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November 3, 2020

Coronavirus company news summary – Second wave of Covid-19 to hit oil demand – Marathon posts lower-than-expected loss in Q3

By Jessica Paige

3 November

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Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
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International oil trading companies Vitol and Trafigura have forecast global oil demand to decline further as the US and European region experience a second wave coronavirus cases. The second wave is expected to impact oil demand by between 1.5 million bpd and 1 million bpd in Europe and US respectively. Trafigura projects oil demand to drop to roughly 92 million bpd or less in the coming months, while Vitol estimates oil demand to decline to 96 million bpd.

American refining company Marathon Petroleum registered a smaller loss during the third quarter thanks to increase in fuel prices as Covid-19 pandemic induced restrictions were relaxed. The net loss for the company during the quarter was $1.02bn against a profit of $1.1bn for the corresponding period in 2019. Marathon projects refinery production in Q4 to reach 2.48 million bpd, lower than 2.54 million bpd in Q3.

The ongoing coronavirus pandemic and transition towards renewable energy is expected to have a lasting impact on the oil demand worldwide. The demand for oil is expected to reach 100 million bpd in 2023, before hitting a peak of 102 million bpd in 2028, lower than pre-Covid-19 estimate of 106 million bpd in 2030. The pandemic is expected to drastically bring down demand by 2050 to 62 million bpd.

Oil major Shell has reassured workers at offshore platforms about paying full daily wages even if they are asked to leave work early due to concerns related to the spread of coronavirus infection. Many employees working on platforms are refraining from informing their superiors about Covid-19 related symptoms or coming in contact with workers having Covid-19 symptoms amid retrenchment fears. Shell reported that it is planning to introduce Covid-19 pre-testing for offshore workers to ensure safety at platforms.

Related Companies

Free Report
img

Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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