Stumbling dollar, Nigeria sabotage push up oil
Fuel prices are displayed at a Kazakh state-owned oil and gas company KazMunayGas gas station in Almaty, Kazakhstan, May 4, 2016. Brent crude oil prices rose on Monday, lifted by Continue Reading
Why Did Natural Gas Prices Just Rise 25% In Two Weeks?
Natural Gas Storage Natural gas prices have run up phenomenally since the June contract expired on 26 May at $1.963/mmBtu. The natural gas prices touched an intraday high of $2.48/mmBtu Continue Reading
EIA Short Term Energy Outlook
The EIA’s Short Term Energy Outlook is out. The data is in million barrels per day. Not much has changed in the EIA’s projection since last month, however their projection Continue Reading
Short-Term Energy Outlook
Benchmark North Sea Brent crude oil spot prices averaged $47/barrel (b) in May, a $5/b increase from April and the fourth consecutive monthly increase since reaching a 12-year low of Continue Reading
Demand pressures, refinery woes push gas prices higher
Increased demand and pressure on the nation’s refineries have left U.S. consumers paying the highest so far this year for gasoline, a market report finds. Motor club AAA reports a Continue Reading
World Bank downgrades its forecast for 2016 global economy
WASHINGTON (AP) — The World Bank is reducing its forecast for the global economy this year – again. The aid agency now predicts that growth will reach 2.4 percent this Continue Reading
Global Oil Demand Is Growing ‘Strongly,’ Leading Trader Says
Oil Prices Will Head Back Down, Here’s Why Trafigura Group Pte has joined other leading energy trading houses in saying oil demand is growing “strongly” this year, suggesting that OPEC’s Continue Reading
EIA Ups Crude Oil Price Predictions for 2016 and 2017
The United States Energy Information Administration upped its forecasts of average crude oil prices by $1 a barrel and $3 for 2016 and 2017, respectively, on Tuesday, in its monthly Continue Reading
Iran to Seek Investors for $3 Billion Refinery to Serve Asia
Iran will seek international investors for a $3 billion refinery project in the country’s south as the Persian Gulf nation looks to boost sales of its oil and natural gas Continue Reading
Saudi Cabinet Green Lights $141B Oil Diversification Plan
Late Monday, the Saudi Arabian cabinet gave its approval to the National Transformation Program, a plan aimed at diversifying the kingdom’s economy and steering it away from oil. The plan Continue Reading
Saudi Arabia Working on First International Bond Sale, Finance Minister Says
Saudi Finance Minister Ibrahim Al-Assaf, pictured March 22 in Riyadh, says Saudi Arabia is ‘now… Saudi Arabia plans to sell bonds for the first time to international investors as the Continue Reading
Saudi Arabia considers income tax for foreign residents
Saudi Arabia is considering imposing income tax on foreign residents, Ibrahim al-Assaf, the finance minister said, as the cash-strapped kingdom seeks to raise non-oil revenues and cut spending to fund Continue Reading
Nigeria: High Cost of Diesel Raises Concern Over Sustainability of Petrol Price
As oil marketing and trading companies hiked the price of diesel, citing the current scarcity of foreign exchange, concern has been raised on the long term sustainability of the new Continue Reading
Nigeria Prepared To Negotiate With Niger Delta Avengers
Pipeline Burning Nigeria After a string of attacks on Nigeria’s oil infrastructure, its government plans to open talks with the newly formed militant group, the Niger Delta Avengers (NDA). As Continue Reading
Nigeria working to distribute oil wealth
With an oil sector under militant threat, the Nigerian government said it would develop strategies to improve its business climate to the benefit of the people. A militant group in Continue Reading
Africa’s richest woman to completely overhaul Angola’s state-run oil co.
Isabel dos Santos — the richest woman in Africa, the Angolan president’s daughter and now the CEO of the country’s state-run oil giant — on Monday said she plans to Continue Reading
Shell Says Impossible to Repair Stricken Nigerian Oil Facility
Royal Dutch Shell Plc said it won’t attempt to repair a key pipeline in Nigeria for now after militants attacked it a second time last week, the latest sign of Continue Reading
Angola Oil Company Sonangol Denies Report About $50 Billion Hole
Angolan state-owned oil company Sonangol said a report about a $50 billion shortfall in its accounts is “absolutely false.” Angolan newspaper Valor Economico reported on Monday that international consultants hired Continue Reading
Nigeria Decides to Reduce Military Presence in Delta Region
Nigeria will reduce military presence in the southern Niger River delta as the government works with regional governors to end attacks on oil installations, according to a presidency statement. A Continue Reading
Nigerian Officials Say They’re Still Working Out New FX Policy
Announcement may come within a month, officials tell investors Nigerian officials said they are still working out the details of a new currency policy and may make an announcement within Continue Reading
India Putting Floor Beneath Oil Prices As Demand Continues To Soar
If oil prices are to continue their strong rally, they will have India to thank. India has emerged as the “star performer” of the oil markets, the IEA wrote in Continue Reading
U.S. and India Agree U.S. Company to Build Six Nuclear Reactors
The U.S. and India have agreed to move forward with the construction of six nuclear reactors in India by an American company, the first such contract since the countries signed Continue Reading
China Oil Imports Decline as Busy Port Curbs Crude Access
Oil imports by China, the world’s biggest consumer after the U.S., fell to a four-month low as congestion at one of its biggest ports curbed purchases from independent refiners. Inbound Continue Reading
The Epicenter of America’s Oil Bust Is Drawing Buyers
The vultures are descending on North Dakota. Investors hoping for a bargain are buying up oil and gas wells from cash-strapped operators in the state’s Bakken Shale, a bet they Continue Reading
U.S. Gasoline Use Rising to Record This Summer on Low Prices
U.S. gasoline consumption is set to climb to a record this summer as the lowest pump prices in more than a decade encourage Americans to take to the roads. Demand, Continue Reading
North American oil sector weathering storm
Even though a weakened oil economy means lower production, North American markets are secure enough to weather the storm, analysts said. Canada’s oil-based economy has been weakened significantly by the Continue Reading
Oil Field Services Provider Seventy Seven Files for Bankruptcy
Oil field services company Seventy Seven Energy Inc. filed for bankruptcy protection Tuesday with a plan to eliminate more than $1 billion in debt and hand control of the business Continue Reading
Shell to Go Ahead With Petrochemical Plant in Pennsylvania
The company first announced in 2012 that it was considering building a plant about 30 miles north of Pittsburgh in a faded industrial area along the Ohio River once lined Continue Reading
Oil Prices Stimulated By Fed’s Inaction
As the gruesome twosome of supply concerns and a weaker dollar persist, both Brent and WTI are marching on in fifty-dollardom. Hark, here are five things to consider in oil Continue Reading
Police Probe Finds Nothing to Suggest Aubrey McClendon Committed Suicide
When Aubrey McClendon drove his Chevy Tahoe into a bridge on March 2 , a day after he was indicted by a federal grand jury for allegedly rigging the price Continue Reading
Big Oil’s Footprint in Washington Shrinks With Price of Crude
Tumbling crude and natural gas prices have weakened the energy industry’s influence in Washington as cutbacks in the oilfield have spread to the nation’s capital. Casualties include the army of Continue Reading
An Oil Price Rebound Is Not Enough For The Bakken
At this point, Bakken barely remembers what a drill bit looks like, and the shale boom that once dug at its landscape is now a fleeting memory. Almost no new Continue Reading
Luck Rides The Rails: Another Near Miss with an “Insane” Bakken Oil Bomb Train
Luck was in abundance on Friday in Mosier, Oregon where the latest Bakken oil train derailed and erupted into flames near a 50-home residential area and a school. As Mosier Continue Reading
‘We’re just not competitive’: Why the oil patch can’t cut its way to growth
No matter how much Canadian oil sands producers cut costs, John Stephenson argues it can never be enough. While the CEO of Stephenson & Co. noted some players in the Continue Reading
Russia: Putin Says South Stream, TurkStream Not Definitely Cancelled
Russian President Vladimir Putin said on June 7 that Moscow has not definitely canceled the South Stream or TurkStream natural gas export pipeline projects, Reuters reported. Russian officials froze discussions Continue Reading
Shell Raises Savings Target From BG Group Deal
Royal Dutch Shell PLC increased the cost savings target from its roughly $50 billion acquisition of BG Group PLC as it set out its priorities for the new combined company Continue Reading
Shell to Quit Up to 10 Countries, Sell 10% of Oil and Gas Assets
Royal Dutch Shell announced this morning that it could be vacating up to 10 countries this year, as it moves to divest up to 10 percent of its oil and Continue Reading
North Sea crude oil to remain pressured as French strikes continue
North Sea spot differentials for Brent blend, Forties and Ekofisk — together with Brent CFDs — are expected to continue their recent slide as French strikes that have brought several Continue Reading
Ireland aims for greener future
One day after signing a European commitment on offshore wind, the Irish government said it can only realize its true potential through regional collaboration. “Ireland has the best offshore energy Continue Reading
The Seneca Cliff of Oil Production
The concept of the “ Seneca Cliff ” seems to have gone mainstream. Below, it is mentioned in a recent post by Dennis Coyne on “peakoilbarrell” as an obvious concept. Continue Reading
Rebound In Oil Prices Changes Drillers’ Mindset
Now that oil is back up to $50 per barrel, will oil companies redeploy rigs to begin drilling again? Oil prices have rallied roughly 85 percent since February on the Continue Reading
Oil Holds Near 10-Month High as U.S. Stockpiles Seen Declining
Commodities Enter a Bull Market, Ending 5-Year Rout U.S. inventories estimated to drop 3 million barrels last week Oil traded near the highest close in more than 10 months before Continue Reading
Stumbling dollar, Nigeria sabotage push up oil
Fuel prices are displayed at a Kazakh state-owned oil and gas company KazMunayGas gas station in Almaty, Kazakhstan, May 4, 2016. Brent crude oil prices rose on Monday, lifted by Continue Reading
Why This Mega NatGas Project Might Not Go To The Oil Majors
The upcoming Cyprus bid round may be one of the best opportunities of the year — to build a new oil and gas empire. When the tiny Mediterranean nation offers Continue Reading
U.S.-backed Syria force closes in on Islamic State-held city; slow Iraq advance causes rift
U.S.-backed Syrian fighters have surrounded the Islamic State-held city of Manbij from three sides as they press a major new offensive against the jihadists near the Turkish border, a spokesman Continue Reading
Islamic State Militants Fire on Civilians Fleeing Fallujah
Abdul Rahman Ismail, an Iraqi soldier who has been targeted by Islamic State militants who… Islamic State gunmen have fired on civilians fleeing Fallujah, Iraqi officials said Monday, as fighting Continue Reading
Israeli Energy Ministry Tries to Downplay Leviathan Gas Field Size
Israel Offshore Rig The Israeli Energy Ministry has said that the supergiant Leviathan offshore gas field may be 20 percent smaller than its developers, US-based Noble Energy and Israeli partner Continue Reading
Saudi Arabia Scales Back Renewable Energy Target to Favor Gas
Kingdom cuts renewables target to 10% of energy mix from 50% Saudi Arabia is scaling back renewable power targets as the world’s biggest oil exporter plans to use more natural Continue Reading
Islamic State Members From the West Seek Help Getting Home
Members of the Syria Democratic Forces recently after taking control of a Syrian village from… Disenchanted Islamic State members recruited from the West have increasingly been contacting their governments and Continue Reading
Saudi Arabia’s Cabinet Approves Economic Reform Package
Saudi Arabia early Tuesday presented a comprehensive package of reforms aimed at boosting non-oil revenues while reducing state handouts that have weighed on the kingdom’s economy. The initiative, called the Continue Reading