Oil Drops on Rising Supply, Surging Covid-19 Cases

Oil extended its losses in Europe, with prices hit by a surge in coronavirus cases in the U.S. and Europe, dwindling prospects for pre-election stimulus, and a faster-than-expected return to the market of Libyan supply, said DNB. 


 
Cenovus and Husky to Merge in $2.89 Billion Deal

The deal, unveiled early Sunday, would create the third-largest oil and natural-gas producer in Canada and the second-largest Canadian refiner. 


 
PG&E Cuts Power to Hundreds of Thousands

PG&E said it was pre-emptively cutting power to about 361,000 customers in northern and central California in an effort to prevent wildfires, marking the largest such shut-off it has reported this year. 


 
Fed's Purchase of Energy Company Debt Continues to Raise Questions

The Federal Reserve's purchase of bonds issued by energy companies continues to draw scrutiny, even as central bank officials say it is part of their broader efforts to support corporate borrowing and is intended to help the economy navigate the coronavirus pandemic. 


 
Galp Earnings Fall as Upstream Suffers

Portugal's Galp reported a sharp drop in third-quarter underlying earnings hit by a lower contribution from its upstream segment and refinery, reflecting weaker commodity prices and market conditions. 


 
U.K. Detains Stowaways Aboard Oil Ship After Standoff With Crew

British authorities detained seven stowaways on an oil tanker just a few miles from the English coast, after crew members called for help and locked themselves in the vessel's safe room, according to the ship's operator. 


 
Oil Industry Bristles at Biden's Pledge to Transition Away From Crude

Joe Biden's remarks that he would seek to phase out oil were well-received by the renewables industry but stoked concerns among some oil and gas executives that a Democratic administration would further weigh down an industry hard-hit by the coronavirus pandemic. 


 
PG&E Wins $250 Million Fight With Bondholders Over Capital Raising

PG&E scored a victory Friday as a judge ruled against hedge funds that said California's largest utility had unfairly shut them out of a lucrative stock deal on its way out of bankruptcy. 


 
U.S. Oil-Rig Count Rises by Six in Latest Week, Baker Hughes Says

The number of rigs drilling for oil in the U.S. rose by six in the latest week to 211, according to oil-field services firm Baker Hughes. 


 
Iraq Emerges as New Front for Enforcement of Iran Oil Sanctions

Persian Gulf waters off Iraq have become an important waypoint for Iranian oil smugglers looking to avoid U.S. sanctions, according to American officials, who expressed frustration with Baghdad.

(END) Dow Jones Newswires

10-26-20 0715ET