FIRST SHALE OIL DOMINO TO FALL: More to Follow
In a stunning news release, Continental Resources, the largest shale producer in the Bakken, is shutting in most of its production in the region. That is one hell of a Continue Reading
Is this the end of the oil era?
Is the concept of “peak oil” dead? Maybe, but not for long. What is happening now already occurred 25 years ago. We are living through a zombie oil market, a Continue Reading
Non-OPEC Oil Production Punches New High
As I wrote in my previous post, preparing these last two has been a surrealistic exercise. The oil market environment for this post has been even more surrealistic than the Continue Reading
Behind Oil-Market Gyrations: Few Places Left to Store Unwanted Crude
The world may have to get used to oil turning up in unusual places. An enormous glut of crude sparked by the coronavirus pandemic and the resulting collapse in demand Continue Reading
Sub-Zero Oil Slams U.S. Drilling in Worst Decline on Record
The fallout from sub-zero oil prices is accelerating the slump in U.S. crude exploration to a pace never seen before. Drilling in onshore American fields fell the most in 14 years this Continue Reading
Trump Developing Plan to Aid Oil Industry Despite Opposition
A plan being weighed by Treasury Secretary Steven Mnuchin to steer financial aid to beleaguered oil drillers could set up a clash with Democrats who have warned against any bailout Continue Reading
Will American shale oil rise again?
Asking Opec to help save the US oil sector was not part of Donald Trump’s vision of “American energy dominance”. The US president’s role in brokering a deal between Saudi Continue Reading
Rig Count Collapse Continues Despite Jump In Oil Prices
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 64, falling to 465, with the total oil and Continue Reading
Oil Giant Shutters North Dakota Crude Production
Continental Resources has stopped drilling operations and shut in most of its wells in North Dakota, Reuters reports , citing sources familiar with the situation, who also added that the Continue Reading
The Oil & Gas Consequences Of COVID-19
Continental Resources – the largest producer in the Bakken – has shut in production, sounding alarms across the entire U.S. shale patch. It has also notified several of its clients Continue Reading