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
