US OIL DEFAULT
Moody's Investors Service says it expects more US oil companies to default as banks tighten lending standards and as contracts that locked in higher crude prices for future production start to expire, according to Fuel Fix.
The agency's oil and gas liquidity stress index rose to 10.4% in June, up from 3.8% a year ago. While Moody's predicts that the energy sector will continue to be a primary driver of defaults in 2016, its stress index is still well below the index's peak of 26% during the 2009 financial crisis.
On Aug. 3, US crude prices fell to $45 a barrel. In July, the average price was $60 a barrel. Banks are starting to tighten up their lending standards, further draining liquidity out of the market.
Fuel Fix reported that, in April through June, seven defaulting companies included Halcon Resources Corp., Midstates Petroleum Corp., Sabine Oil & Gas Corp., Venoco, American Energy Partners' Woodford unit, Warren Resources, and RAAM Global Energy Co. In June, Sabine filed for Chapter 11 bankruptcy protection, becoming the sixth public American oil producer to do so in 2015.
|March, 19, 08:19:00|
|March, 19, 08:15:00|
|March, 19, 08:10:00|
|March, 19, 08:05:00|
|March, 19, 08:00:00|
|March, 18, 11:45:00|
PENNENERGY - The Trump administration accused Russia on Thursday of a concerted, ongoing operation to hack and spy on the U.S. energy grid and other critical infrastructure, and separately imposed sanctions on Russian officials for alleged high-tech interference in the 2016 American presidential election.
IAEA - IAEA Director General Yukiya Amano commended efforts by Pakistan to increase nuclear safety and security as the country works to triple its nuclear power capacity. Prime Minister Shahid Khaqan Abbasi commended the IAEA for the support provided to Pakistan in the use of peaceful nuclear applications. Pakistan “was ready to further strengthen its partnership with the IAEA and contribute towards the achievement of the Sustainable Development Goals worldwide,” the Prime Minister said.
PLATTS - "The increase in competition induced new practices in the market that resulted in imports returning to normal," Petrobras' Jorge Celestino said during a presentation of the company's 2017 financial results.
PLATTS - The objective of this program is to increase its domestic refinery utilization rates to 90% from current levels of 10-20%, Kragha said speaking to Platts in Cape Town on the sidelines of the African Refiner Association conference.