The Biden administration’s plan to continue releasing the Strategic Petroleum Reserves (SPR) “as appropriate” to bring down retail rates poses limited downside from current crude price levels, Goldman Sachs said Continue Reading
The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
Diesel inventories have fallen to dangerously low levels. U.S. refineries are churning out less diesel and exporting more amidst a period of high demand. An ongoing diesel shortage would lead Continue Reading
Drop led by 20% slump in middle distillates Inventories fall from 25-month high Heavy distillates drop most since Aug. 21 Oil product stockpiles at the UAE’s Port of Fujairah fell Continue Reading
The American Petroleum Institute (API) reported a draw this week for crude oil of 1.27 million barrels. U.S. crude inventories have grown by roughly 27 million barrels so far this Continue Reading
U.S. President Joe Biden will announce a plan on Wednesday to sell off the last portion of his release from the nation’s emergency oil reserve by year’s end, and detail Continue Reading
The White House has released a fact sheet that establishes its intention to refill the Strategic Petroleum Reserve when oil prices are between $67 and $72. In spring, President Biden Continue Reading
Continental Resources Inc (CLR.N) said on Monday it had agreed to a sweetened offer from founder Harold Hamm to take the U.S. shale oil producer private at a valuation of Continue Reading
Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is forecast to rise by about 50,000 barrels per day (bpd) to a record Continue Reading
Jamie Dimon: Biden administration has basically messed up the country’s—and the world’s—energy security. Chevron’s Michael Wirth has openly accused Western governments of causing the energy crunch because of their preoccupation Continue Reading
A pulling rig is erected at an oil well in the middle of a cotton field to swab the well in Seminole, TX, U.S. September 19, 2019. Picture taken September Continue Reading
Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK. U.S. refiners have been bracing themselves Continue Reading
The number of total active drilling rigs in the United States rose by 7 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
Amrita Sen: U.S. crude oil output from shale basins could peak in 2024. So far this year, the United States has managed to increase its total crude oil production by Continue Reading
Global shortages of middle distillates such as diesel, gas oil, and heating oil are intensifying rather than easing – making it more likely a relatively severe slowdown in the business Continue Reading
Analysts at Standard Chartered no longer expect 2023 average global oil demand to surpass 2019’s all-time high. Analysts at Standard Chartered have announced in a new report that they no Continue Reading
The American Petroleum Institute (API) reported a large build this week for crude oil of 7.054 million barrels. U.S. crude inventories have grown by roughly 28 million barrels so far Continue Reading
Forecast Highlights Winter Fuels Outlook In our Winter Fuels Outlook, we forecast that average household expenditures for home heating fuels will increase this winter because of both higher expected fuel costs Continue Reading
Highlights Lowers WTI, Brent price forecasts Warns of higher winter heating oil costs US crude output to average 12.4 million b/d in 2023 The US Energy Information Administration on Oct. Continue Reading
Jamie Dimon, the chief executive of JP Morgan, called on the U.S. oil industry to boost crude production to make up for OPEC+ cuts that could cause a severe shortage Continue Reading
Highlights Waha averages $2.74 discount to Henry Hub Permian outbound flows up 460 MMcf/d vs. 2021 Gas production averages 15.2 Bcf/d in October Cash basis prices at Waha are trading Continue Reading
US Treasury secretary Janet Yellen said the move by Opec+ to cut oil production was “unhelpful and unwise” for the global economy, particularly emerging markets already struggling with high energy Continue Reading
Russian crude exports averaged 2.99 million b/d in the month, down 290,000 b/d on the August levels and lowest since September 2021 when global oil demand was still recovering from Continue Reading
The number of total active drilling rigs in the United States fell by 3 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
U.S. crude oil and gasoline inventories might be in short supply, but so are U.S. shale workers, according to new data released by the Labor Department on Friday. U.S. shale Continue Reading
The prospective industrial action will hit several platforms and rigs. London-based union Unite has announced that over 300 offshore drilling and contract maintenance workers employed by Archer, Maersk, Transocean and Continue Reading
The U.S. shale industry won’t step in to fill the gap left by an OPEC+ crude oil production cut, energy executives told Reuters on Tuesday. OPEC+ is set to review Continue Reading
The International Energy Agency (IEA) has predicted that global gas markets will remain tight next year as Russian piped gas supplies dwindle despite gas demand falling in Europe in response Continue Reading
Global oil supply fundamentals remain tight: Nasser Aramco spare capacity targets on schedule Blames ‘shaming’ of oil and gas investments Spare global oil production capacity is running thin and the Continue Reading
The oil market is not focusing on the fact that global spare capacity to raise oil production is very low, Saudi Aramco’s Chief Executive said on Tuesday, with Shell’s Chief Continue Reading
BP’s peak oil demand prediction in 2020 turned out to be wrong. A relatively large number of forecasts don’t see peak oil happening within the next few decades. Advancements in Continue Reading
The number of total active drilling rigs in the United States rose by 1 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
Senior Biden administration officials pressed executives from some of the largest US gasoline producers to curtail overseas sales during a tense meeting Friday afternoon, suggesting that without voluntary action, the Continue Reading
BP restarted production at its Na Kika and Thunder Horse platforms on Thursday. BP halted production on the two platforms on Monday ahead of Hurricane Ian. Hurricane Ian has since Continue Reading
Oil and gas executives polled by the Dallas Fed in a survey released Wednesday fear recession and supply shortages, with optimism waning this quarter despite solid business activity. Oil and Continue Reading
If there is one thing the oil and coal industries can agree upon, it’s that the solution to the current global energy crisis is more fossil fuels. This was the Continue Reading
Highlights Gasoline stocks draw 2.42 million barrels Demand jumps 6% on week Refinery utilization drops 3 points amid unplanned outages A steep decline in refinery utilization and rising demand contributed Continue Reading
The U.S. Gulf of Mexico may be one of the world’s most mature deepwater basins, but it still has a lot of potential to expand. The deepwater U.S. Gulf of Continue Reading
The American Petroleum Institute (API) reported a build this week for crude oil of 4.150 million barrels, while analysts predicted a build of 333,000 barrels. According to API data, U.S. Continue Reading
About 11% of oil production in the U.S. Gulf of Mexico was shut on Tuesday as a powerful Hurricane Ian forced oil companies to evacuate workers and the storm took Continue Reading
Pump Jacks extract crude oil in Midland, Texas. Photographer: Angus Mordant/Bloomberg The US is on track to grow oil production faster than the government is forecasting, according to a BloombergNEF Continue Reading
A vessel leaves the Orlan oil plattform at Sakhalin-1’s off-shore rig at the Chaivo field, some 11 km (7 miles) off the east cost of Sakhalin island October 10, 2006. Continue Reading
BP Plc (BP.L) and Chevron Corp (CVX.N) on Monday said they have shut-in production at offshore oil platforms in the Gulf of Mexico, as Hurricane Ian bore down on the Continue Reading
U.S. exports of petroleum products jumped by 11% to a record 6 million barrels per day (bpd) in the first half of 2022, with exports growing at their fastest pace Continue Reading
Global oil flows are changing ahead of the coming embargo on Russian oil, with a growing amount of Russian crude heading east. Meanwhile, the amount of fuel and oil flowing Continue Reading
The number of total active drilling rigs in the United States rose by 1 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
The Strategic Petroleum Reserve, which was established in 1975 as a reaction to the 1973 oil embargo, is now at its lowest level since December 1984. Ultimately, the SPR is Continue Reading
Moody’s: energy sector remains a strong performer in 2023, but earnings won’t be as good as in 2022. Moody’s: Energy prices are expected to remain cyclically strong through 2023. Moody’s Continue Reading
The CEO of JP Morgan, Jamie Dimon, said that banks refusing to fund new oil and gas projects would be “the road to hell for America”. An unnamed senior executive Continue Reading
The American Petroleum Institute (API) reported a build this week for crude oil of 1.035 million barrels, while analysts predicted a bigger build of 2.321 million barrels. The build comes Continue Reading
