Oil Prices Rise As The U.S. Rig Count Falls
The number of active oil rigs in the United States fell this week by 1 rig as drillers in the United States proceed more cautiously than earlier in the year. Continue Reading
Higher-cost crude could squeeze margins at U.S. refiners
U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to Continue Reading
Energy Suppliers Find Fresh Lift From Offshore Wind
For more than three decades, Gulf Island Fabrication Inc. has built foundations to anchor offshore-oil platforms to the ocean floor. Now, as lower oil prices take a bite out of Continue Reading
Under Trump, Coal Mining Gets New Life on U.S. Lands
The Trump administration is wading into one of the oldest and most contentious debates in the West by encouraging more coal mining on lands owned by the federal government. It Continue Reading
‘Nothing To See Here’ – Frackers Ignore Rising Well Decline Rates
Shale wells suffer from steep decline rates. A rush of output occurs at first, but almost immediately after the well comes online, the flow rate drops off precipitously. And within Continue Reading
Shale Producers Hedge At Much Lower Prices
Shale oil producers are hedging again – this is the latest message coming from investment banks and analytical firms, according to Bloomberg . After hedging largely died down when WTI Continue Reading
Is The Shale Rebound Causing A Return Of Flaring?
Underneath the surface of North Dakota is the Bakken Formation, which is part of the Williston Basin that also lies underneath parts of South Dakota, Montana, southwestern Manitoba and southern Continue Reading
Among States, Texas Consumes the Most Energy, Vermont the Least
Source: U.S. Energy Information Administration, State Energy Data System. EIA’s State Energy Data System (SEDS) recently released 2015 data estimates for all 50 U.S. states and the District of Columbia. Continue Reading
Is The EIA Exaggerating U.S. Oil Production?
Oil is back at $50 per barrel, restoring some semblance of confidence in the market. But that is just about as much as we can expect in terms of a Continue Reading
‘Lucifer’ Heat Wave Keeps Parts of Europe in Red Alert – Bloomberg
No wonder it’s been dubbed “Lucifer.” A relentless heat wave that gripped parts of Europe this week has sent temperatures soaring to record highs for several days, causing at least Continue Reading
Russian Crimea Project Faces New EU Sanctions
Deputy Russian Energy Minister Andrew Cherezov and three new Russian companies now face new sanctions from the European Union due to their involvement in the delivery of gas turbines to Continue Reading
Big Oil’s Dream of $65 Billion Hidden Off Norway Is Fading Away
Norway’s oil industry has been salivating for years over the Arctic Lofoten islands, which could hold billions of barrels of crude. It will likely have to keep dreaming. The general Continue Reading
Oil dips on high OPEC supplies, defying falling U.S. crude stocks
Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. Continue Reading
In Iran, Rouhani Begins 2nd Term With Signs He’s Yielding to Hard-Liners
President Hassan Rouhani, endorsed by Iran ’s supreme leader on Thursday with a nationally televised cheek-kiss, is starting his second term under newly intense pressure from both hard-line opponents and Continue Reading
Goldman Sachs Vies For Role In Aramco IPO
Goldman Sachs has bought in the secondary market part of Saudi Aramco’s US$10-billion revolving credit facility as the U.S. investment bank vies for a role in what would be the Continue Reading
Gas pipeline inaugurated in northern Iran
National Iranian Gas Co. said a natural gas pipeline able to lower reliance on former supplier Turkmenistan has been inaugurated in northern Iran. Oil Minister Bijan Namdar Zanganeh opened a 160-km, Continue Reading
Venezuela prosecutors open probe into vote manipulation
The Venezuelan state prosecutor’s office said late on Wednesday it has opened an investigation into accusations that the country’s elections council manipulated turnout figures in Sunday’s controversial election for a Continue Reading
Venezuela cuts oil supply to Citgo as Russia’s Rosneft gets more
Venezuela’s state-run PDVSA has reduced crude sales to its U.S. refining unit Citgo Petroleum while increasing supply to Russia’s Rosneft ( ROSN.MM ), following a plan signed in May to Continue Reading
Venezuela’s ‘’Election’’ Creates Opportunity For Oil Investors
The result of this election was hardly in doubt. Opposition political parties boycotted what can most generously be referred to as “massaged” voting results. But the main result may end Continue Reading
Construction of world’s second largest hydropower station begins
A ceremony is held at the construction site of Baihetan project, which is located downstream of the Jinsha River, the upper section of the Yangtze, in Ningnan county of southwest Continue Reading
Weekly US coal production estimate highest since February: EIA
Weekly US coal production totaled an estimated 16.1 million st in the week ended July 29, up 4.4% from the prior week and up 13.1% from the year-ago week, US Continue Reading
OPEC Cuts: A Curse For U.S. Refiners, A Blessing For Canadian Oil Sands
The lowered exports of OPEC heavy crude grades to North America are tightening the price spread between WTI and Western Canadian Select (WCS), cutting into the refining margins of U.S. Continue Reading
Has Gulf Of Mexico Production Peaked?
Production for May by BOEM was 1673 kbpd and by EIA 1661, compared with 1661 and 1658 kbpd, respectively in April. March looks like the peak, at least near term, Continue Reading
Enbridge: Michigan, North Dakota pipelines working as planned
The source of opposition, pipeline company Enbridge said in its second quarter report that pipelines in Michigan and North Dakota were operating as expected. Second quarter net income was $92.6 Continue Reading
Global momentum underway for electric vehicles
The drive toward electric vehicles gained international momentum with Germany and the United States making strides on the sea change in the automotive industry. Two million electric vehicles were on Continue Reading
Several earthquakes strike shale-rich Oklahoma
Eight earthquakes were recorded Thursday in Oklahoma, a state at the heart of the shale oil and natural gas industry, the U.S. Geological Survey reported. The largest of the tremors Continue Reading
South Carolina Nuclear Woes Could Impact Virginia
A multi-billion-dollar mess over partially-built nuclear plants in South Carolina could impact whether Virginia goes forward with a pricy new reactor of its own. Two South Carolina energy companies recently decided to abandon construction Continue Reading
Wintershall warns U.S. against playing ‘geopolitical football’
German energy company Wintershall, a European partner with Russia’s Gazprom, said the European energy sector can’t be used for “geopolitical football .” President Donald Trump on Wednesday signed a bill Continue Reading
Poll: Shale drilling a new concept to the British public
British polling data show only a handful of respondents claim to know much about hydraulic fracturing. Photo courtesy of Cuadrilla Resources Aug. 3 (UPI) — With shale drilling about ready Continue Reading
The Race For Floating Wind Farms Has Begun
For the last six years Statoil has been testing game-changing offshore wind technology. The result: a floating wind turbine has been pulled from Norway to Scotland where the world’s first Continue Reading
As Oil Prices Rise, Are Oil Bulls Too Optimistic?
Optimism, at first tentative and in the last week more pronounced, has been taking over oil markets. Short positions on WTI were at a three-month low as of Monday, according Continue Reading
Big Oil Seen Vulnerable to Fresh Slump Despite Growth at $50
Europe’s oil industry is once again generating cash even as crude languishes at half the price of three years ago. Yet companies remain vulnerable to a renewed downturn. The region’s Continue Reading
Oil dips on high OPEC supplies, defying falling U.S. crude stocks
Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. Continue Reading
Goldman: $50 Oil More Profitable Than $100 Oil
Big international oil companies are currently generating more cash at around-US$50 oil price than they did when the price of oil exceeded US$100 in early 2014, Goldman Sachs reckons. “Simplification, Continue Reading
Oil Rises After Inventory Data
Oil prices rose Wednesday after U.S. data showed that crude inventories continued to shrink and gasoline demand climbed to a record last week. U.S. crude futures settled up 43 cents, Continue Reading
Qatar Passes Landmark Law to Grant Permanent Residency to Expats
Qatar, facing a Saudi-led boycott, approved a landmark law with the potential to ultimately transform Gulf societies by granting permanent residency cards — and new rights — to some of the foreigners Continue Reading
Iran making pipeline strides
Iran is becoming less dependent on its neighbors for natural gas with the launch of a pipeline to the northern provinces, the government said. Iranian Energy Minister Bijan Zangeneh was Continue Reading
Did The Arab Spring Disarm OPEC?
OPEC is struggling with a floundering oil market, few prospects of higher oil prices, competition from U.S. shale, and dissension within its own ranks. The supply/demand situation is improving, but Continue Reading
Special Rules Won’t Fly For Aramco IPO
The UK Institute of Directors has criticized the Financial Conduct Authority’s proposal to amend listing rules that would accommodate Saudi Arabia’s oil giant Aramco, which is planning to list 5 Continue Reading
Nigeria’s NNPC in funding deals with foreign partners to develop oil fields
Nigerian National Petroleum Corp said Thursday it had agreed new funding arrangements with four foreign partners to develop new oil fields in the Niger Delta that will substantially increase Nigerian Continue Reading
Venezuelan Officials Tampered With Election, Voting-Software Firm Says
Venezuelan authorities tampered with votes during an election this week to elect a body to rewrite the country’s constitution, said the company that provides the government with the voting software. Continue Reading
Europe mulling its options with Venezuela
With oil so far spared from the target of sanctions, the European Commission said Wednesday it was discussing a range of potential options for Venezuela. The U.S. Treasury Department hit Continue Reading
Beijing aims to expand electric bus fleet
Beijing aims to vastly increase the amount of electric buses in its fleet by the start of the next decade. The city’s public transportation system has been stressed by massive Continue Reading
U.S. Shale Heavyweights To Boost Production This Year
In a sign that the U.S. shale patch is boosting output that has been keeping a lid on oil prices, four U.S. shale companies reported second-quarter production that beat targets Continue Reading
Venezuela Expects Refinery Output Capacity To Drop To 44%
Venezuelan state energy giant PDVSA expects its refineries to run at 44 percent capacity in August due to crude supply issues, Reuters reported on Tuesday. At maximum output, the refinery Continue Reading
Tab Swells to $25 Billion for Nuclear-Power Plant in Georgia
The cost of building the only nuclear power plant under construction in the U.S. has ballooned to more than $25 billion, but chief owner Southern Co. said it isn’t ready Continue Reading
Nuclear’s Demise Continues: Another Huge Project Cancelled
In terms of chronology, Santee Cooper’s board of directors met on July 31 to review the revised estimates for the completion for the now ill-fated nuclear project. (Santee Cooper owns Continue Reading
The Reported Death of Peak Oil Has Been Greatly Exaggerated
Production for May by BOEM was 1673 kbpd and by EIA 1661, compared with 1661 and 1658 kbpd, respectively in April. March looks like the peak, at least near term, Continue Reading
Despite Cuts in CAPEX & Revenue, Silver Linings Exist for US Oil, Gas
A new EY study reveals opportunities still exist for US oil and gas, despite a year of declines. “2016 results are not good, but they are less bad than they Continue Reading
Climate change isn’t the end of the world
Yes, the costs are not evenly spread. Some places will do better and some will do worse. The American South might be a worse place to grow wheat; Southern Canada Continue Reading