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New LNG capacity in 2019 kept pace with higher trading volumes and supply/demand growth. Key questions and barriers still remain for the future of the LNG industry in 2020. -
No vacancy? The hunt for global alternatives to store crude oil includes offshore, global strategic reserves, pipelines, rail cars, and trucks.
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The chapter 11 filing comes as record-low crude prices and excess supply have impacted operations across the industry. About 2,500 jobs could be at stake.
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Nymex WTI crude opened Monday on track for its worst day on record, falling nearly 40% to $11.05/bbl on the back of excess supply vs. low demand and dwindling storage capacity.
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University of Houston Energy asked 408 industry workers to gauge their companies’ response to the global pandemic and economic downturn.
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Shut-ins and planned production cuts have not affected crude prices, say industry experts.“It’s like trying to explain something that is unprecedented and seemingly unreal."
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Energy research groups Wood Mackenzie and Rystad Energy say improvements in operations costs since the last downturn 5–6 years ago have made it difficult for companies to make further reductions amid the current drop in demand.
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Kamel Ben-Naceur is the nominee for 2022 SPE President. He and seven others make up the new slate of nominees recommended for positions open on the SPE Board of Directors.
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Sandvik and SNC-Lavalin made similar announcements in late March and would take further action if necessary.
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The potential leasing of space in the SPR comes after the DOE’s plans to buy crude oil were suspended. US oil inventory stockpiles stand at a 10-month high.
