Franklin Templeton funds have lost $1.2bn on biggest Argentine positions

More volatility ahead as US oil storage capacity is depleting, analysts warn

Saudi Arabia's state oil company Aramco is making a high stakes investment in India as the world’s largest crude oil exporter seeks to deepen its ties with the fastest growing energy consumer. Tom O’Sullivan discusses the proposed investment, announced by Reliance Industries chairman Mukesh Ambani, with Benjamin Parkin and Anjli Raval.

Contributors: Tom O’Sullivan, deputy analysis editor, Benjamin Parkin, Mumbai correspondent, and Anjli Raval, senior energy correspondent. Producer: Fiona Symon

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Saudi Arabia has removed energy minister Khalid al-Falih, one of the most powerful figures in the global oil industry, and replaced him with a member of the royal family, Prince Abdulaziz bin Salman. Katie Martin discusses the significance of the shake-up and how it relates to the Crown Prince’s ambitious plans for an IPO of state oil company Aramco with David Sheppard, Energy Editor, and Andrew England, Middle East editor.

Contributors: Katie Martin, capital markets editor, David Sheppard, energy editor, and Andrew England, Middle East editor. Producer: Fiona Symon

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A devastating missile and drone attack on Saudi oil installations last week highlighted the vulnerability of global oil supplies to the threat of regional unrest. The attack was claimed by Houthi rebels fighting Saudi-backed forces in neighbouring Yemen, but Saudi and US officials were quick to point the finger of blame at Iran. Geoff Dyer discusses the repercussions of the attack for the region and the oil market with Andrew England, Middle East editor, and Anjli Raval, senior energy correspondent.

Contributors: Geoff Dyer, analysis editor, Andrew England, Middle East editor, and Anjli Raval, senior energy correspondent. Producer: Fiona Symon

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Investors have begun to shun companies that make their money from fossil fuels because of concerns about global warming. So what does this mean for the oil and gas companies whose future profits depend on continuing to exploit the hydrocarbon assets they have acquired around the world? Pilita Clark discusses the implications with Lex columnist Alan Livsey and energy editor David Sheppard. Read Alan's analysis here

Contributors: Pilita Clark, business columnist, Alan Livsey, Lex columnist, and David Sheppard, energy editor. Producer: Fiona Symon

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Arab Gulf leaders have been splashing out on sport. Officials in the Gulf states say the investment is part of their effort to diversify oil-dependent economies, but critics accuse them of using sport to deflect attention from poor human rights records. Arash Massoudi discusses the impact of the oil money flowing into football and other sports with Murad Ahmed, sports correspondent, and Andrew England, Middle East editor. Sign up to join Arash and Murad at next month’s FT Business of Football Summit here 

Contributors: Arash Massoudi, corporate finance and deals editor, Murad Ahmed, sports correspondent, and Andrew England, Middle East editor. Producer: Fiona Symon

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Start every week on the front foot with a preview of what’s on the global agenda

Energy companies facing climate protests need to limit the wasteful use of their products

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Energy sector leads US S&P 500 to 2.3% gain   

ExxonMobil and Chevron deploy plans for cutbacks but preserve dividends

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Latest proposal accused of being misleading over environmental risk

Regional trading blocs would better align mutual interests and provide stability

Turmoil in commodity market slashes state colleges’ revenues

Price crash provokes supply cuts but ‘all bets are off’ if second wave of pandemic hits

Railroad commissioner had called for using decades-old state rules to reduce output

Dive into negative prices triggered pullback that helps set scene for rebound

Marathon cuts capital spending by $1.4bn in anticipation of 30% drop in output

Pound dips following UK chancellor’s hard Brexit remarks

Ambitious plans for renewable energy rarely feature in government strategy

Treasury also licenses Chevron to operate in crisis-hit nation for a further 3 months

Transport demand will rebound while the pandemic will reboot the use of plastics

Investors anticipate boost in energy demand as economies start to reopen

Investing for good gains traction, but the yields on oil stocks remain compelling

Producers overwhelmed as supply chain disruption fuels fears of shortages

The fallout for Asian banks’ exposed to the oil and trading sector has just begun

Bank alleges collapsed Singaporean company raised money through duplicate invoices

Kingdom offers crude to US at a premium but shows reluctance to lose Asian market share

Executive decree set to prop up prices in hopes of saving domestic shale industry

Debate about flight scandal has detracted attention from strategic changes and oversight at world’s biggest sovereign wealth fund

The U.S. Energy Information Administration (EIA) released updated projections of future U.S. energy production and use in its Annual Energy Outlook 2020 (AEO2020) today.

In the April Short-Term Energy Outlook (STEO), EIA forecasts that the United States will again become a net importer of crude oil and petroleum products in the third quarter of 2020 and remain a net importer in most months through the end of 2021. Fewer barrels are available for export as U.S. crude oil production continues to decline. In addition, net exports of petroleum products will be lowest in the third quarter of 2020, when U.S. refinery runs decline in response to lower demand for refined products.

The average retail price for home heating oil rose 2.3 cents from last week to $3.08 per gallon. That's down 2.3 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.99 per gallon, up 1.8 cents from last week, but down 10.9 cents from a year ago.

The average retail price for home heating oil rose 4.7 cents from last week to $3.12 per gallon. That's up 3.2 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $3.04 per gallon, up 5.4 cents from last week, but down 5.1 cents from a year ago.

In December 2019, the Organization of the Petroleum Exporting Countries and a group of other oil producers announced they were deepening the production cuts originally announced in December 2018. However, the U.S. Energy Information Administration forecasts that global oil production will rise in 2020 despite the cuts, as expected growth in non-OPEC crude oil production will offset OPEC's reduced output. Non-OPEC production will be driven by continued growth in the United States. Outside of the United States, growing crude oil production in Brazil, Norway, and Canada will also contribute to supply growth over the next 24 months. In its January Short-Term Energy Outlook, EIA reports that U.S. crude oil production in 2019 hit a record annual average of 12.2 million barrels per day. EIA forecasts U.S. production will reach 13.3 million barrels per day in 2020 and 13.7 million barrels per day in 2021. Most of the production growth occurs in the Permian region of Texas and New Mexico.

The average retail price for home heating oil fell 1 cent from last week to $3.11 per gallon. That's down 3 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $3.01 per gallon, down 1.9 cents from last week, and down 10.6 cents from a year ago.

The average retail price for home heating oil fell 3 cents from last week to $3.07 per gallon. That's down 10 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.99 per gallon, down 2.3 cents from last week, and down 15 cents from a year ago.

The average retail price for home heating oil fell 6.8 cents from last week to $3.01 per gallon. That's down 16.4 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.92 per gallon, down 6.8 cents from last week, and down 22.7 cents from a year ago.

The average retail price for home heating oil fell 5.2 cents from last week to $2.94 per gallon. That's down 23.8 cents from a year ago, based on the residential heating fuel survey by the U.S. Energy Information Administration. Heating oil prices in the New England region are at $2.85 per gallon, down 5.5 cents from last week, and down 30 cents from a year ago.

Events in January contributed to ongoing uncertainty in crude oil markets, according to the U.S. Energy Information Administration. On January 6, Brent crude oil prices closed at $70 per barrel following U.S. military operations in Iraq, the highest price since May 2019. However, as tensions in the Middle East de-escalated and market concerns over a related oil supply disruption faded, crude oil prices fell. The outbreak of the coronavirus and subsequent travel bans significantly disrupted transportation-related oil demand in China as well as other countries. This accelerated the decline in crude oil prices, despite ongoing crude oil supply disruptions in Libya. Prices closed at $54 per barrel on February 4, the lowest level since December 2018. In the February Short-Term Energy Outlook, EIA estimates the Brent crude oil price will average $58 per barrel during the first half of the year and rise to $64 per barrel during the second half of the year. Brent crude oil spot prices are expected to average $61 per barrel for 2020 as a whole.