The Trump administration plans to lease out space for energy companies to store oil in the nation's Strategic Petroleum Reserve, after a previous effort to buy millions of barrels for the emergency stockpile was canceled over a lack of funding, according to two people briefed on the matter. The new plan could help the United States deal with a growing glut of crude oil that risks overwhelming commercial storage tanks and sending world energy prices deeper into a tailspin as the coronavirus pandemic slashes demand for fuel. The plan is a change of tack from the initial scheme, which would have had the Department of Energy (DOE) purchase crude from domestic drilers using federal funds....
The U.S. Department of Energy plans to announce as soon as Wednesday it will allow oil companies to lease space in the emergency oil reserve, as it seeks to comply with President Donald Trump's directive to fill the facility to capacity, two industry sources said. The Strategic Petroleum Reserve, or SPR, has the capacity to take another 77 million barrels of oil, a little less than the country uses in four days. Trump ordered the Department of Energy, or DOE, on March 13 to take advantage of low oil prices and fill the reserve "to the top", in an effort to help domestic drillers suffering from the global oil price drop....
(Bloomberg) -- The Energy Department is considering renting space in the nation’s emergency oil reserve to domestic producers awash in crude, according to three people familiar with the matter who asked for anonymity before a formal announcement.The move would help drillers running out of space to stash their product amid cheap prices and low demand. With storage space and pipelines filling up with crude, domestic producers could begin to curtail drilling.Pipeline operators have begun asking producers to scale back output as tanks fill. The marketing arm of Plains All American Pipeline LP, one of the biggest shippers of crude in the U.S., sent a letter last week requesting its suppliers “take steps to reduce oil production in response to the pandemic.” A member of Texas’s top oil regulator said Saturday that drillers were getting similar notices from pipeline operators.Prices for physical delivery of several key crude grades in North America have...
As the demand for local delivery has spiked due to stay-at-home orders and social distancing during the COVID-19 pandemic, logistics-tech company are stepping up to help small businesses roll out delivery options quickly. ...
You know there was some bad news with a company's quarterly update when the stock tanks after the results are announced. That's what happened Monday with Hexo (HEXO). The cannabis player shares fell 27% after the announcement of its fiscal second-quarter results, and one analyst thinks it has farther to fall.Jefferies analyst Owen Bennett reiterated a Sell rating on Hexo shares along with a $0.70 price target, indicating further downside to the tune of 16%. (To watch Bennett’s track record, click here)Considering the company announced net revenue of C$17 million, which translates to a 17% rise from the previous quarter and a 27% year-over-year increase, what has prompted the negative sentiment?Well, first of all, Hexo reported the worst net loss in its history -- C$298.2 million.And that dire figure leads to the following fact: Hexo’s cash position is hanging precariously in the balance; The company ended the quarter with C$81.4 million. HEXO...
“We are lowering estimates,” is currently a phrase getting overused by Wall Street investment firms. COVID-19’s reorganization of the market has necessitated readjustments of previous models for a plethora of companies. So, here’s a rarity in these times.5-star Susquehanna analyst Christopher Rolland reiterated a Positive rating on Nvidia (NVDA), while raising the price target from $320 to $330, which implies potential upside of 25% from current levels. (To watch Rolland’s track record, click here)The GPU leader’s exemplary balance sheet and growth drivers are the reasons why in today’s uncertain climate, its share price is firmly in the green in 2020. To note, NVDA stock is up by 16% year-to-date.Rolland’s positive assessment comes off the back of a recent check in Asia on the state of Nvidia’s supply chain and how it affects the timing of future 7nm product launches.“Our quick takeaway is that enterprise demand remains strong and supply constraints have...
