The worst seems like it’s over for the U.S. oil industry. Yet executives are entering the new year with cautious optimism, the latest Dallas Fed survey of the industry suggests. Despite an improved outlook for oil and gas in the final quarter of 2020, the biggest portion of respondents in the quarterly survey said they only expected a […]
The battered oil and gas sector ran riot on Monday, with the sector’s popular benchmark Energy Select Sector Fund (XLE) jumping nearly 15%. The catalyst was news that Pfizer and BioNTech may have hit the jackpot with a Covid-19 vaccine–a development that has injected a heavy dose of optimism into global financial markets. The pharmaceutical giants announced they have developed BNT162, […]
A Joe Biden win at next month’s U.S. elections will likely be an upward catalyst for oil prices because it will increase costs for the shale patch and will likely result in a weaker U.S. dollar, according to Goldman Sachs. “We do not expect the upcoming U.S. elections to derail our bullish forecasts for oil […]
The oil market has already priced in the slowing global demand recovery and the growing uncertainties about the economy amid resurging coronavirus cases in many parts of the world. Analysts largely concur that oil prices are not expected to move much higher than current levels of around $40 a barrel until the rest of the […]
OPEC expects global oil demand will exceed the pre-pandemic levels in 2022 and grow steadily until the late 2030s, when it will begin to plateau, the cartel said on Thursday, in a major shift in its forecast that put a timeline to peak oil demand. The coronavirus pandemic has changed some of the key assumptions in forecasts […]