The Biden Administration is considering tapping the Strategic Petroleum Reserve as a potential tool to bring down the gasoline prices Selling millions of barrels from the SPR may do precious Continue Reading
Maersk Drilling and Noble Corporation have agreed to create a combined company with a fleet of 20 floaters and 19 jack-up rigs. Two offshore drilling contractors, Maersk Drilling and Noble Continue Reading
Highlights Delek US Holdings sees Permian production activity picking up Permian crude exports seen growing as global demand rises Exports of American Gulf Coast Select crude are falling as high Continue Reading
OPEC+ will be very happy with where oil prices currently are and is unlikely to change its course anytime soon The U.S. does have the ability to increase production, but Continue Reading
Challenges in production in Angola, Nigeria Investment not seen going to US Aramco’s price hikes larger than expected Global oil inventories have come down to pre-pandemic levels and may face Continue Reading
U.S. shale drillers have posted strong Q3 earnings as a result of rising crude prices Large shale drillers in the U.S. are slow to increase production, and instead focus on Continue Reading
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as oil prices held near seven-year highs, prompting some drillers to return Continue Reading
Oil prices are on course to post a weekly loss despite OPEC+ refusing to increase production. A combination of U.S. producers preparing to ramp up production and President Biden’s willingness Continue Reading
The U.S. oil rig count rose this week to 450—a 6-rig increase since last week The total rig count is now at 550, up 250 from this time last year Continue Reading
Sheffield: Instead of urging OPEC+ to supply more oil, President Biden should back off American drillers Sheffield: The Biden administration’s measure to limit oil and gas drilling on federal lands Continue Reading
Large oil companies are racing to sell land in the largest U.S. shale formation as rising crude prices present them with a golden opportunity to jettison unwanted acreage and meet Continue Reading
Top oil exporters in the Middle East are reaping the benefits of the rally in crude oil prices. For the first time in 2021, the Middle East’s share of crude Continue Reading
U.S. oil and gas producer Continental Resources Inc (CLR.N) is nearing a deal to acquire the Delaware Basin assets of peer Pioneer Natural Resources (PXD.N) for more than $3 billion, Continue Reading
BP Plc aspires to be the oil industry’s climate champion. Last year, the London-based company became the first of the world’s supermajors to embrace an eventual phase-out of all greenhouse Continue Reading
Diamondback said it planned to pump some 221,000 to 225,000 barrels of crude daily. For full 2021, Diamondback said production would come in at between 222,000 to 223,000 bpd Most Continue Reading
The American Petroleum Institute (API) on Tuesday reported its sixth straight week of crude oil inventory builds. This week, the API estimated the inventory build for crude oil to be Continue Reading
The price of oil has climbed to multi-year highs, and oil companies are raking it in. Though Big Oil typically opens the taps when oil prices are high, the industry Continue Reading
Global steel production has declined for the fourth month in a row. The global energy crunch is forcing many producers to curb output. Metals producers across the globe are feeling Continue Reading
Just two years ago, many forecasters predicted that oil and gas prices were likely to remain lower for longer. Thanks to a perfect mix of underinvestment and rebounding demand, energy Continue Reading
The COVID-19 pandemic sparked a chain reaction in energy markets that is still being felt. The oil price crash forced many producers into bankruptcy, resulting in the largest short-term oil Continue Reading
Refiners are enjoying hefty margins – a welcome change after a challenging 2020. Fuel consumption is soaring around the globe, and with millions of barrels of daily refining capacity offline, Continue Reading
The number of oil and gas rigs in the United States rose by 2 this week, according to Baker Hughes . The total rig count is now at 544, up Continue Reading
Despite high oil prices, capital discipline has held drilling and completion activity in check as most public operators have focused on paying down debt and returning cash to shareholders instead Continue Reading
Exxon Mobil Corp. and Chevron Corp. on Friday disclosed plans to expand drilling in the top U.S. shale basin after posting their biggest quarterly profits in years. Latecomers to the Continue Reading
Stocks At Cushing Have Halved Since April 2020 Market Rout Storage at Cushing alone has the potential to really rally the market to the moon The WTI-Brent spread is now Continue Reading
A natural gas shortage around the world has led to a spike in energy costs that is going to have a significant knock-on effect on food and fuel One major Continue Reading
While oil and gas companies come under pressure to reduce production, the world’s thirst for new supply is only growing Without a significant uptick in investment, demand for oil and Continue Reading
Crude oil tanks at the Cushing, Oklahoma storage hub are more depleted than they have been in the last three years, and prices of further dated oil contracts suggest they Continue Reading
As many as 1,485 institutional investors, representing a massive $39.2 trillion of assets under management, have so far committed to at least some form of divestment from fossil fuels Back Continue Reading
Energy transition and peak demand predictions have spooked investors in oil, putting the prospect of peak production sooner than anticipated accompanied by wild price spikes. Key climate talks are set Continue Reading
You may find it curious that the price of oil is still above $80 a barrel. This is also why gasoline prices are at the highest levels since 2014. But, Continue Reading
Fracking fluid and oil wastewater are dumped into an unlined pit located right up against the Petroleum Highway in Kern County, California. Credit: Sarah Craig/Faces of Fracking California has a Continue Reading
Top oilfield firm Schlumberger NV (SLB.N) reported third-quarter profit which beat Wall Street estimates on Friday and echoed a rival’s forecast for a 20% increase in North American spending next Continue Reading
U.S. energy firms this week cut oil and natural gas rigs for the first time in seven weeks even as oil prices rose to fresh seven-year highs. The U.S. oil Continue Reading
One type of crude from America’s most prolific shale patch is having its moment, riding on the coattails of the global winter fuels crunch that has caused massive price rallies. Continue Reading
The number of oil and gas rigs in the United States fell by 1 this week The total rig count is now at 542, up 255 from this time last Continue Reading
Private equity firms are selling their assets and operations in U.S. shale plays to take advantage of soaring gas prices, Reuters has reported , noting the Haynesville play alone has Continue Reading
Stockpiles at the biggest U.S. crude depot are quickly approaching critically low levels. Stockpiles at the biggest U.S. crude depot are quickly approaching critically low levels. The last time that Continue Reading
Stockpiles at the biggest U.S. crude depot are quickly approaching critically low levels. The last time that happened, crude cost more than $100 a barrel. The storage tanks in Cushing, Continue Reading
The Biden administration on Friday took a procedural step towards holding an auction for oil and gas drilling rights in the Cook Inlet off the coast of Alaska next year. Continue Reading
An oil-data startup backed by Palantir Technologies Inc. plans to figure out how much crude and natural gas reserves trapped underground are really worth. An oil-data startup backed by Palantir Continue Reading
U.S. antitrust regulators have extended the approval process for at least five oil and gas mergers and acquisitions in the last three months, as President Joe Biden’s administration scrutinizes deals Continue Reading
Back in April 2020, the landlocked West Texas Intermediate crude oil price briefly crashed into negative territory – a stunning turn of events that cost traders massive losses – when Continue Reading
Oilfield firm Baker Hughes Co (BKR.N) reported quarterly profit that fell short of analyst expectations on Wednesday, in part due to global supply chain issues, sending its shares down sharply Continue Reading
The American Petroleum Institute (API) on Tuesday reported its fourth straight week of crude oil inventory builds. The week, according to the API, the build was 3.294 million barrels-strong. U.S. Continue Reading
U.S. oilfield firm Halliburton Co (HAL.N) on Tuesday posted its third consecutive quarterly profit and said customer spending in the United States could jump 20% next year, as stronger oil Continue Reading
Crude oil production in the Permian has climbed closer to pre-pandemic levels, according to the latest drilling productivity report of the Energy Information Administration. According to the report, oil production Continue Reading
Oil output in America’s most prolific shale patch is getting closer to levels seen before the pandemic-driven market crash, as crude prices surge. Oil output in America’s most prolific shale Continue Reading
The world’s facing an energy crunch. Europe is feeling it worst as natural gas prices skyrocket to five times normal, forcing some factories to hold back production. Reserves depleted last Continue Reading
Oil output in America’s most prolific shale patch is getting closer to levels seen before the pandemic-driven market crash, as crude prices surge. While total production in the U.S. is Continue Reading
