• WTI consolidated near the $45 mark this week and achieved just a $2.40 range from Monday through Thursday as Summer Doldrums took effect. News flow and volumes were light Continue Reading
Libya’s Petroleum Facilities Guard (PFG) will start lifting a blockade on eastern oil terminals over the next three days, though a resumption of exports will depend on the state of Continue Reading
Muhammadu Buhari, who won the election, campaigned on the promise to crack down on corruption — and reclaim stolen assets. (Carl LeVan/The Monkey Cage) In Nigeria, billions of dollars each Continue Reading
Several majors expected to post highest earnings in 3 quarters Strong performance may not last as oil seen easing back to $40 For oil companies, the second quarter might be Continue Reading
Gain marks fourth straight weekly rise, Baker Hughes data show Analyst says momentum may slow as oil prices resume slide U.S. oil producers continue to revive drilling in the shale Continue Reading
Explorer plans to operate five rigs by the end of September Bloomberg Intelligence calls revised guidance ominous signal Southwestern Energy Co.’s revival of its dormant drilling program may be the Continue Reading
Though most would-be voters back a strong U.S. energy sector, a survey finds a hawkish oil and gas policy is backed more by those considered Republicans. A survey published by Continue Reading
Offshore rig company Transocean revealed it started on a new contract for drilling in the deep waters of the U.S. Gulf of Mexico, though at a reduced day rate. The Continue Reading
I have attempted to correct the reported Texas output using the methodology provided by Dean. Usually Dean provides the spreadsheets and I simply reproduce his charts with a few comments. Continue Reading
Peak conventional crude petroleum oil production is apparently here already – the only thing that’s been growing global total liquids is North American unconventional oils : tight oil – which Continue Reading
Oil prices pulled back on Friday, weighed down by a glut in oil products that is stoking market concerns that rebalancing will take longer than hoped. The global benchmark, Brent, Continue Reading
Crude oil drips from a valve at an oil well operated by Venezuela’s state oil company PDVSA, in the oil rich Orinoco belt, near Morichal at the state of Monagas Continue Reading
Oil prices fell throughout U.S. trading Thursday as a glut of gasoline keeps weighing on prices. U.S. oil for September delivery settled down $1.00, or 2.2%, to $44.75 a barrel Continue Reading
Crude oil prices edged up in early Asian trading on Thursday after the U.S. Energy Department reported a ninth consecutive weekly drawdown of crude stocks but a surprise build in Continue Reading
Natural gas prices flipped to gains after government data showed a smaller-than-expected surplus of gas headed into storage last week. The U.S. Energy Information Administration said natural-gas stockpiles grew by Continue Reading
It’s a safe bet that investors are getting increasingly tired of all the conflicting forecasts about oil and gas prices. Some argue that oil is heading back to $20 thanks Continue Reading
Oil Storage From The Sky The U.S. consumes more gasoline than any other country, and the average household spends about $2,000 a year on gas. But in the last few Continue Reading
Commercial crude oil stockpiles in the U.S. fell by 2.3 million barrels in the week to July 15, the Energy Information Administration reported . This is a rare perfect match Continue Reading
The world is on track for its hottest year on record and levels of carbon dioxide have reached new highs, further fuelling global warming, the World Meteorological Organization (WMO) said Continue Reading
A glut of refined products has worsened the already-grim outlook for U.S. crude oil for the rest of the year and the first half of 2017, traders warned this week, Continue Reading
Oil prices sank on Thursday following fresh data showing oil and product stocks rising to an all-time high. The EIA released its weekly data on July 20, revealing a slight Continue Reading
The world’s top crude-oil exporter, Saudi Arabia, has long lagged behind its rivals in natural-gas production. Now, after years of stumbles and missed deadlines, the kingdom is making progress in Continue Reading
Crude oil prices hit a 10-week low on Tuesday, but one piece of data from Saudi Arabia could provide a glimmer of hope for those longing for an oil price Continue Reading
Private-sector leaders and government officials in Erbil, Baghdad and Kirkuk are negotiating a plan that would unlock oil production currently tied up in political disputes. Kirkuk Gov. Najmaldin Karim (far Continue Reading
Saudi Arabia, the world’s biggest oil exporter, regained its position as China’s top crude supplier in June, after losing out to Russia over the previous three months, customs data showed Continue Reading
Argentina has exceptional hydrocarbon reserves, but politics has greatly affected its development. The economy in Argentina is best described as a “pendulum”, going from loose economic policies in the ‘80s Continue Reading
Advisory firm querying investors about interest in bond swap Rothschild believes PDVSA management open to transaction Rothschild & Co. is approaching Petroleos de Venezuela SA bondholders in a bid to Continue Reading
Exxon bid values Papua New Guinea gas explorer at $2.5 billion Oil Search, Total to axe joint-bid if InterOil chooses Exxon Exxon Mobil Corp. is the leader in the clubhouse Continue Reading
Gasoline exports rise to record 1.1 million tons in June Outbound diesel shipments declined to 4-month low last month The volume of China’s gasoline exports caught up with diesel last Continue Reading
Schlumberger Ltd ( SLB.N ), the world’s No.1 oilfield services provider, said the oil downturn appeared to have bottomed out and it was considering rolling back pricing concessions. Schlumberger’s statement Continue Reading
Paal Kibsgaard says worst is over for oil services industry Quarterly loss was $2.16 billion; 16,000 jobs cut in 1st half Schlumberger Ltd. reported an unexpected loss and cut more Continue Reading
Presumptive Democratic presidential nominee Hillary Clinton would end fossil fuel development if elected, Continental Resources CEO Harold Hamm said. Hamm addressed delegates in Cleveland at the Republican National Convention, speaking Continue Reading
Schlumberger Ltd., citing weakness in activity that it expects to persist throughout the year, says… Schlumberger also continued with its cost-cutting efforts, saying it had cut roughly 16,000 workers in Continue Reading
The Houston-based company confirmed Thursday that it will lay off about 1,000 employees this year, mostly from North American energy jobs in the U.S. and Canada. The cuts were outlined Continue Reading
U.S. independent refiners such as Valero Energy Corp and Phillips 66 look set to post another quarter of disappointing earnings, putting the industry on track for its worst year since Continue Reading
Every day in 2015, the United States spent $991 million on petroleum consumption, the lowest daily total since 2008. Consumption levels in the U.S. have decreased slightly to 19.72 MMBoepd Continue Reading
Donald Trump’s potential energy secretary took President Obama to task for trying to “destroy” the U.S. oil boom. Harold Hamm, a shale oil billionaire, gave a speech on Wednesday night Continue Reading
To provide themselves a cushion against sharp drops in oil prices, drilling companies often buy hedges—financial contracts that pay off when prices fall. Now a quirk of bankruptcy law has Continue Reading
Putin aide says ruble has begun to ‘over-appreciate’ Bank of Russia says it won’t influence the exchange rate Russia’s ruble headed for its lowest level in a week on speculation Continue Reading
Three export terminals on Russia’s Arctic coast shipped an average of 230,000 barrels of crude in the second quarter of 2016. This figure is almost equal to Libya’s total daily Continue Reading
Back in the mid-noughties the peak oil meme gained significant traction in part due to The Oil Drum blog where I played a prominent role. Sharply rising oil price, OPEC Continue Reading
Tanker traffic and pipeline flows are normal: Energy Ministry Thousands of army officers, judges snared in wave of arrests Brent crude held below the highs reached following a failed coup Continue Reading
Drillers have increased bets on falling prices by 29 percent Prices have fallen 10 percent since reaching 2016 high in June Oil producers aren’t betting on the rally. After surviving Continue Reading
Two years into the global oil-price collapse, it seems unlikely that prices will return to sustained levels above $70 per barrel any time soon or perhaps, ever. That is because Continue Reading
Saudi Arabia will build a maritime complex on its east coast, with shipbuilding capability, to provide sufficient capacity for exporting oil, Energy Minister Khalid Al-Falih said Sunday. The country, the Continue Reading
Falling oil output, higher refining may support crude imports Coal imports may continue to rise to fill gap in supply China’s appetite for foreign energy is as strong as ever. Continue Reading
Chinese Oil Rig Conflicting data out of China is causing the oil markets to seesaw a bit, amid confusion over whether or not the world’s second largest economy will help Continue Reading
Donald Trump’s idea to build a wall along the southern border of the U.S. has been called everything from controversial to harebrained, but—to the likely dismay of some of the Continue Reading
The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. ExxonMobil Corp has made Continue Reading
Months after the US energy industry triumphed in overturning an oil export ban, a group of independent producers wants to take policy one step further and curtail crude imports. The Continue Reading
