U.S. Rig Count Rises For 15th Straight Week As WTI Nears $93
The number of active drilling rigs in the United States rose by 3 this week—the 15 th straight weekly increase to the number of oil and gas rigs in the Continue Reading
US producers reporting stellar results, but snags seen ahead
Oil output rises, but will it be too much? Inflation set to rise 10%-15% Rig count has risen 5% so far in 2022 The first week of upstream producers’ Q4 Continue Reading
U.S. Shale Surge Should Worry Oil Markets, Conoco CEO Says
ConocoPhillips said traders should be worried about strong oil production growth coming out of the U.S. this year and in 2023, potentially echoing the supply surges of the past decade. Continue Reading
Oil Frackers Brace for End of the U.S. Shale Boom – WSJ
The end of the boom is in sight for America’s fracking companies. Less than 3½ years after the shale revolution made the U.S. the world’s largest oil producer, companies in the oil Continue Reading
The Next Big Problem For U.S. Shale
U.S. oil production growth picked up the pace in the fourth quarter. A big part of the higher capital spending in the U.S. oil industry will be because of cost Continue Reading
The Market Is Ignoring The Surge In U.S. Oil Output
Bullish Wall Streets banks see supply deficits in 2022, while OPEC, the IEA and the DoE are forecasting surpluses. Standard Chartered says a surge in U.S. oil output in Q4-2021 Continue Reading
Low Oil Inventories Suggest Imminent Supply Deficit
The global crude market could follow natural gas markets as inventories continue to dwindle The International Energy Agency, this month, reported on a gap between its global inventory calculations and Continue Reading
Summary of Weekly Petroleum Data for the week ending January 28, 2022
U.S. crude oil refinery inputs averaged 15.2 million barrels per day during the week ending January 28, 2022 which was 248,000 barrels per day less than the previous week’s average. Continue Reading
US distillate stocks touch five-week low as winter weather supports demand
Highlights Cold snap supports distillate demand USAC diesel stocks hit eight-month low Crude stocks fall 1.05 million barrels US distillate inventories moved lower for a third straight week in the Continue Reading
The Lack of Fossil Fuel Investment Is Hindering The Energy Transition
Last week, the CEO of Saudi Aramco announced that the global clean energy transition is “not going smoothly.” Underinvestment in fossil fuels has led to soaring prices across the globe. Continue Reading
Surprise Crude Draw Suggests Tighter Oil Market
The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 1.645 barrels after analysts predicted a build of 1.833 million barrels. U.S. crude inventories Continue Reading
ExxonMobil sees US Permian production growing by over 25% in 2022, narrows capex range
Permian output was 460,000 boe/d in 2022 Capex for 2022 will be $21 billion-$24 billion 2022 production should be up about 2%: CEO ExxonMobil sees its US Permian Basin production Continue Reading
Big Oil Is Quietly Exploring For More Crude
The world’s largest oil companies are ramping up drilling operations despite recent net-zero pledges WoodMac VP for exploration: The majors are still exploring and say much less about it than Continue Reading
Expansion project looks to boost Bakken production, squeeze out Canadian exports
Highlights Could prove bullish in short term for AECO N.D. producers continue to lower flared volumes North Dakota gas production appears poised to grow with the approval of WBI’s North Continue Reading
November US Oil Production Surprises
A guest post by Ovi. All of the oil (C + C) production data for the US state charts comes from the EIAʼ’s Petroleum Supply monthly PSM . U.S. November Continue Reading
Permian Average Well Production Is Set To Break Records In 2022
Surge in lateral well length is driving average well productivity to new heights in the Permian. New wells are expected to break the 1,000 boepd thresholds in 2022. The total Continue Reading
Net-Zero By 2050 Needs $9.2 Trillion Annual Investment
McKinsey: Net-Zero transition will cost $9.2 trillion in annual investment till 2050 This annual average includes investment in the energy, mobility, industry, buildings, agriculture, and forestry and other land-use sectors Continue Reading
U.S. drillers add oil & gas rigs for record 18th month -Baker Hughes
U.S. energy firms added oil and natural gas rigs for a record 18th month in a row after boosting the rig count again this week as oil prices soared to Continue Reading
Analysis: Biden gets climate win with court loss on Gulf of Mexico oil leases
A U.S. judge’s surprise decision this week to annul the Biden administration’s first Gulf of Mexico oil lease auction because of its climate change impact has raised questions about the Continue Reading
Chevron to Boost Permian Output 10% in Major Lift for U.S. Shale
Chevron CEO Sees $100 Oil on Geopolitical Risks, Demand Chevron Corp. plans to increase Permian Basin production by about 10% this year from 2021 levels, among the biggest growth forecasts Continue Reading
U.S. Rig Count Rises Along With Crude Prices
Oil-directed rigs rose 4 to 495. Oil production in the U.S. last week fell to 11.6 million bpd for week ending January 21 Gas-directed rigs were up by 2 to Continue Reading
Federal Judge Annuls Massive Gulf Of Mexico Lease Sale
Federal judge: Bureau of Ocean Energy Management broke the environmental law Plaintiffs, including the Sierra Club, Earthjustice, the Center for Biological Diversity, and Friends of the Earth, praised the ruling Continue Reading
Permian Super-Emitters Could Save $26 Million Per Year By Fixing Methane Leaks
30 oil and gas infrastructure facilities in the Permian have been large methane emitters over the past 3 years, according to a new study. The super-emitters could save tens of Continue Reading
Are America’s Drilling Hotspots Preparing For A Pivot To Renewables?
A new projection from the United States Energy Information Administration, however, shows a clear win for renewables in the coming years – and waning natural gas usage. The EIA expects Continue Reading
IEA ”Loses” 200 Million Barrels Of Crude Oil
There is a 200-million-barrel gap between the agency’s own global inventory calculations and what it observed in the global oil supply Wrong assumptions about demand were clearly one cause for Continue Reading
Texas weighs earthquake curbs on another 72 oil-related well permits
A new area under watch by the Texas oil regulator could impact wells responsible for disposing about 270,000 barrels per day of saltwater from oil and gas operations, according to Continue Reading
U.S. oil rig count falls for first time in 13 weeks -Baker Hughes
U.S. energy firms this week cut oil rigs for the first time in 13 weeks after crude prices fell for six weeks in a row from late October-early December. Oil Continue Reading
Column: Shrunken U.S. oil inventories point to chronic under-supply: Kemp
U.S. petroleum inventories have continued to slide over the last month and are well below their normal seasonal levels, which has helped push oil prices to their highest since 2014. Continue Reading
U.S. Fossil Fuel Production Set To Hit Record Highs In 2023
Fossil fuel production in the United States is set to hit record levels in 2023 due to increased efficiency and higher prices The combined production of coal, natural gas, and Continue Reading
U.S. Rig Count Climbs As Shale Prepares For Takeoff
The number of active drilling rigs in the United States rose by 3 this week, bringing the total rig count to 604, as oil prices linger just under 7-year highs. Continue Reading
Schlumberger sees 2022 capex rising 20% or more in North America: CEO
Highlights Sees ‘short-cycle activity resurgence’ in 2022 Long-cycle projects also gain momentum Strong growth expected in offshore markets Recovery from the coronavirus pandemic continues to improve the energy landscape, as Continue Reading
US oil, gas rig counts continue to climb across major shale basins in 2022
The active rig count increased in the week ending Jan. 19 in every major US oil and gas shale basin barring the Utica as operators take advantage of high prices Continue Reading
Freezing weather returns to the Permian in renewed risk to gas production, prices
Highlights Midland, Texas low temperature forecast to dip below 20F Waha cash price falls 83 cents on Jan 20 to $3.86/MMBtu Balmo, February forwards markets price in Waha premium Low Continue Reading
BP, Rosneft Were Only Firms With Over 1 Billion Barrel Oil Finds In 2021
BP and Rosneft were the only companies to have delivered over 1 billion barrels of oil equivalent in discoveries last year due to their exposure in Russia which yielded 48 Continue Reading
Four Stocks To Watch As U.S. Shale Production Struggles
While sentiment and intent can heavily influence oil markets, it is the fundamentals that ultimately shape them When it comes to U.S. shale production and investment, those fundamentals are increasingly Continue Reading
Permian Oil Output Hits Record
Crude oil production in the Permian shale play reached a record-high last month, averaging 4.92 million bpd, the Energy Information Administration reported in the latest edition of its Drilling Productivity Continue Reading
Oil market headed for surplus as Omicron impact muted -IEA
Oil supply will soon overtake demand as some producers are set to pump at or above all-time highs, the International Energy Agency (IEA) said on Wednesday, while demand holds up Continue Reading
IEA Sees Tighter Oil Market as Demand Withstands Omicron Wave
The IEA raised projections for global oil demand by 200,000 barrels a day for both 2021 and 2022. Global oil markets look tighter than previously thought as demand suffers surprisingly Continue Reading
Will Oil Markets Finally Find Balance In 2022?
The EIA is expecting a supply crunch in oil markets as demand continues to grow, a scenario which could push oil prices higher. OPEC, on the other hand, is predicting Continue Reading
Shrinking spare capacity leaves oil market exposed to geopolitics, supply risks
Spare capacity will be uncomfortably low by H2 if production hikes persist Iran nuclear deal, Russia-West relations, Libya political chaos key risks 70 incidents observed since 2017, according to Platts Continue Reading
Global oil demand to surpass pre-pandemic levels in 2022 as omicron fears subside: IEA
Highlights IEA raises 2021, 2022 demand forecasts by 200,000 b/d Global oil demand to average 99.7 million b/d in 2022 Cautions over the potential for volatile oil market this year Continue Reading
Dwindling OPEC+ Spare Capacity Sets Oil Up for Sizzling Summer
As they strain to restore oil production, OPEC and its allies are being left with a diminishing buffer of spare supplies — potentially setting up crude prices for a sizzling Continue Reading
India’s affinity for US shale plays fading slowly but surely
State-run Oil India exits from Niobrara shale business, sells entire stake Reliance divested entire holdings in Eagleford shale play in November Indian firms pursuing more profitable opportunities at home: Platts Continue Reading
Drilling Productivity Report
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The Oil Market Is Already Looking Beyond Omicron
Several investment banks believe that demand will outstrip supply in early 2022 Just a handful of OPEC members are capable of meeting higher production quotas IHS’ Daniel Yergin: it’s almost Continue Reading
Texas Earthquakes Prompt New Fracking Rules
Frackers in America’s hottest oil field are facing an expensive new setback: earthquakes. Shale companies in West Texas will have to pay more to move millions of barrels of wastewater that surfaces Continue Reading
Russia Seen Struggling to Keep Pace With OPEC+ Oil-Supply Hikes
Russia may be able to deliver only about half of its scheduled increases in crude production over the next six months, joining the ranks of OPEC+ nations that are struggling Continue Reading
September Non-OPEC Oil Production Slips
Below are a number of oil, crude plus condensate (C + C ), production charts for Non-OPEC countries created from data provided by the EIA’s International Energy Statistics and updated Continue Reading
Shale Explorers Look Beyond Permian for Oil Drilling Expansion
The Eagle Ford Shale in South Texas, long dormant compared to its larger cousin the Permian Basin, saw its biggest one-week jump in drilling activity in more than two years Continue Reading
U.S. Rig Count Jumps As Crude Rally Continues
The number of active drilling rigs in the United States rose by 13 this week, bringing the total rig count at 601, as oil prices keep to bull territory even Continue Reading