In a Texas Oil Town, Pain but No Panic as Prices Crash
Leaner days are back in the oil patch of South Texas. Once-busy roads are empty except for the workers repairing the potholes from the damage done by truck traffic in Continue Reading
Rig Count Inches Lower In Dramatic Week For Oil
Baker Hughes reported that the number of oil and gas rigs in the US fell this week by 1 to 792, with the total oil and gas rigs clocking in Continue Reading
US to buy ‘large quantities’ of crude to ‘fill up’ SPR: Trump
The US government will take advantage of low oil prices and buy “large quantities” of crude to fill the Strategic Petroleum Reserve, President Donald Trump said Friday. “We’re going to Continue Reading
Four more producers line up to slash capex, activity in wake of low oil prices
Four more E&P producers have joined the lineup of oil companies that are slashing 2020 capital budgets and cutting back activity, as oil prices hover at low levels not seen Continue Reading
US to Buy Large Quantities of Oil for Reserve
President Donald Trump has directed the U.S. Energy Department to buy “large quantities” of oil for the government’s strategic petroleum reserve following this week’s crash in oil prices. “We’re going Continue Reading
US looks at buying oil in bid to save American shale producers
The Trump administration intends to buy tens of millions of barrels of oil for storage in the caverns of the US Strategic Petroleum Reserve, using a safeguard against fuel shortfalls Continue Reading
Coronavirus fallout could be the ‘nail in the coffin’ for smaller oil companies
At the State of the Union in February, President Trump boasted that his administration’s deregulatory agenda had made the U.S. “energy independent.” It was a dubious claim at the time, Continue Reading
Oil Markets Point to a Lasting Glut of Crude
Energy markets are flashing a warning: The world is swimming in crude oil, and the glut won’t drain away any time soon. Twin shocks—the coronavirus pandemic and the breakdown of Continue Reading
Eight days that shook the oil market — and the world
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, summoned his counterparts in Opec to the Park Hyatt hotel in Vienna for crisis talks last Thursday evening. Earlier that day, the oil Continue Reading
Exclusive: U.S. shale urges service firms offer ‘at least’ 25% price cuts – executives, letter
U.S. shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the Continue Reading