High Diesel Inventories Weigh On Oil Markets
While most of the market’s attention has been focused on how fast gasoline demand will recover, lower economic and manufacturing activity in all regions of the world has led to Continue Reading
Investors Are Pulling The Plug On Argentina’s Prized Shale Play
Much ink has been spilled about the downfall and dubious recovery of the United States shale oil sector. The West Texas Intermediate (WTI) crude benchmark’s dramatic rock bottom in April, Continue Reading
Rising bankruptcy toll shows US oil patch is not ‘OK now’
It is less than two months since Donald Trump travelled to Texas to declare that the US energy industry, laid low by this year’s oil price crash, was back on Continue Reading
Has Oil Demand Peaked?
1. BP sees oil demand already at a peak – BP (NYSE: BP) made major headlines this week when it released its latest energy outlook, which laid out three scenarios, Continue Reading
Active Oil Rigs Fall Again As WTI Finishes Strong
Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 1 to 179. The total number of active oil and gas rigs increased Continue Reading
How much oil left in America? Not much
Preface . If you think we have no worries because we can get arctic oil , think again. We can’t because icebergs mow drilling platforms down in the ocean. On Continue Reading
Russian Oil Minister: Global Oil Inventories Are In Decline
Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Russia’s Energy Minister Alexander Novak said in a TV interview. “Reserves accumulated Continue Reading
Oversupply Adds To Grim Oil Demand Outlook
OPEC and the International Energy Agency delivered bad news for the oil market this week. Both authorities revised their oil demand forecasts for this year, and both revised them downwards. Continue Reading
Lower Oil Production Hits Pipeline Operators Hard
Just two years ago, U.S. pipeline operators were rushing to build pipelines in Texas to move surging Permian oil and gas production to the refining and export centers on the Continue Reading
U.S Keeps Top Crude Oil Producer Status
Despite oil production curtailments earlier this year that are not fully back online, the United States maintained its global status as the leading supplier of crude oil in July, ahead Continue Reading
US oil and gas rig count up 6 at 293; Permian slightly slides: Enverus
The US oil and gas rig count climbed six in the week ended Sept. 16 to an eight-week high 293, rig data provider Enverus said Sept. 17, but drilling activity Continue Reading
More than 30% of US Gulf offshore oil still offline after Hurricane Sally
More than 30% of US Gulf of Mexico offshore oil and 25% of natural gas output remained offline Sept. 17 after Hurricane Sally made landfall the day prior, according to Continue Reading
BP Sees Peak Oil, Even Without Major New Laws on Climate Change
One of the biggest international oil companies has concluded that oil consumption will peak this decade. That’s the main takeaway from BP Plc’s annual energy outlook published this week outlining a handful of scenarios Continue Reading
Demand Accelerates for Floating Fuels Storage
Big oil traders are rushing to book tankers with a view to storing a glut of refined petroleum like diesel and jet fuel on the world’s oceans. The interest in Continue Reading
World’s No.1 Oil Trader Sees Crude Inventories Shrinking This Year
Vitol Group, the world’s largest independent oil trader, expects global oil inventories to continue drawing down for the rest of the year, unlike its rivals and many analysts who see Continue Reading
Oil Tanker Industry Is In An Ocean Of Trouble
There has been more than enough written about the woes of various segments of the oil industry and related industries so far this year. But there is one industry that Continue Reading
EIA data shows US crude stocks fall amid refinery rebound, import decline
US crude inventories declined in the week ended Sept. 14 as refinery demand rebounded following Hurricane Laura and imports flagged, US Energy Information Administration data showed Sept. 16. Commercial crude Continue Reading
Hurricane cuts a quarter of U.S. Gulf of Mexico energy output, dampens fuel demand
More than a quarter of the U.S. Gulf of Mexico offshore oil and gas production remained shut on Wednesday by Hurricane Sally, which moved inland dumping heavy rains and cutting Continue Reading
What BP Got Wrong About Global Oil Demand
Environmentalists around the world are having a field day this week as international media picks up on the oil market forecasts in the recently released BP Energy Outlook 2020. It Continue Reading
US shale producers bleed cash despite slashed spending
North American shale producers far outspent their revenue in the second quarter despite making deep spending cuts to survive the worst oil price crash in decades. Operators idled rigs, sacked workers Continue Reading
U.S. Shale Production Continues To Decline
Crude oil production in the U.S. shale patch is set to decline by 68,000 bpd next month, with every play registering declines in output except the Permian, the Energy Information Continue Reading
More than 25% of US Gulf oil, gas production offline ahead of Hurricane Sally
US Gulf of Mexico producers have shut in roughly 27% of offshore oil and natural gas output ahead of the landfall of Hurricane Sally, which was slowly heading towards the Continue Reading
US GOM Production Shuts Again
U.S. Gulf of Mexico oil and gas production has been shut-in as a response to Tropical Storm Sally. U.S. Gulf of Mexico (GOM) oil and gas production has been shut-in Continue Reading
The Future Of Fracking In The United States
The recent combination of Schlumberger’s, (NYSE:SLB) OneStim business with Liberty Oilfield Service, (NYSE:LBRT) created a colossus in North American fracking . One estimate suggested the combination of these two would Continue Reading
Oil Market Sentiment Shifts As Supply Concerns Mount
Oil markets are spiraling downwards as bearish factors mount and sentiment shifts. One of these factors is the concerns over rising exports from OPEC+ in Q3, with the possibility of Continue Reading
Drilling Productivity Report
The Drilling Productivity Report (DPR) rig productivity metric new-well oil/natural gas production per rig can become unstable during periods of rapid decreases or increases in the number of active rigs and well completions. The Continue Reading
Colombia’s Oil Major Plans To Drill 100 Wells In The Permian
Colombia’s state-held oil firm Ecopetrol, which has a strategic alliance with Occidental Petroleum to develop acreage in the Permian, plans to have drilled as many as 100 wells in the Continue Reading
Trafigura sees no US shale growth until end-2021 amid ‘enforced sabbatical’
Trafigura, one of the largest exporters of US crude oil and refined products, does not expect to see any growth in US shale production until the end of 2021, as Continue Reading
The New Geopolitics of Energy
Two years ago, the CEO of a Middle Eastern oil company stopped in Washington, D.C. on his way home from a visit to Silicon Valley. What he wanted to discuss Continue Reading
Traders Charter Supertankers Amid Signs Of New Oil Glut
The world’s top oil traders have been chartering dozens of supertankers for potentially storing oil at sea amid signs that demand recovery has stalled. Trafigura has chartered 12 very large Continue Reading
Enterprise Pipeline Project Cancellation Indicates a Lasting Slowdown Ahead
The cancellation of Enterprise Products Partners’ Echo 4 oil pipeline from the Permian to Houston is further evidence of the latest glut in pipeline capacity out of the West Texas Continue Reading
Fracking in the Shale Fields Slows for the First Time Since 2017
View full article at www.bloomberg.com
BP And Shell Take A Stand Against Gas Flaring In Texas
BP and Shell have urged Texas energy regulators to put a stop to routine gas flaring across the state’s oil fields, Bloomberg reported , citing a joint letter by the Continue Reading
U.S. Rig Count Falls As Oil Market Uncertainty Continues
Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 1 to 180. The total number of active oil and gas rigs decreased Continue Reading
Frac Sand Metric Declines
Shale firms are pumping an average of roughly 2.9 million pounds a day of frac sand this quarter, according to Coras Research LLC. (Bloomberg) — Frackers are blasting less sand Continue Reading
Spiking coronavirus cases and falling oil prices deliver dual blow to North Dakota
A recent surge in coronavirus cases is rekindling economic anxieties in North Dakota, where wildly fluctuating oil prices and recent drops in production threaten to leave the state’s finances in fresh Continue Reading
Surprise Crude Build Forces Oil Prices Lower
The slide in crude oil prices accelerated after the Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to September 4. A day Continue Reading
Floating Storage Begins To Fill Up As Oil Demand Wavers
Huge floating oil storage builds earlier this year became a major cause for oil price falls as the pandemic wiped out demand. Then, as OPEC+ started cutting production and countries Continue Reading
Summary of Weekly Petroleum Data for the week ending September 4, 2020
Summary of Weekly Petroleum Data for the week ending September 4, 2020 U.S. crude oil refinery inputs averaged 12.8 million barrels per day during the week ending September 4, 2020 Continue Reading
US crude inventories unexpectedly grow in sign of weaker fuel demand
American commercial crude inventories grew by 2m barrels – or 0-4 percent – in the week to September 4, according to figures from the Energy Information Administration, breaking a six-week run Continue Reading
Magellan to accept crude from more Permian pipelines at benchmark MEH terminal
Magellan Midstream Partners said Sept. 10 it will start accepting crude from certain third-party Permian Basin pipelines at its Magellan East Houston terminal that also serves as a US Gulf Continue Reading
September Short-Term Energy Outlook
The September Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to the 2019 novel coronavirus disease (COVID-19) continue to evolve. Reduced economic activity related to Continue Reading
Embattled Dakota Access Pipeline To Start Operating Next Year
An expanded Dakota Access pipeline could go into operation by the third quarter of next year, Energy Transfer said in an investor presentation. The embattled project, which aims to transport Continue Reading
Enterprise Products Partners cancels Permian to USGC crude pipeline
Highlights EPD cancels M2E4 pipeline, shifts volumes to other pipes Permian pipeline projects could further be trimmed back New York — Enterprise Products Partners on Sept. 9 said it would Continue Reading
Trump signs order extending drilling ban off Florida Gulf coast, expands it two other states
U.S. President Donald Trump on Tuesday signed an order to extend a ban on offshore oil drilling in the eastern Gulf of Mexico off Florida, as he seeks to win Continue Reading
Trump’s Drilling Ban Bombshell Rocks Oil Industry
U.S. President Donald Trump shocked the oil industry today with a surprise announcement that he would extend the existing moratorium on oil drilling on parts of Florida’s, South Carolina’s, and Continue Reading
Total CEO predicts peak oil by 2040
Speaking at the ONS Digital Conference in a video presentation, Patrick Pouyanne, the CEO of Total SA, said he now expects oil production to peak between 2030 and 2040, although Continue Reading
Are We On The Cusp Of A Global Energy Crisis?
Goehring and Rozencwajg believe that we are on the cusp of a global energy crisis because of the depletion of U.S. tight oil plays. “We are on the cusp of Continue Reading
U.S. shale producers race for federal permits ahead of presidential election
Oil producers in the top U.S. shale fields are stockpiling drilling permits on federal land ahead of the November U.S. presidential election, concerned that a win by Democratic candidate Joe Continue Reading
Oil Industry Talent Has Fled Or Been Fired, So What Comes Next?
Talk of a talent shortage when the oil industry is laying off workers en masse may sound counterintuitive. However, a few years from now, the industry will recover, if its Continue Reading