Oil Heads for Biggest Weekly Gain in 2017 With Eyes on OPEC Deal
Speculation OPEC will extend its deal to curb output and ease a global glut is sending oil toward its biggest weekly increase this year. While futures in New York were Continue Reading
Oil dips as record U.S. crude stocks outweigh falling Libya output
Oil prices dipped on Thursday, ending two days of increases as record U.S. crude inventories outweighed a fall in gasoline stocks and disruptions in Libyan supplies. Prices for front-month Brent Continue Reading
IEA Says Oil Prices Will Not Jump Sharply, Despite OPEC Supply Cuts
The International Energy Agency (IEA) does not expect a major increase in global oil prices despite efforts by OPEC and non-OPEC members to reduce output, its executive director Fatih Birol Continue Reading
Natural Gas Prices Pare Losses After Data
Natural-gas prices fell Thursday as investors began to contemplate how much natural gas will be added to storage as spring begins. Futures for May delivery settled down 4 cents, or Continue Reading
Oil Gains After Data Showing U.S. Stockpile Growth Seen to Be Slowing
Oil prices picked up steam Thursday, building on gains after U.S. data made traders and investors hopeful that the country’s record-high crude stocks may soon start falling. U.S. crude futures Continue Reading
Oil Stays Above $49 as U.S. Fuel Demand Blunts Crude Supply Gain
Signs of growing U.S. fuel demand are propping up oil above $49 a barrel, with more refinery purchases seen helping ease a glut in American crude stockpiles. Futures in New Continue Reading
March exports dip as OPEC cuts continue
Top Oil Ministry officials say Iraq is fully complying with an agreement to cut production. A worker checks the valve gears of pipes linked to oil tanks at Turkey’s Mediterranean Continue Reading
World Oil Production
The BP Statistical Review of World Energy has oil production data by country up to the end of 2015. This is what that looks like from 1988: The United States Continue Reading
Report: Global renewable power capacity expanding
As European and Asian leaders take up the low-carbon mantel from the United States, a global report found 2016 was a record-setter for renewable energy. The International Renewable Energy Agency Continue Reading
Mysterious Outage In Libya Could Drive Oil Prices Higher
It’s been a rollercoaster ride for Libya’s oil sector the last few months . With production from this important OPEC player swinging wildly with unstable politics in the country. And Continue Reading
Aramco Hires JPMorgan, Morgan Stanley, HSBC for IPO Roles
Saudi Arabian Oil Co. has appointed JPMorgan Chase & Co., Morgan Stanley and HSBC Holdings Plc for key roles on its initial public offering, according to people familiar with the Continue Reading
Saudi Arabia likely to cut May crude prices to Asia on weak demand
Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia in May to track weak demand in the region, trade sources said Continue Reading
Venezuela supreme court ruling raises dictatorship fears
Venezuela’s supreme court, which is controlled by President Nicolás Maduro’s socialist government, has ruled it is taking over the opposition-dominated National Assembly, sparking fears that the crisis-riven country has moved Continue Reading
Venezuela Muzzles Legislature, Moving Closer to One-Man Rule
Venezuela took its strongest step yet toward one-man rule under the leftist President Nicolás Maduro as his loyalists on the Supreme Court seized power from the National Assembly in a Continue Reading
Brazil readies two new FPSOs for subsalt oil and natural gas output: Petrobras
Brazil is in the process of preparing two new floating production, storage and offloading vessels, or FPSOs, to start oil and natural gas production in the country’s record-setting subsalt frontier, Continue Reading
China steps up Americas oil imports, Unipec backs ‘new frontier’
China’s largest crude oil buyer Sinopec aims to ship more cargoes from Brazil, the United States and Canada, to help ensure stable crude supplies as the Middle East boost refining Continue Reading
China’s coal-fired generation strong despite renewables push: Citi
China’s coal-fired power generation as a percentage of the total energy mix is on the rise for the second year, despite the push towards renewable capacity additions in the country, Continue Reading
China’s manufacturing activity expands in March
Photo taken on Feb. 24, 2017 shows workers carrying a monocrystalline silicon stick at a factory in Ningjin County, north China’s Hebei Province. China’s manufacturing purchasing managers’ index (PMI) came Continue Reading
North Dakota oil output set to rise as controversial pipeline opens
North Dakota oil production will get a shot in the arm next month as a pipeline comes online despite opposition by environmental groups and Native Americans, allowing the energy industry Continue Reading
Texas oil production down year-over-year
Though recovery is expected to evolve through 2017, data on oil production from Texas show volumes declined year-over-year, based on preliminary figures. The Railroad Commission of Texas, the state energy Continue Reading
Oil and gas projects in deep waters grow competitive
On the heels of new developments in the Gulf of Mexico, a report finds the next breakout area for the recovering oil and gas sector may be deep water basins. Continue Reading
Fracking 2.0: Shale Drillers Pioneer New Ways to Profit in Era of Cheap Oil
Using a proprietary app called iSteer, Brian Tapp, a geologist for EOG Resources Inc., dashed off instructions to a drilling rig 100 miles away. This tool is among the reasons Continue Reading
Environmentalists need to “end the charade” against oil sands
According to the Canada West Foundation, keeping the oil sands in the ground and stopping new pipelines “will actually increase greenhouse gas emissions” – wait, what? At an energy conference Continue Reading
Bruised But Not Broken, Dakota Access Line Foes Turn to Keystone
Activists wait to march outside the U.S. Army Corps of Engineers to protest the Keystone XL Pipeline and rally for Native American rights during the Native Nations Rise march on Continue Reading
Is Gasoline Demand On The Rise?
A common refrain one hears these days from market bulls and reads in long-term analyses is that by 2020, the current glut in supply and decline in prices will be Continue Reading
Is Haynesville About To Make A Comeback?
Back in early 2011, the Haynesville shale play in east Texas, northwest Louisiana, and southwest Arkansas surpassed the Barnett Shale in Texas as the highest-producing shale gas play in the Continue Reading
Donald Trump and the Myth of the Coal Revival
The President’s latest executive order would scrap regulations critical to addressing climate change. But would it also, as he promises, put miners “back to work”? On Tuesday, less than two Continue Reading
Russia Reaches 2/3 Of Oil Output Cut Target
Russia has cut crude oil production by 200,000 barrels daily , Energy Minister Alexander Novak said. That’s two-thirds of the amount it agreed to cut under the OPEC-non-OPEC agreement closed Continue Reading
Report: Operators Stepping Up Search for North Sea Decommissioning Staff
Operators are improving the ways in which they search for North Sea decommissioning staff, according to a new report by the Boston Consulting Group. Operators are improving the ways in Continue Reading
NYMEX April gas futures expire at $3.175/MMBtu, up 7.9 cents
The NYMEX April natural gas futures contract expired on a high note, with the prompt-month contract settling at an eight-week high of $3.175/MMBtu, up 7.9 cents day on day. The Continue Reading
Oil Stays Above $49 as U.S. Fuel Demand Blunts Crude Supply Gain
Signs of growing U.S. fuel demand are propping up oil above $49 a barrel, with more refinery purchases seen helping ease a glut in American crude stockpiles. Futures in New Continue Reading
Oil Rises as Inventory Data Signals Strong Demand
Oil prices closed at a three-week high on Wednesday, boosted by signs of strong demand for crude products and renewed commitments by major oil producers to rein in production. Light, Continue Reading
Oil rises on Libyan supply disruptions, likely OPEC output cut extension
Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half Continue Reading
After energy agreement, Iran sees growing trade with Russia
Boasting that it’s a result of a multilateral nuclear deal, OPEC-member Iran said its trade volume with oil-rich Russia could pass the $10 billion mark. Iranian President Hassan Rouhani hosted Continue Reading
OPEC compliance with oil curbs rises in March as UAE joins cut: survey
OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies Continue Reading
Oil Traders Warn There’s a Supply Crunch Looming
The oil market is risking a supply crunch as producers cut spending on major projects to focus on short-term low-cost shale output in the U.S., some of the top crude Continue Reading
Egypt To Halve Arrears With Oil Companies In Coming Weeks
Egypt expects to cut the $3.5 billion euros it owes to international oil companies by around half in coming weeks, the Egyptian oil minister said on Wednesday. “We have made Continue Reading
Libya’s Oil Output Falls to Six-Month Low as Field Shuts
Libya’s crude production dropped to about 500,000 barrels a day, the lowest since September, as exports from the nation’s second-largest terminal at Zawiya were disrupted. The OPEC nation’s output has Continue Reading
Maduro’s Last Stand: Military Takes Over Struggling Oil Sector
As Venezuela’s foreign currency reserves have shrunk to $10.4 billion USD , so have the country’s goods in stock, against the background of gas, energy and medicine shortages, crime rates Continue Reading
For Commodity Prices, China’s Output Is Becoming a Growing Factor
Chinese demand has long been the driving force in many global commodity markets. Now, expectations of falling production of goods from aluminum to coal are moving prices and getting more Continue Reading
China likely to keep oil product exports steady to lower in H1 2017: sources
China is highly likely to restrict oil product exports in the first half of 2017 to flat or below H1 2016 levels amid growing focus on pollution control, curbing excess Continue Reading
Chevron makes LNG headway
The third production facility at the Gorgon liquefied natural gas facility off the Australian coast is now in service, the regional subsidiary of Chevron said. “This is a key milestone Continue Reading
Toshiba’s Westinghouse Electric Files for Bankruptcy Protection
Westinghouse Electric Co., a major player in global nuclear construction, filed for bankruptcy protection, raising questions about the fate of four half-finished reactors in the U.S. A storied name in Continue Reading
‘You Are All Liars’: Toshiba Shareholders Vent After Westinghouse Bankruptcy
MAKUHARI, Japan—Toshiba Corp. shareholders, some of them in tears, denounced management at a shareholders’ meeting Thursday outside Tokyo and asked why Toshiba had plowed billions of dollars into a now-bankrupt Continue Reading
Out of road: driverless vehicles and the end of the trucker
Ramona Saucedo has been on the road for nearly two months, and she’s ready to get back home. Standing in front of a dusty white truck in the parking lot Continue Reading
Nations Renew Climate Vows, Press Trump to Do Same
European officials issued rebukes and officials around Asia said they would continue their drive toward cleaner fuels after President Donald Trump laid the groundwork to reverse his predecessor’s climate-change policies. Continue Reading
Summary of Weekly Petroleum Data for the Week Ending March 24, 2017
U.S. crude oil refinery inputs averaged over 16.2 million barrels per day during the week ending March 24, 2017, 425,000 barrels per day more than the previous week’s average. Refineries Continue Reading
Huge 300,000 Bpd Fracklog Could Derail Oil Price Recovery
Thousands of drilled shale wells are sitting idle, unfracked and uncompleted. The backlog of drilled but uncompleted wells (DUCs) grew dramatically beginning in 2014, as low oil prices forced drillers Continue Reading
Trump Can’t Save Coal
President Donald Trump signed an executive order on Tuesday that will begin a lengthy process of dismantling former President Obama’s signature achievement on climate change – regulations that put limits Continue Reading
The 5 Biggest Strategic Petroleum Reserves In The World
The U.S. is the world’s largest holder of emergency crude stockpiles, but now it’s selling off reserves, while China, the second-largest, is taking advantage of low crude oil prices to Continue Reading