Oil prices fall as the summer driving season ends, inventories remain high and refineries worldwide struggle with overcapacity.
In a sign of the times, ExxonMobil has been replaced on the Dow Jones Industrial Average by tech company Salesforce.
U.S. state governments dependent on oil and gas revenues face a fiscal crunch as COVID-19 hits production.
The oil market is close to rebalancing, and one big factor has been the steep decline in U.S. shale production.
Behind the billions of dollars in write-downs is a substantially gloomier assumption about the long-term trajectory of the oil market.
The Dakota Access pipeline shutdown could remove 570,000 barrels per day of takeaway capacity from the Bakken shale formation.
With global demand perhaps permanently scarred from the pandemic, the U.S. oil industry may have already peaked.
While almost every other industry increased employment, the number of people working in the U.S. oil and gas sector continued to fall.
Two high-profile pipeline setbacks are part of a broader story in which the winds facing the oil and gas industry are blowing in an increasingly unfavorable direction.
A tighter market could help shale bounce back, but the heady days of aggressive growth-at-all-costs drilling are long gone.