U.S. Oil-Rig Count Rises by One
The number of rigs drilling for oil in the U.S. climbed one in the past week to 407, resuming a rise after a string of recent increases was snapped last Continue Reading
Gasoline prices prior to Labor Day lowest in 12 years
Source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update The U.S. average retail price for regular gasoline was $2.24/gallon (gal) on August 29, the lowest price on the Monday Continue Reading
Baker Hughes Implements 5% Pay Cut to US Workers
Oilfield services company Baker Hughes is implementing a pay cut to its employees as the industry continues to adjust to the low oil price environment. In an emailed statement to Continue Reading
US Jobs Report: Mining Down 4,300
The United States added 151,000 jobs in August, though jobs in mining continued their decline. According to seasonally adjusted figures, the United States shed 4,300 mining jobs in August, bringing Continue Reading
Permian Fields Profitable With Oil Below $30, Pioneer CEO Says
Oil wells in the biggest U.S. oil field remain profitable even when crude prices drop below $30 a barrel, said Pioneer Natural Resources Co. Chairman and Chief Executive Officer Scott Continue Reading
Russia Backs OPEC Deal With Wild Card for Iran’s Output
Shale Well The latest chapter in the oil production freeze chatter saw Russia and Saudi Arabia issuing remarks about a possible deal, but while the Saudi foreign minister said that Continue Reading
Dollar Strength Takes Its Toll On Oil Prices Again
As we move into September, the return of oversupply fears are clobbering the crude complex lower, with gasoline leading the charge. With Nonfarm Friday on deck tomorrow, bringing the prospect Continue Reading
Oil prices sink as balance sentiment fades
Tepid labor reports from the United States and signs that global crude oil supplies were accumulating sent oil prices lower at the start of trading Thursday. Crude oil prices started Continue Reading
Oil steadies as Saudi sees OPEC ‘common position’
Oil prices steadied on Thursday after Saudi Arabia said OPEC was moving towards a common position on oil production that some investors think could support prices. Brent crude futures for Continue Reading
Analysts say oil market balance hasn’t appeared yet
A lauded possibility of a narrowing gap between supply and demand in the market for crude oil has yet to materialize on the global stage, analysts said. For nearly two Continue Reading