Oil prices above $50, buoyed by U.S. stock draw
Oil prices rose in early Asian trading on Wednesday, with U.S. crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than Continue Reading
Oil Prices Fall on Brexit Fears and Supply Glut
Oil prices fell on Tuesday, as investors weighed continued uncertainty ahead of U.K.’s referendum this week and focused on the persistent overhang of crude. Brent crude, the global oil benchmark, Continue Reading
Oil Halts Advance Near $49 a Barrel Before U.S. Stockpile Data
Oil halted its advance near $49 a barrel before weekly U.S. government stockpile and production data. Futures slid as much as 0.6 percent in New York, trimming a 6.8 percent Continue Reading
Oil prices fall for first time in three days
Oil prices fell in Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market Continue Reading
Oil Markets Are Balanced But Bracing For Brexit
This week’s key data from the oil and gas industry shows that fears of a Brexit continue to weigh on oil, as the dollar strengthens due to market uncertainty. We Continue Reading
Renewables Revolution Reaching New Heights In 2016
Renewable Energy The global oil price slump has dominated the news for months, as exporting nations and energy companies worry about losses. Low prices are affecting both established exporters, such Continue Reading
Peak Oil Consumption Dead Ahead
I have no idea nor will I take any guess as to the price of oil going forward. There are too many variables to make an educated guess. If you Continue Reading
Why We Can Expect Cripplingly Higher Oil Prices In The Near Future
The break-even price for Permian basin tight oil plays is about $61 per barrel (Table 1). That puts Permian plays among the lowest cost significant supply sources in the world. Continue Reading
$1 Trillion In Spending Cuts Could Lead To An Oil Price Spike
Are today’s spending cuts setting the global oil market up for a supply crunch in a few years? An oil supply deficit may be hard to fathom given two years Continue Reading
Global oil demand shows no sign of peaking: Kemp
“Peak oil demand” has become a fashionable concept among climate campaigners but the evidence suggests oil consumption is growing at the fastest rate for a decade and shows no sign Continue Reading
Iraqi forces retake two Falluja districts from Islamic State, push west
An Iraqi security forces vehicle is seen on a street in the centre of Falluja, Iraq. Iraq’s armed forces pressed on with their offensive to retake the city of Falluja Continue Reading
Offshore Egypt a win for Schlumberger
With pressure on the sector easing, a subsidiary of field services company Schlumberger said it secured a multi-million dollar contract for offshore Egypt. Schlumberger, which has headquarters in Houston, is Continue Reading
Iraqi army only retook third of Falluja – US commander
A US military commander in Baghdad has openly contradicted the Iraqi army’s claim last week that it had liberated the key city of Falluja and driven out IS militants from Continue Reading
Kenya To Start 2,000 Barrel-Per-Day Exports Next July
Lokichar Basin Kenyan officials said oil from the Lokichar Basin will begin reaching foreign markets at a rate of 2,000 barrels of crude per day by July 2017, according to Continue Reading
Oil-Dependent African Countries Desperate To Find New Markets
Nigeria Pipeline Oil has been truly black gold for countries such as Nigeria and Angola—Africa’s top oil exporters. It has sustained their economies, accounting for over 90 percent of exports Continue Reading
Nigerian government agrees ceasefire with militants in oil-rich Niger Delta: official
The Nigerian government has agreed a ceasefire with militants in the oil-rich Niger Delta, including the Niger Delta Avengers, as renewed militancy has dragged the country’s oil output close to Continue Reading
Nigeria’s Claims of 30-Day Truce With Militants Remain Unclear
A member of the Nigerian Police Forces stands guard outside a half-built building in Nigeria’s… Nigerian officials said Tuesday that the government has clinched a deal for a 30-day truce Continue Reading
Nigeria maintains oil exports despite wave of militant attacks
Nigeria kept exporting crude oil at a largely steady pace in May, though below historical levels, despite repeated militant attacks on its infrastructure that drove output down to 30-year lows Continue Reading
U.S. says Venezuela guilty of oil sector ‘malpractice’
Venezuela has badly mismanaged its vast oil resources, a senior U.S. diplomat told Reuters in an interview on Tuesday in which he said a change in government could quickly turn Continue Reading
China CNOOC exports first Australia-spec diesel cargo
China National Offshore Oil Company (CNOOC) has exported a 35,000-tonne cargo of diesel meeting Australian specifications for the fuel, the first shipment of its kind, a statement by the state Continue Reading
Colorado’s economy OK, but under energy pressures
Though budget forecasts are lower than initial projections, Colorado’s governor said the revenue stream was strong considering the strains on the energy sector. The state office of planning and budgets Continue Reading
U.S. gas prices relatively low and stable
With short-term supply disruptions easing, U.S. commuters this summer can expect some of the lowest gas prices in more than a decade, AAA said. The motor club reports a national Continue Reading
Pacific Gas & Electric to Close California’s Last Nuclear Plant by 2025
California’s last nuclear power plant will close in 2025, after Pacific Gas & Electric Co. reached an agreement with labor and environmental groups, the parties said Tuesday. The San Francisco-based Continue Reading
California In Power Grid Emergency: “All Customers Should Expect 14 Days Without Power”
The entire Los Angeles metropolitan area and most of Southern California can expect blackouts this summer. The power grid is under direct threat as a result of the unprecedented, but Continue Reading
Alaska Gets No Relief From Oil Rebound as Downgrades Sting Bonds
Not even an 86 percent increase in the price of crude oil since February is enough to right Alaska’s finances. The energy-rich state, which plans to sell $128 million of Continue Reading
EU envoys extend economic sanctions on Russia until end-January: sources
The European Union’s Brussels envoys agreed on Tuesday to extend until the end of January the energy, financial and defense sanctions on Russia over the conflict in Ukraine, diplomatic sources Continue Reading
Russia beats Saudis for third straight month as China’s top crude supplier
Russia beat out Saudi Arabia as China’s largest oil supplier in May, customs data showed on Tuesday, marking the third month in a row the world’s biggest oil producer has Continue Reading
Rosneft’s Sechin says Saudi Arabia, U.S. and Russia call shots on oil markets
Igor Sechin, the head of Russia’s top oil producer Rosneft, said on Tuesday that Saudi Arabia, the United States and Russia were the three main players on global oil markets, Continue Reading
Oil Bust Pushes Producers Together to Make Cost Cutting Count
The biggest oil-industry downturn in a generation has companies collaborating in ways they never thought possible. In this global effort, one of the world’s most expensive oil regions intends to Continue Reading
Move Over Oil – Lithium Is The Future Of Transportation
Just a few years ago, we would have scoffed at the idea that electric vehicles could be mainstream anytime soon, or that the global appetite for lithium-ion batteries and mass Continue Reading
Oil prices fall for first time in three days
Oil prices fell in Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market Continue Reading
Oil Halts Advance Near $49 a Barrel Before U.S. Stockpile Data
Oil halted its advance near $49 a barrel before weekly U.S. government stockpile and production data. Futures slid as much as 0.6 percent in New York, trimming a 6.8 percent Continue Reading
Crude Oil Declines in New York as Canadian Output Ramps Up
Oil slipped in New York after two days of gains as output in Canada continued to increase following Alberta’s wildfires. Futures fell as much as 0.5 percent in New York Continue Reading
The NYMEX July natural gas futures contract climbed 12.4 cents Monday to settle at $2.747/MMBtu, the highest price since it settled at $2.758/MMBtu on September 14, 2015.
The NYMEX July natural gas futures contract climbed 12.4 cents Monday to settle at $2.747/MMBtu, the highest price since it settled at $2.758/MMBtu on September 14, 2015. The July gas Continue Reading
Raymond James: Get Ready for $80 Oil
Rebounding after a two-year collapse, it’s only this month that oil prices have pushed up past $50 a barrel, but Raymond James & Associates says this is just the beginning Continue Reading
Why We Can Expect Cripplingly Higher Oil Prices In The Near Future
The break-even price for Permian basin tight oil plays is about $61 per barrel (Table 1). That puts Permian plays among the lowest cost significant supply sources in the world. Continue Reading
Inventory Drawdowns Won’t Boost Oil Prices
During the next three months, various analysts expect crude oil inventory drawdowns to increase, providing support to crude oil prices. However, post-September, inventory build-up is likely to accelerate, putting a Continue Reading
US shale producers confound Opec and eye new chapter as oil returns to $50
Two years into the worst oil price rout in a generation, large and mid-sized US independent producers are surviving and eyeing growth again as oil nears $50 a barrel, confounding Continue Reading
BP Sanctions Atoll Phase One Project in Egypt
BP sanctions the development of the Atoll Phase One project in Egypt. BP announced Monday that, together with the Egyptian Natural Gas Holding Company (EGAS), it has sanctioned the development Continue Reading
Fuel costs spike in Mosul after coalition strikes on IS oil hub
Prices of basic fuels have risen by up to 80 percent and quality has plummeted after a June 6 airstrike crippled IS’s import network of road tankers. US officials say Continue Reading
BP moving fast on Egyptian gas
British energy company BP said Monday it was putting a deepwater natural gas project in Egypt on the fast track to development. BP and its regional partner, the Egyptian Natural Continue Reading
Saudi Crude Exports Fall to 6-Month Low as Refineries Cut Back
Saudi Arabia, the world’s biggest crude exporter, cut shipments in April to the lowest level in six months as overseas refineries bought less due to seasonal maintenance and the kingdom Continue Reading
Iraq southern oil exports average 3.14 million barrels per day so far in June
Oil exports from Iraq’s southern ports are averaging 3.144 million barrels per day (bpd) so far in June, down from May due to maintenance work and weather, a South Oil Continue Reading
Saudi Arabia’s crude oil exports fall in April despite high output
Saudi Arabia’s crude oil exports in April fell despite high production levels, while more crude was used domestically for power generation and to feed rising demand from local refineries. Crude Continue Reading
Naira Plunges After Nigeria Ends Dollar Peg
Nigeria’s currency plummeted more than 40% against the dollar on Monday, the latest sign that low crude-oil prices continue to disrupt the economies of some major oil-producing nations. The steep Continue Reading
Tanzania, Uganda $4 Billion Oil-Pipeline Timetable Slips
The Ugandan and Tanzanian governments are trying to fast-track a $4 billion oil pipeline that would connect landlocked Uganda to foreign markets even though construction won’t start in August as Continue Reading
Nigeria: Shell Pays Nigeria U.S.$43 Billion in Four Years
Shell Companies in Nigeria paid $43 billion into the Federation Account between 2011 and 2015, just as the companies spent a total of $195.5 million on social investments in the Continue Reading
China Diesel Exports Rise to Record; Gasoline Shipments Expand
China’s diesel exports increased to a record in May as easing demand forced refiners to send surplus fuel overseas, while gasoline shipments rose amid swollen stockpiles. The nation’s outbound diesel Continue Reading
China deploys state enterprises to economic stimulus effort
China’s slowing investment, which hit a 16-year low in May, has forced Beijing to press the country’s lumbering state groups into service, demanding that they ramp up spending in an attempt to Continue Reading
Why China’s Energy Deregulation Is More Important Than The Aramco IPO
In recent years, images of China’s rapid industrialization have become all too familiar: from enormous factories, and infrastructure projects, to the ubiquitous smokestacks of the nation’s power plants. While China’s Continue Reading