLA) saw its market cap surge past $300 billion and investors are piling into other EV makers. Tesla’s shares have more than tripled this year. The market value of Nikola Corp. (NASDAQ: NKLA), an electric truck startup, past Ford (NYSE: F) last month, although the company’s stock has since retreated. The trend shows that investors increasingly believe that EV era will arrive faster than previously thought. Carmakers are rushing to capture a slice of the future, with GM (NYSE: GM) recently announcing that it will develop 20 new EV models by 2023. Including hybrids, the global auto industry will add 350 new models in the next few years. North Dakota oil plunges 30 percent. North Dakota’s oil production plunged 30 percent from April to May, collapsing to just 850,000 bpd. It was the worst-ever monthly decline. “The second quarter of 2020 was a five-alarm fire for North Dakota’s oil and gas industry,” state Mineral Resources Director Lynn Helms said on a conference call. However, shut-in production is coming back online. Meanwhile, the potential closure of the Dakota Access pipeline raises tough questions about the region’s future.
Related: Can Saudi Arabia make a greater OPEC deal until 2022? EU to US: Maximum logical threatening sanctions. The EU has warned the Trump administration directly to European corporations with maximum logical threats with sanctions opposed to the Nord Stream 2 pipeline. The EU near the green recovery. After days of negotiations, the European Union has agreed on a primary recovery plan, competing more than a trillion euros faithful to the green recovery. Total and Exxon inactive in Papua New Guinea. Total (NYSE: TOT) and ExxonMobil (NYSE: XOM) have inactive staff in the proposed LNG expansion in Papua New Guinea due to the pandemic. The allocation had been delayed due to negotiations with the government. New Mexico publishes the methane rule. New Mexico has presented a methane regulation project, with the aim of capturing 98% of the herbal fuel through 2026. The effort to lessen the burning comes when a federal approval ruling overturned the Trump administration’s efforts to repeal federal methane regulations. Meanwhile, the World Bank published a report that revealed that global fuel burning had increased by 3% last year to succeed at the peak in more than a decade: 23% of the provision comes from the United States, Halliburton, a “strong purchase.” Raymond James presents a strong buying mark for Halliburton (NYSE: HAL) after the oil center giant far exceeded expectations in its second-quarter results. “Halliburton’s 2Q20 was incredibly strong as the company’s rapid cargo movements limited the company’s declining intellectual margins in the face of incredibly low inactivity,” the bank said.
By Josh Owens for Oilichelin
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