Surprise Crude Draw Sends Oil Prices Soaring
The American Petroleum Institute (API) estimated on Tuesday a small crude oil inventory draw of 483,000 barrels for the week ending May 29. Analysts had predicted an inventory build of Continue Reading
Oil’s Rally Encourages U.S. Shale and Complicates Task for OPEC+
As OPEC+ producers head toward a consensus on extending their output curbs, oil’s rally is prompting some U.S. producers to open their taps once again. With U.S. futures rising as Continue Reading
Shale Oil Production Bouncing Back With Prices
Early signs of a shale rebound are becoming evident as crude prices recover. (Bloomberg) — Early signs of a shale rebound are becoming evident as crude prices emerge from their Continue Reading
U.S. Oil Drillers Restart Production As Prices Recover
Shale drillers are bringing some shuttered oil production back online as the glut eases. The total amount of shut-in production in the Bakken stood at 475,000 bpd on May 28, Continue Reading
The Last 6 Oil Rigs In The Centennial State
The oil price crash has forced producers in Colorado to slash their capital expenditure, suspend completion activities, and release rig crews, leaving just six operating rigs in the state as Continue Reading
Offshore Oil Is On The Brink Of Collapse
Project cancellations, spending cuts, well shut-ins: the problems and dilemmas plaguing onshore oil producers have also spread to offshore. And while the effects of the Covid-19 pandemic on onshore drilling Continue Reading
Post-Pandemic Energy Might Not Change Much
When talking about the movement of oil prices, I often refer people to the movie “Trading Places,” and specifically to the scene where the elderly investment bankers are explaining the Continue Reading
U.S. Shale Isn’t Losing Sleep Over The 2020 Elections
The battle lines are already drawn in a high-stakes political contest that will ostensibly determine the fate of the American shale industry. On the blue corner is former VP Joe Continue Reading
A Nightmare Scenario For Offshore Oil
Between low demand, soaring inventories, depressed prices, a global pandemic, and now, hurricane season, it seems a perfect storm is forming around the offshore oil industry. The world’s offshore oil Continue Reading
Study Shows New Offshore Canada Oil Presence
A detailed evaluation of the Southern Grand Banks petroleum system offshore Atlantic Canada has identified a new oil presence, Applied Petroleum Technology reported. A detailed evaluation of the Southern Grand Continue Reading