North Dakota oil output rises back above 1 mil b/d in Feb
Up 5% from Jan; first month above 1 mil b/d since Nov Spring thaw will slash output, but rebound expected by May Bakken spot prices rise while breakeven prices fall Continue Reading
Weekly US coal production estimate drops to lowest level of year: EIA
Weekly US coal production totaled an estimated 13.77 million st in the week that ended Saturday, down 5% from the prior week but up 19.9% from the same week a Continue Reading
U.S. Oil-Rig Count Climbs by 11
The number of rigs drilling for oil in the U.S. rose by 11 in the past week to 683, according to oil-field services company Baker Hughes Inc. The Baker Hughes Continue Reading
U.S. offshore oil production on the rise
With two oil fields in the Gulf of Mexico starting production this year, and five on tap for 2018, offshore production is set to increase, a U.S. report found. Eight Continue Reading
U.S. Oil Rig Count Climbs to Highest in Almost Two Years
U.S. crude production will likely rise in the months ahead as explorers added rigs for a 13th week, capping the longest stretch of gains since 2011. Rigs targeting crude rose Continue Reading
Russia tapping deeper into Arctic oil basin
Russian oil company Gazprom Neft said it finished drilling a new production well at one of its flagship fields above the Arctic Circle. The company said it finished the well Continue Reading
Oil prices flat as IEA report counters higher U.S. output
Oil traded flat on Thursday after weekly data indicated a continued rise in U.S. production, while an International Energy Agency (IEA) report said the market was close to balance. Benchmark Continue Reading
Oil majors’ reserves are shrinking and investors don’t mind
As crude prices recover, oil majors face a dilemma – how quickly should they seek to replenish reserves? It’s the same question the cyclical oil industry has tackled many times Continue Reading
Oil Falls After EIA Data Show U.S. Output Continues Growth
Oil prices ended a six-session streak of gains after federal data showed U.S. crude output continued its relentless growth. Crude prices slid, giving up earlier gains, after the U.S. Energy Continue Reading
OPEC sees rivals’ oil output rising as it over-delivers on cuts
OPEC cut oil output in March by more than pledged under a supply reduction deal and said oil inventories had fallen in February, suggesting that its effort to clear a Continue Reading
Will Shale Kill Off The Oil Price Rally Again?
WTI has rallied more than 11 percent over the past month, raising hopes from oil bulls that maybe, just maybe, the price gains are here to stay. Oil had dipped Continue Reading
Supply Crunch Or Oil Glut: Investment Banks Can’t Agree
In recent years, U.S. shale has thrown in another unknown in the mix of factors driving the price of oil. This year, shale output forecasts combine with OPEC’s production cuts, Continue Reading
Goldman Sachs anticipates return to long-term oil price stability
Goldman Sachs has maintained its base case for oil prices at $50 per barrel, saying it anticipates a return to stable long-term oil prices. The bank said in an outlook Continue Reading
International Energy Agency OMR
Global demand growth of 1.3 mb/d is forecast for 2017, a second consecutive annual decline and slightly below our prior forecast following weaker than expected 1Q17 demand. Subdued gains in Russia and Continue Reading
U.S. crude stockpiles fall unexpectedly: EIA
U.S. crude stocks fell unexpectedly last week, the Energy Information Administration said on Wednesday, while gasoline and distillate inventories also declined in a report that analysts said should be supportive Continue Reading
Libya’s Haftar says Russian base not being discussed – RIA
The question of a Russian military base being set up on Libyan territory is not being discussed, Russia’s RIA news agency quoted Libyan military commander Khalifa Haftar as saying on Continue Reading
U.S. Oil Assets Could Fall Into Russian Hands If Venezuela Defaults
If Venezuela defaults on its debt obligations, it could result in Russia taking control over U.S. refining assets, leading to more Russian “control over oil and gas prices worldwide,” which Continue Reading
New U.S. pipelines to drive natural gas boom as exports surge
U.S. energy firms are scrambling to finish a slew of pipelines that will unleash rich reserves of shale gas in Pennsylvania, West Virginia and Ohio as the nation prepares to Continue Reading
PDVSA Notes Rally After Venezuela Makes Good on $2.2 Billion Debt Payment
Oil company honors debt obligations amid political unrest Government says it will continue paying debt due this year Bonds issued by Venezuela’s state oil company rallied after the country made Continue Reading
Venezuela Staves Off Default, but Low Oil Prices Pose a Threat
Venezuela has put off a reckoning on its tens of billions of dollars in debt, but its ability to avoid a disastrous default will probably require much higher oil prices Continue Reading
After years of soaring growth, Asia’s fuel demand falters
After years of often explosive growth, fuel consumption in Asia’s biggest economies is stuttering, undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to end a global Continue Reading
China Takes Crude Crown as Output Lags Behind Rising Demand
China’s record oil imports in March helped it top the U.S. as the world’s biggest buyer during the first quarter as stockpiling and aggressive buying by refiners coincided with slumping Continue Reading
Summary of Weekly Petroleum Data for the Week Ending April 7, 2017
U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending April 7, 2017, 268,000 barrels per day more than the previous week’s average. Refineries operated Continue Reading
Gulf of Mexico crude oil production, already at annual high, expected to keep increasing
U.S. crude oil production in the Federal Gulf of Mexico (GOM) set an annual high of 1.6 million barrels per day (b/d) in 2016, surpassing the previous high set in Continue Reading
Florida lawmaker fending off calls for oil and gas drilling
Amid calls for more oil and gas drilling, a Democratic senator in Florida said he was “beating back” pressure for exploration in the Gulf of Mexico. Industry groups like the Continue Reading
New U.S. pipelines to drive natural gas boom as exports surge
U.S. energy firms are scrambling to finish a slew of pipelines that will unleash rich reserves of shale gas in Pennsylvania, West Virginia and Ohio as the nation prepares to Continue Reading
IEA Forecasts Second Straight Year of Slowing Oil Demand Growth
Global oil demand is expected to grow at a slower pace for the second year in a row, the International Energy Agency said Thursday, complicating efforts by big petroleum producers Continue Reading
U.S. Oil Production, Imports Rise Faster Than Expected
The EIA’s short-term energy outlook , released on April 11, predicted increases in American energy production, along with an increase in imports. The agency’s forward predictions on the outlook of Continue Reading
Russia plans to cut oil output by 300,000 barrels per day
Russia says it will cut 300,000 barrels of oil per day from its production levels by the end of the month in coordination with an OPEC-led agreement. File Photo by Continue Reading
Oil Prices Pull Higher After API Reports Draws Across The Board
The American Petroleum Institute (API) reported a draw of 1.3 million barrels in United States crude oil inventories, compared to analyst expectations for a crude oil build of 125,000 barrels. Continue Reading
The Risk Of A Major Oil Outage Just Grew Substantially
The U.S. cruise missiles that were fired on Syria will have severe repercussions for the global oil market. The current price hike could be short-lived, but new confrontations are already Continue Reading
Oil Extends Longest Gain of 2017 as Saudis Seen Extending Curbs
Kingdom’s decision depends on stance of countries such as Iraq U.S. crude stockpiles drop 1.3 million barrels last week: API Oil advanced for a seventh day in New York, the Continue Reading
Is The Oil Price Rally Running Out Of Steam?
Oil prices started the week at a one-month high, with geopolitical tensions and growing confidence over an OPEC deal extension driving a rally. But as oil prices settle in the Continue Reading
Short-Term Energy and Summer Fuels Outlook
Forecast Highlights Global liquid fuels For the 2017 April-through-September summer driving season, U.S. regular gasoline retail prices are forecast to average $2.46/gallon (gal), compared with $2.23/gal last summer (see Summer Continue Reading
Exclusive: OPEC figures show oil output cuts exceed pledge in March – sources
OPEC states cut oil output in March by more than they pledged under supply curbs, according to figures the exporter group uses to monitor its supply, extending a record of Continue Reading
OPEC’s war on oil overhang starts to bear fruit
OPEC appears to be slowly winning the battle against a global overhang of crude and oil products as inventories in onshore and floating storage decline. The price of oil may Continue Reading
Saudi Arabia Said Likely to Support OPEC Extending Output Cuts
Riyadh hasn’t taken a final decision on the production curbs OPEC will meet in Vienna late next month to discuss its policy Saudi Arabia is likely to support extending OPEC Continue Reading
Saudi Arabia Said to Cut Oil Output to Lowest Since January
Kingdom said to pump 9.9 million barrels a day in March Production increased in February to refill storage tanks Saudi Arabia pared its oil production last month to the lowest Continue Reading
Libyan Oil Output Said to Drop to Six-Month Low on Field Halt
Production cut to 490,000 barrels a day, person familiar says Country’s biggest field Sharara stopped pumping on April 9 Libya’s oil production fell by 30 percent to the lowest level Continue Reading
Libya estimates field closure costing $9.8 million per day
The closure of one of the largest oil fields in Libya means a loss of about $9.8 million and the outage of huge volumes of oil, a national oil company Continue Reading
Libyan Oil Production Falls Further As Wafa Field Goes Offline
Just a day after production at Libya’s largest oil field was suspended , the National Oil Corporation told local media that another field, Wafa, has also stopped producing. This could Continue Reading
Shell Knew Nigeria Ex-Minister’s Company Would Get Oil-Deal Cash
Transaction under investigation amid allegations of corruption Company previously said it was unaware minister would be paid Royal Dutch Shell Plc said it knew some of the $1.1 billion paid Continue Reading
Venezuela: Severe Nationwide Protests Continue
Widespread and intense protests continued across Venezuela on April 11, El Nacional reported. The day before, protesters alleged that authorities fired tear gas onto the grounds of the Policlinica Las Continue Reading
China Opens Delayed Myanmar Oil Pipeline to Get Mideast Crude Faster
Pipeline operations start as crude unloaded at Made Island Tanker United Dynamic arrived from Turkey on April 9: data A crude pipeline to southwestern China through its neighbor Myanmar began Continue Reading
Toshiba Warns It May Be Unable to Stay in Business
Toshiba Corp. on Tuesday expressed doubt for the first time that it can survive in light of huge losses at its U.S. nuclear subsidiary, which filed for bankruptcy last month. Continue Reading
This Government Is Drilling A NatGas Project Unlike We’ve Ever Seen
Quick update to my recent story on Libya’s largest oil field shutting down — with reports yesterday suggesting that the Sharara field has once again gone offline following possible rebel Continue Reading
Toshiba Can’t Shake Its Westinghouse Woes
In a widely-expected move, Toshiba’s troubled nuclear construction business Westinghouse filed for Chapter 11 bankruptcy protection at the end of last month. Now the company is up for sale, after Continue Reading
Gas prices up on geopolitical tensions, end of winter
A steady rise in crude oil prices and maintenance at the nation’s refineries means steady pain at the pump for U.S. motorists, motor club AAA reports. AAA lists a national Continue Reading
Texas New Drilling Permits Shoot Up Threefold in March
The Texas Railroad Commission issued 1,310 new oil and gas drilling permits to shale producers last month, up from just 511 a year ago. Most of these were issued for Continue Reading
EIA STEO projects higher US crude production, increases in travel and gasoline demand
Outlook (STEO), the US Energy Information Administration (EIA) projects that US crude oil production, which averaged an estimated 8.9 million barrels per day (b/d) in 2016, will average 9.2 million Continue Reading