Wall Street Pouring Money Back Into Oil And Gas
Despite the near record increase in U.S. oil inventories last week – an increase of 13.8 million barrels – oil prices traded up on February 8 and 9 as traders Continue Reading
Pipeline Approvals Could Put A Ceiling On Gas Prices
Two new pipelines to be built over the next 12-18 months are likely to bring down natural gas prices on the U.S. market just when they were starting to rise Continue Reading
Arctic Oil Town Fears Future as Imperial’s 1920s Wells Shut
When oil topped $100 a barrel three years ago, the tiny village of Norman Wells in Canada’s high arctic was gearing up to be the “Dubai of the Mackenzie River,” Continue Reading
Suncor Output Hits Record With Oil-Sands Unit at Full Speed
Suncor Energy Inc.’s production rose to a record last quarter after the oil-sands giant took control of the Syncrude processing unit and put it at full throttle. Canada’s biggest energy Continue Reading
British grid drawing power from new offshore wind farm
While only a fraction of the total capacity is realized, Norwegian energy company Statoil said the British grid is getting power from its latest wind farm. Statoil announced its first Continue Reading
Oil stable after drop in U.S. gasoline stocks, but market remains bloated
Oil prices stabilized on Thursday, boosted by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remained under pressure. Brent crude futures LCOc1, the Continue Reading
Oil Edges Higher on Signs of Gasoline Demand
Oil prices closed higher Wednesday as signs of rising gasoline demand negated a larger-than-expected build in inventory levels. Light, sweet crude for March delivery settled up 17 cents, or 0.3%, Continue Reading
OPEC Ministers Say the Market Might Need More Oil Cuts
Oil Declines on Projected U.S. Crude Stockpiles OPEC and other major crude-producing nations may need to extend output cuts into the second half of the year to re-balance the market, Continue Reading
Some OPEC members bucking trend
An industry survey finds some OPEC members moving against the grain despite near-full compliance with managed production decline agreement. File photo by A.J. Sisco/UPI Feb. 8 (UPI) — Members of Continue Reading
Are These OPEC Members Sabotaging The Output Deal?
OPEC provide a shot in the arm for oil prices this week when S&P Global Platts reported a much higher than expected compliance rate for the month of June. So Continue Reading
Can Natural Gas Rescue Algeria’s Ailing Economy?
Algeria is paving the way for a stronger natural gas export profile in Europe, building off of preexisting relationships with Spain, Italy and Portugal, Forbes reported earlier this year. But Continue Reading
The Unlikely Alliance Between Trump And Saudi Arabia
An unlikely supporter of U.S. President Donald Trump’s energy policies spoke out this week, and it’s really appropriate in this mad mad word of alternative facts and logic be damned, Continue Reading
Angola adds to supply-side strains for oil
Italian energy company Eni said Wednesday it started production at an oil facility off the coast of Angola in record-setting fashion. The company said operations started at its East Hub Continue Reading
Oil’s Sedate Market Poised for Data Shot on OPEC-Led Cuts
Oil prices caught in a trance above $50 a barrel are set for a jolt as evidence on pledged output curbs from OPEC and other producing nations hits the market Continue Reading
Trump Expected to Name Two Veteran Lobbyists to Advise on Energy Issues
President Donald Trump is likely to tap two veteran lobbyists to advise on energy and environmental issues in the White House, according to multiple people close to the new administration, Continue Reading
Reduced US crude exports to Canada drag December total lower
US crude exports fell by 156,000 b/d in December, to 442,000 b/d, after exports into Eastern Canada dried up, a S&P Global Platts analysis of US Census Bureau data released Continue Reading
U.S. states see favorable conditions for gas tax hikes
A man changes the price for a gallon of gasoline at a gas station in Medford, Massachusetts December 4, 2014. U.S. states where gasoline taxes have not risen in decades Continue Reading
Suncor Output Hits Record With Oil-Sands Unit at Full Speed
Suncor Energy Inc.’s production rose to a record last quarter after the oil-sands giant took control of the Syncrude processing unit and put it at full throttle. Canada’s biggest energy Continue Reading
Wall Street’s Love Affair With Energy Heats Up as Rigs Soar
Wall Street is throwing the most money at U.S. energy companies since at least 2000 amid growing confidence that the industry is emerging from the worst downturn in a generation. Continue Reading
Permian Drilling Costs Surge: Are The Days Of Cheap Oilfield Services Over?
It was only a matter of time before drilling, fracking, and oilfield service providers for the oil and gas industry started raising their prices to reflect the improving prospects for Continue Reading
From Bust To Boom: Why Canada’s Rig Count Increased 50 Percent Last Year
Canadian rigs are going back to the field, coaxed by higher commodity prices and greater productivity. Across the land, 345 iron masts were turning bits last week, so the year-over-year Continue Reading
U.S. crude stocks surge, gasoline draws down unexpectedly: EIA
U.S. crude stockpiles surged last week, driven by a big rise in imports and inventory build at the key oil hub at Cushing, Oklahoma, while gasoline drew down unexpectedly, the Continue Reading
U.S. refiners give mixed reviews of GOP-backed border tax plan
U.S. independent refiners like Phillips ( PSX.N ) and Valero ( VLO.N ) have offered mixed support for Republican efforts to boost American jobs and products, expressing concerns about how Continue Reading
Italian Prosecutors Request Eni CEO, Shell Stand Trial
Italian prosecutors are pursuing a criminal trial for Royal Dutch Shell PLC and the chief executive of Italian oil company Eni SpA on charges of corruption tied to a controversial Continue Reading
Norway Expands Slower Than Estimated as Oil Slump Nears End
Norway’s economic growth picked up slower than anticipated in the fourth quarter as western Europe’s biggest crude producer emerges from a protracted slump in its oil industry. Mainland gross domestic Continue Reading
Oil Falls to Two-Week Low After Data Shows U.S. Stockpile Gains
Oil Declines on Projected U.S. Crude Stockpiles Oil fell to the lowest in more than two weeks after industry data showed a surge in U.S. crude stockpiles, undermining OPEC’s efforts Continue Reading
Oil prices slump on bloated U.S. fuel inventories, stalling China demand
Oil prices dropped on Wednesday to extend falls from the previous day, as a massive increase in U.S. fuel inventories and a slump in Chinese demand implied that global crude Continue Reading
Oil Prices Fall Ahead Of Inventory Data
Oil is getting tonked for a second consecutive day, as prices have run into resistance at the top of their trading range, sending them staggering lower once more. With record Continue Reading
IEA does not foresee oil demand peaking soon, Birol says
The International Energy Agency (IEA) does not expects oil demand to peak any time soon due to rising consumption in developing economies, Director Fatih Birol said on Monday. Birol also Continue Reading
Moelis wins biggest mandate for Saudi Aramco IPO
Moelis & Co has been chosen as the sole independent adviser for the planned initial public offering of Saudi Aramco, according to three people familiar with the process, scoring the Continue Reading
Iranian Oil Will Not Be Stopped By Trump
Despite new sanctions by the Trump Administration and an escalating war of words regarding its ballistic missile program, Iran is continuing to push ahead with plans to maintain oil production Continue Reading
Expensive Middle East Crude Could Lose Market Share To U.S. Shale
OPEC’s production cuts have put a floor under oil prices, at least for now. The resulting reduced supplies have also boosted the price of Middle East crude grades, and increased Continue Reading
More oil than thought offshore Senegal
Africa-focused energy company FAR Ltd. said a review of its oil prospects off the coast of Senegal was more promising than initially thought. FAR has nearly 3,000 square miles off Continue Reading
Nigeria Struggles to Boost Oil Output; That’s Good for OPEC
Nigeria’s progress in curbing militant attacks hasn’t much boosted its oil output. While that’s bad news for a country mired in its worst economic slump in 25 years, it’s making Continue Reading
Nigeria to Stop Fuel Importion By 2019 – Kachikwu
Nigeria will stop importing refined petroleum products by 2019, Ibe Kachikwu, the Minister of State for Petroleum Resources, said on Tuesday in Abuja. Mr. Kachikwu said this at a public Continue Reading
U.S. rig count up 4 percent
The number of rigs actively exploring for or producing oil or gas in the United States was up 4.4 percent year-on-year in January, Baker Hughes reported. Baker Hughes published its Continue Reading
Latin America Growing More Dependent On U.S. Oil
Crude production has slowed in parts of Latin America as oil majors struggle to pump for profits. Mexico and other Latin American countries have been relying more heavily on the Continue Reading
New Radiation Level at Fukushima Dwarfs the Highest Peak at Chernobyl
The Fukushima Disaster We noted a few days after the Japanese earthquake that the amount of radioactive fuel at Fukushima dwarfs that at Chernobyl … and that the cesium fallout Continue Reading
Indonesia needs to invest $70 billion to $80 billion in gas infrastructure through 2030 to avoid a potential gas shortage, as domestic consumption growth outpaces supply, state-owned energy business Pertamina said Tuesday.
Indonesia needs to invest $70 billion to $80 billion in gas infrastructure through 2030 to avoid a potential gas shortage, as domestic consumption growth outpaces supply, state-owned energy business Pertamina Continue Reading
It’s Time For Big Oil To Embrace The Digital Age
The 2014 oil price bust very quickly changed the agenda of the oil industry, prioritizing efficiency as a tool of keeping costs down. This emphasis on efficiency was the best Continue Reading
Republican grandees make case for US emissions tax
A group of former senior US officials from past Republican administrations has backed a tax on carbon dioxide emissions, with revenues used to pay hundreds of dollars to every American Continue Reading
Oil benchmark futures play back in vogue as U.S. debates import tax
After several years of neglect, oil investors are again betting heavily on the price difference between two global benchmarks – Brent and U.S. crude futures – due to a push Continue Reading
Offshore Drillers Still Seeking Recovery Enjoyed by Shale
While oil drillers in US shale basins are starting to see business come back, their offshore brethren will have to wait for prices to surge well above $60 a barrel. Continue Reading
Big Oil Loses Its Mojo
The oil bust is over and producers are spending again to boost output, but the industry’s giants are changing how they replenish their reserves. That might make Big Oil less Continue Reading
Volkswagen Forms U.S. Unit for Zero-Emission Vehicles
Volkswagen AG launched a U.S. subsidiary Tuesday designed to oversee $2 billion in investments to promote zero-emission vehicles such as electric cars, a commitment the German auto giant made in Continue Reading
Cheaper renewables to halt coal and oil demand growth from 2020: research
The falling cost of electric vehicle and solar technology will halt demand growth for oil and coal from 2020, according to research published on Thursday, posing a threat to fossil Continue Reading
Shell, Phillips 66 buy 6.4 million barrels of oil from U.S. emergency reserve
Oil companies Shell and Phillips 66 together bought 6.4 million barrels of oil last week from the Strategic Petroleum Reserve (SPR), according to a Department of Energy document released on Continue Reading
U.S. Army to grant final permit for controversial Dakota pipeline: court filing
The U.S. Army Corps of Engineers will grant the final easement needed to finish the controversial Dakota Access Pipeline, according to a court filing Tuesday. The line had been delayed Continue Reading
BP Needs Oil to Rise to $60 to Break Even
BP PLC said it needs oil prices to rise to $60 a barrel in order to break even, as the British oil giant ramped up debt levels last year to Continue Reading
Oil Markets On A Knife Edge Despite 91% OPEC Compliance
The first month of the six-month OPEC deal is in the books and the early signs suggest that the oil group is thus far coming close to delivering on its Continue Reading