The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build, of 7.58 million barrels for the week ending May 8 even as several U.S. states begin Continue Reading
Some drillers in the biggest North American oil field are reopening wells shut in response to the pandemic-driven price collapse, according to pipeline giant Energy Transfer LP. In the Permian Basin’s Continue Reading
Oklahoma’s energy regulators on Monday took no action on applications from oil and gas producers seeking to win state-support for measures they said would help stabilize oil prices. The Oklahoma Continue Reading
The big oil production curtailment in the U.S. shale patch continues as more companies announced on Monday output reductions to protect their balance sheets in the face of unsustainably low Continue Reading
The Covid-19 pandemic has caused the largest horizontal rig count collapse ever recorded in the US, a Rystad Energy analysis of Baker Hughes data shows. The total horizontal oil rig Continue Reading
Bakken Shale powerhouse Continental Resources has shut in 70% of its May oil production, roughly 136,500 b/d, owing to low crude prices caused by the global coronavirus pandemic, the company Continue Reading
The question regarding whether we have reached peak oil demand is a pressing concern for U.S. upstream activity. U.S. tight oil’s current cost structure, which generally requires ~$50/barrel WTI to Continue Reading
Oil well shut-ins are the new black. Everyone, especially in the U.S. shale patch, seems to be shutting in wells in response to what is shaping up to be the Continue Reading
Introduction BOEM produces an estimate of GoM reserves every year. This year’s covers estimates for then end of 2017. Nominally The figures given are 2P estimates but previous analysis has Continue Reading
Consulting firm IHS Markit expects oil demand in the second quarter of 2020 to be 22 MMbpd less than a year ago. This collapse in demand combined with low oil Continue Reading
