Why oil prices can’t rise very high, for very long
Oil prices are now as high as they have been for three years. At this writing, Brent is $74.14 per barrel and West Texas Intermediate is at $68.76. These prices Continue Reading
Which countries have the biggest oil reserves?
Oil is created from the decomposition of organic materials , which are under extreme heat and pressure over a period of millions of years. Oil is more common than you Continue Reading
Iran switches from dollar to euro
Iran’s feud with the US is set to get worse after Tehran announced yesterday that it will start reporting foreign currency amounts in euros rather than US dollars, as part Continue Reading
Shell’s Profits Soar From Strong Asian Demand
Oil major Shell has snapped up over 8 million barrels of June-loading crude oil grades from the Middle East and Russia and has resold some of the cargoes in Asia, Continue Reading
Private Chinese Chemical Giant Gets Largest-Ever Oil Import Quota
Hengli Petrochemical, a unit of private Chinese chemical giant Hengli Group, has obtained state approval to import 400,000 bpd of crude oil—the largest quota ever handed to a private Chinese Continue Reading
U.S. drillers add oil rigs for third consecutive week: Baker Hughes
U.S. energy companies added oil rigs for a third week in a row as energy firms follow through on plans to spend more on drilling this year with crude prices Continue Reading
GE’s Baker Hughes first-quarter profit tops view on oilfield services growth
General Electric Co’s Baker Hughes posted a quarterly profit that beat Wall Street estimates on Friday as improving oil prices prompted companies to ramp up oil and gas production. U.S. Continue Reading
GasBuddy: With gas prices this high, it’s no wonder Trump is concerned
The surge in gas prices coming from higher crude oil prices means OPEC is canceling out the gains of U.S. consumers from a tax break, GasBuddy said Friday. U.S. retail Continue Reading
Schlumberger sees growing supply challenges
The oil and gas industry may need a significant amount of new investments to offset a looming supply shortage, the head of oil services firm Schlumberger said. Companies like Schlumberger Continue Reading
Bottlenecks curb output for shale player Sanchez
Despite gains in its drilling program, U.S. shale player Sanchez Energy said first-quarter production was impacted by incidents outside of its control. Total first quarter production for the company averaged Continue Reading
Arctic wilderness area in Alaska to be opened to drilling
An initial step toward opening up an Arctic wilderness area in Alaska to oil and gas development unveils a revenue stream for the state, the governor said. A document published Continue Reading
Maritime shippers need more LNG
The maritime fleet industry needs to use more liquefied natural gas as a fuel in order to lower its emissions, a Finnish company said Friday. Wärtsilä Corp., a Finnish company Continue Reading
Tremor reported in shale-rich Oklahoma
A small tremor was recorded early Friday in the shale heartland of Oklahoma, one day after state regulators limited work because of seismic activity. The U.S. Geological Survey recorded a Continue Reading
Is Alberta Suffering From The Oil Curse?
Alberta needs long-term fiscal planning to avoid the adverse effects of oil price swings on the contents of its coffers, outgoing auditor general Merwan Saher said in his final report. Continue Reading
Cheniere advances financing plan to fund third unit at Texas LNG export terminal
Cheniere Energy said Friday it had engaged more than two dozen banks and financial institutions to help it finance a third liquefaction train at its Corpus Christi LNG export facility, Continue Reading
US Oil Rush Spurs ‘Triangle’ Trade as Output, Exports Soar
Rapid increases in U.S. oil output and exports over the past two years are forcing some traders and producers to try alternative ways of pricing crude. While the market benchmark Continue Reading
Explorers Crank Rig Count Higher as US Crude Supplies Dwindle
Oil explorers deployed more U.S. rigs this week as increasingly tight crude supplies pushed prices to their highest since 2014. U.S. working oil rigs rose by five this week to Continue Reading
Electric Scooters Are Causing Havoc. This Man Is Shrugging It Off.
Travis VanderZanden, the chief executive of electric scooter company Bird Rides, surveyed the new indoor park at his office one morning this week. While the space is still under construction, Continue Reading
Norway’s Hydro notifies Rusal of possible force majeure
Aluminum maker Norsk Hydro may declare force majeure on contracts it has with Russia’s United Company Rusal due to U.S. sanctions, the Norwegian company said on Friday. The price of Continue Reading
Russia And Iran Hit Back At The Petrodollar
Russia and Iran have launched an oil-for-goods exchange program seeking to eliminate bilateral payments in U.S. dollars and plan to keep it going for five years, RT reports citing Energy Continue Reading
Oil dips but remains close to late-2014 highs on supply cuts,…
Oil prices on Friday stayed near three-year highs reached earlier this week, with ongoing OPEC-led supply cuts and strong demand gradually drawing down excess supplies. Brent crude oil futures LCOc1 Continue Reading
Oil Is on a Tear—Are Bulls Getting Ahead of Themselves?
As oil prices have soared, hedge funds and other big investors have amassed a record number of bullish bets on crude, putting the market at risk of a swift fall Continue Reading
Crude oil futures rise to fresh 40-month high on stock draw, bullish Saudi Arabia; ICE Brent at $74.13/b, NYMEX WT
Crude futures prices rose to fresh three-year highs on Thursday, as a sharp stock draw in the US and signals that OPEC could continue production cuts into next year continued Continue Reading
Oil Soars To Highest Price Since 2014
Oil prices reached highs last seen at the end of 2014 early on Thursday, with WTI Crude trading just below $70 a barrel after another drop in U.S. inventories and Continue Reading
Oil prices rally in spite of darker economic clouds
Crude oil prices continued their rally to test multi-year highs Thursday amid signs of higher demand, despite concerns about future economic growth. Crude oil prices rallied more than 3 percent Continue Reading
How High Can Trump Push Oil Prices?
Behind the scenes, Saudi officials are eyeing $100 per barrel as a goal, which would help plug a chronic fiscal deficit, but more importantly, it would inflate the value of Continue Reading
OPEC Panel Confirms The Oil Glut Is All But Eliminated
A meeting of the Joint Technical Committee (JTC) of the OPEC and non-OPEC oil producers part of the supply-cut pact found on Thursday that oil inventories in developed economies had Continue Reading
OPEC, non-OPEC monitoring panel to meet in Algeria in September:…
A joint OPEC and non-OPEC ministerial committee established to monitor compliance with a global supply cut agreement plans to meet again in Algeria in late September, sources said on Friday. Continue Reading
Is OPEC Underestimating U.S. Shale?
The oil production cuts and healthy oil demand growth have helped the global inventory surplus to nearly vanish and it certainly looks very much like OPEC and allies have a Continue Reading
The great Russian oil game in Iraqi Kurdistan
Last October, at the height of a political crisis in Iraq’s Kurdistan region, a letter arrived at the Iraqi oil ministry in Baghdad from Igor Sechin, head of Kremlin oil Continue Reading
BP sees $6 billion in gas investments in India
British energy company BP said Thursday it signed off on the development of deepwater gas projects in India for a total investment of $6 billion. “These new developments will produce Continue Reading
An Oil Deal Between Saudi and Russia Worked. Now What?
Saudi Arabia and Russia forged a risky oil-market deal about 18 months ago, agreeing to throttle back output in an effort to lift prices. It worked. A glut of stored Continue Reading
Iran’s Moves in Syria Raise Risk of Conflict With Israel
Israel faces a harsh new world as Syria’s civil war winds down: while Iran remains far away, the Iranian threat now is next door. There are several hundred miles and Continue Reading
Should Saudi Arabia Fear Higher Oil Prices?
You have to hand it to Saudi Arabia. After struggling in global oil markets from 2015 to early 2017, the Kingdom can arguably be called “the comeback kid.” However, the Continue Reading
Exxon, Iraq at Odds on Major Oil Contract
An important oil industry contract between Exxon and Iraq could fall through, throwing a wrench in the works of Iraq’s oil industry expansion, Reuters reports , citing sources close to Continue Reading
Saudi oil minister says more work needed to lower inventories
Saudi Arabia’s Energy Minister Khalid al-Falih said on Friday global oil inventories had declined from their peak but had not yet fallen far enough. “Today (inventories) are still about 2.8 Continue Reading
The One Man Who Could Send Oil To $100
The future of North Africa’s leading oil and gas producer Libya is once again under threat. International media reports that Libya’s strongman General Khalifa Haftar, leader of the LNA, the Continue Reading
Disaster Looms Over Libyan Oil
Is General Khalifa Haftar dead or alive? The leader of the Libyan National Army disappeared from the public eye earlier this month, and now rumors surrounding his health are beginning Continue Reading
U.S. says ex-official at PDVSA unit pleads guilty to money laundering
A former official of a subsidiary of Venezuela’s state oil company PDVSA pleaded guilty on Thursday to a U.S. charge of conspiracy to commit money laundering, the U.S. Justice Department Continue Reading
Funding emerges for company with a Cuban energy footprint
Melbana Energy, an Australian company with operations in Cuba and New Zealand, said it secured a $2.5 million loan to help finance its operations. The company said it secured the Continue Reading
Panama Canal to cut transit draft to 48 feet on April 27: ACP
The Panama Canal Authority (ACP) will reduce the maximum draft for vessels transiting the Neopanamax locks to 48 feet or 14.63 meters tropical fresh water starting April 27, it said. Continue Reading
Asian oil demand to hit record, but industry can’t take eyes off…
Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top Continue Reading
Chinese gas boom restructuring and rebalancing the global LNG market
China imported 38 million mt of LNG in 2017, a 50% year-on-year increase, and S&P Global Platts Analytics forecasts a 22% growth this year. The country’s demand is set to Continue Reading
Oil-rich North Dakota expecting budget issues
Facing tariff headwinds, and despite its vast crude oil resources, North Dakota may have to cut back because of a shortage of general funds, the governor said. North Dakota is Continue Reading
Electric scooters might revolutionize urban transport — if it wasn’t for stupid humans
Motorized scooters, like these from Bird and Spin, have been showing up in cities around the United States. (David Paul Morris/Bloomberg News) You’ll find them obstructing sidewalks in Austin, draped Continue Reading
U.S. coal exports increased by 61% in 2017 as exports to Asia more than doubled
The United States exported 97.0 million short tons (MMst) of coal in 2017, a 61% (36.7 MMst) increase from the 2016 level. Exports to Asia more than doubled from 15.7 Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the Week Ending April 13, 2018 U.S. crude oil refinery inputs averaged over 16.9 million barrels per day during the week ending April 13, Continue Reading
The Overlooked Implications Of The U.S. Shale Boom
One of the often-unsung aspects of the shale revolution that has taken place in the U.S.A. over the last few years, is the amount of natural gas that’s been produced. Continue Reading
California hydro generation, water levels jump; outlook still shows drought: state
Water supply levels in California were bolstered in March but still sit below normal, after several late winter storms increased snowpack and reservoir levels, according to the California Department of Continue Reading
Momentum Dynamics deploys 200 kW wireless charging system for electric transit buses in Wenatchee, WA
Momentum Dynamics has commissioned the US’ first 200 kW wireless charging system for a battery-electric transit bus fleet. The wireless charging system is now operational on a BYD K9S bus Continue Reading