據今日油價4月19日報道，隨著經濟逐步恢復，石油需求開始恢復正常，石油和天然氣行業(yè)目前正處于一個小型繁榮周期。石油市場再次處于樂觀情緒中，上周三，石油期貨交易大幅走高，此前美國政府報告周庫存第三周下降，而國際能源署(IEA)發(fā)布了2021年樂觀的石油報告。在去年石油需求減少870萬桶/天之后，IEA當前預計，2021年全球石油需求將增加570萬桶/天，至9670萬桶/天。

　　然而，對于許多美國頁巖油氣生產商來說，仍然沒有什么值得高興的，申請破產保護的數量創(chuàng)下了紀錄。根據能源和重組律師事務所Haynes and Boone的數據，北美石油生產商第一季度的破產數量攀升至2016年以來的最高水平，能源公司仍在努力從2020年油價暴跌的重創(chuàng)中復蘇。

　　Haynes and Boone報告稱，在2021年第一季度，北美有8家油氣生產商破產，這是自2016年第一季度17家公司破產以來一季度第二高的數字。要知道，2016年第一季度是美國原油期貨在疫情爆發(fā)前，最近一次跌破30美元/桶。

　　不過，原油價格已從一年前的低點反彈，WTI原油上周五的交易價格約為每桶63美元，布倫特原油的交易價格為每桶67美元。

　　陷入困境的多為小公司

　　這次最大的不同是，較小的油氣生產商似乎是主要的受害者，因為今年一季度的總債務僅為18億美元，僅次于2019年第一季度的16億美元，是第一季度債務總額第二低的。

　　從某些角度來看，去年申請破產的美國能源公司持有530億美元的總債務，這是自2016年以來的第二高水平，2016的總債務達到了568億美元。

　　正如預期的那樣，德州的破產申請數占到一半。HighPoint資源公司是最大的債務持有者，擁有9.05億美元的有擔保和無擔保債務。

　　除了油氣生產商，共有5家油田服務公司也申請了破產，其中offshore drilling Seadrill Ltd承擔了該行業(yè)72億美元債務的大部分。

　　需求存在樂觀的拐點

　　幸運的是，隨著能源需求前景較幾個月前大幅改善，許多生產商和油田服務公司已經達到了一個拐點。

　　上周，IEA發(fā)布了一份2021年石油需求樂觀報告，將2021年全球石油需求上調23萬桶/天，至9670萬桶/天，較2020年水平增加570萬桶/天。這個數據是根據令人鼓舞的經濟指標進行上調的，盡管該機構表示，由于關鍵消費地區(qū)的新冠肺炎病例激增，經濟復蘇態(tài)勢仍很脆弱。

　　此外，在4月份更新的《世界經濟展望》中，國際貨幣基金組織(IMF)將2021年和2022年的全球GDP增長預測分別上調至6%和4.4%。

　　由于迅速推出疫苗和巨額刺激計劃，美國獲得了最大的上調幅度。據彭博社報道，美國迄今為止推出了世界上最快的疫苗推廣計劃，這為美國經濟的全面重新開放奠定了良好的基礎。最新的疫苗接種率為每天3053566劑，這意味著在短短三個月內，它可以覆蓋75%的人口，也就是所謂的群體免疫人數。

　　IEA表示，最大的需求增長將出現在今年下半年，強勁的需求增長需要每天額外增加200萬桶原油，以保持市場供應充足。

　　與此同時，摩根大通估計，二疊紀Delaware盆地的石油鉆探商現在只需要約33美元/桶的油價，就可以在2019年達到40美元/桶的水平，實現收支平衡。摩根大通表示，在目前的油價下，大多數美國運營商都是獲利的，許多運營商甚至可能在下半年增加活動，并在2022年建立強勁的增長勢頭。

　　王佳晶 摘譯自 今日油價

　　原文如下：

　　Oil And Gas Bankruptcies Jump Despite Rise In Crude Prices

　　The oil and gas sector is currently enjoying a mini-boom cycle as economies gradually re-open and oil demand begins to return to a semblance of normalcy. The oil markets are in an upbeat mood once again, with oil futures trading sharply higher on Wednesday after the U.S. government reported a third-weekly drop in weekly inventories while the International Energy Agency (IEA) issued a bullish oil report for 2021. After declining 8.7 mb/d last year, the IEA now expects world oil demand to expand by 5.7 mb/d in 2021 to 96.7 mb/d.

　　For many U.S. shale producers, however, there's still little to cheer about, with record numbers filing for Chapter 11 bankruptcy protection.

　　According to Energy and restructuring law firm Haynes and Boone, bankruptcies by North American oil producers climbed to the highest first-quarter level since 2016 as energy firms continue to struggle to recover from the carnage of the oil price crash in 2020.

　　Haynes and Boone has reported there were eight bankruptcies by North American oil and gas producers in Q1 2021, the second-highest figure for a first-quarter ever since 17 were reported for Q1 2016, the last time U.S. crude futures dipped under $30 a barrel over the past decade.

　　Crude prices have bounced back from year-ago lows, with WTI trading around $63 a barrel on Friday while Brent is changing hands at $67 a barrel.

　　Small firms in trouble

　　The big difference this time around is that smaller producers appear to be the main victims, with just $1.8 billion in aggregate debt for the quarter, the second-lowest Q1 total after $1.6 billion in Q1 2019.

　　For some perspective, consider that last year, U.S. energy companies that filed for bankruptcy held $53 billion in aggregate debt, the second-highest total since 2016 when debt totaled $56.8 billion.

　　As expected, Texas continues to be well represented, with half of the bankruptcy filers coming from that region.

　　HighPoint Resources Corp. (NYSE:HPR) was the largest debt-holder to file, with $905 million in secured and unsecured debt.

　　Apart from oil and gas producers, a total of five oilfield service companies also filed for bankruptcy, with offshore driller Seadrill Ltd (OTCQX:SDRL) accountING for most of the sector's $7.2 billion debt.

　　Inflection point

　　Luckily, many producers and oilfield services companies have reached an inflection point, with the energy demand outlook considerably improved from just a few months ago.

　　Last week, the IEA issued a bullish oil report for 2021 whereby it revised up global oil demand in 2021 by 230,000 b/d to 96.7 mb/d, good for a 5.7 mb/d increase from 2020 levels. The energy watchdog has based the upgrade on encouraging economic indicators though it says recovery remains fragile due to surging Covid-19 cases in key consumer regions.

　　For instance, in its April update of the World Economic Outlook, the IMF raised its forecast for global GDP growth for 2021 and 2022 to +6% and +4.4%, respectively.

　　The United States received the biggest upgrade thanks to its swift vaccine rollout and hefty stimulus packages. The United States has so far unveiled the world's fastest vaccine rollout as per Bloomberg, placing itself in a good position for a full re-opening of the economy. The latest vaccination rate stands at 3,053,566 doses per day, meaning it could cover 75% of the population, or the so-called herd immunity number, in just three months.

　　The IEA says the biggest demand growth will come in the latter half of the current year with strong demand growth requiring an additional 2 mb/d of extra crude to keep the markets well supplied.

　　Meanwhile, J.P. Morgan has estimated that Permian's Delaware Basin oil drillers now require oil prices of just ~$33/bbl to break even down from $40/bbl in 2019. JPM says most U.S. onshore operators are economic at current oil prices, and many operators are even likely to ramp up activity in H2 and build solid momentum for higher volumes in 2022.

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