This Is What It Looks Like When a Texas Oil Boom Busts
When an oil bust takes hold in West Texas, no one is spared: Drilling rigs collect dust, barber chairs sit empty, students drop out of school and lines swell at Continue Reading
Shale boss says US has passed peak oil
US crude production has already peaked, according to one of the country’s leading shale executives, as producers battered by the price crash shun new output growth and start trying to Continue Reading
Fracking Firms Fail, Rewarding Executives and Raising Climate Fears
The day the debt-ridden Texas oil producer MDC Energy filed for bankruptcy eight months ago, a tank at one of its wells was furiously leaking methane, a potent greenhouse gas, Continue Reading
The Largest Oil Inventory Increase In History
The oil market’s massive inventory problem – Oil inventories increased in the second quarter at a rate of nearly 1.8 mb/d, more than four times the ten-year average, according to Continue Reading
Supreme Court ruling on Oklahoma tribal land raises questions for oil industry
A U.S. Supreme Court decision recognizing about half of Oklahoma as Native American reservation land has implications for oil and gas development in the state, raising complex regulatory and tax Continue Reading
U.S. Rig Count Falls For 18th Week In A Row
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 258, marking the eighteenth loss in the Continue Reading
An Ugly Week For U.S. Shale
This week was an ugly one for American shale: Several pipeline projects–both those existing and in the works–took severe hits that will have a profound effect on the shale industry Continue Reading
Baker Hughes Shows Mixed Rig Counts
The number of rotary rigs operating in the U.S. decreased over the past week but increased in Canada, Baker Hughes Co. reported Friday. The number of rotary rigs operating in Continue Reading
This Is What It Looks Like When a Texas Oil Boom Busts
When an oil bust takes hold in West Texas, no one is spared: Drilling rigs collect dust, barber chairs sit empty, students drop out of school and lines swell at Continue Reading
Crude Oil Shortages Beginning To Bite In Key Markets
Last month , OPEC and its non-OPEC allies, known as OPEC+, agreed to extend their deep production cuts through July in an effort to rebalance oversupplied markets in the face Continue Reading
More Curtailed US Oil Production Coming Back Online
Houston-based Noble Energy plans to bring back by the end of July most of the oil production it had curtailed in the second quarter in response to the plunge in Continue Reading
North American Oil And Gas Companies Continue To Go Bankrupt At $40 Oil
The rash of oil and gas bankruptcies in North America is set to continue for the remainder of 2020, a report by Haynes and Boone cited by Reuters shows. After Continue Reading
Demand Crash Led To Biggest Monthly Surge in US Oil Inventories Since 1920
The oil demand crash in April, when most of America was under stay-at-home orders, resulted in the biggest monthly inventory jump in U.S. commercial crude oil inventories in data going Continue Reading
US oil, gas rig counts fall by 6 to 279 on week, Permian loses more: Enverus
The US oil and natural gas rig count dropped by six rigs on the week to 279, rig data provider Enverus said, as domestic plays continued largely stabilizing without yet Continue Reading
Summary of Weekly Petroleum Data for the week ending July 3, 2020
U.S. crude oil refinery inputs averaged 14.3 million barrels per day during the week ending July 3, 2020 which was 315,000 barrels per day more than the previous week’s average. Continue Reading
Texas Oil, Gas Drilling Permits Fell By A Third
The number of oil and gas drilling permits in Texas fell by a third in June from a year earlier, the state’s oil and gas regulator body said on Tuesday. Continue Reading
Nearly 94,000 OFS Job Losses Tied to COVID-19
The U.S. OFS job count fell 12.3 percent from February to June of this year, based on BLS data. The tally of oilfield services and equipment (OFS) sector job losses Continue Reading
Researchers Look For Ways To Cut Norway’s Gargantuan $100 Billion Decommissionin
A new innovation center in Norway aims to find alternative and cost-efficient solutions aimed at reducing the huge US$100 billion decommissioning cost that the North Sea operators and countries face, Continue Reading
In The Physical Oil Market, Sour Barrels Trade at Sweet Prices
Leaving behind the waters of the Caribbean Sea, the 1,100-feet long oil tanker Maran Apollo is emblematic of the wider petroleum market. Steaming at 11.5 knots, she’s heading toward China, where Continue Reading
FUJAIRAH DATA: Stockpiles slump to two-month low, light distillates down 9%
Stockpiles of light, middle and heavy distillates at the oil trading and bunkering hub of Fujairah declined to a two-month low July 6, extending declines from the record set in Continue Reading
Short-Term Energy Outlook
The July Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to the 2019 novel coronavirus disease (COVID-19) continue to evolve. Reduced economic activity related to Continue Reading
Pending Dakota Access oil pipe shutdown could mean extended well shut-ins
A recent US appeals court judge’s order to shut the 570,000 b/d Dakota Access oil pipeline for a year starting next month could result in extended curtailments of shut-in wells Continue Reading
Why The Bakken May Not Come Back
The Bakken shale is already declining because of financial struggles and the oil market downturn, but the potential shuttering of the Dakota Access pipeline could close off the possibility of Continue Reading
Pending Dakota Access oil pipe shutdown could mean extended well shut-ins
A recent US appeals court judge’s order to shut the 570,000 b/d Dakota Access oil pipeline for a year starting next month could result in extended curtailments of shut-in wells Continue Reading
ET Confident Dakota Access Pipeline Will Not Shut
Energy Transfer is confident that once the law and full record are fully considered the Dakota Access Pipeline will not be shut down. Energy Transfer has stated that it is Continue Reading
The High Tech Treasure Map That Could Uncover Countless Commodities
Researchers from the United States and Australia have discovered previously unrecognized structural lines 100 miles or more down in the Earth that appear to signal the locations of giant deposits Continue Reading
Global oil demand unlikely to have peaked due to pandemic: IEA’s Birol
Global oil demand will likely to recover to above pre-pandemic levels in the future despite some predictions that the crisis may have already triggered a structural decline in world oil Continue Reading
Analysis: US crude draw likely extends on rising exports, refinery demand
US crude oil inventories likely declined during the week ended July 3 amid an expected uptick in refinery demand and rising exports, analysts surveyed by S&P Global Platts said July Continue Reading
$40 Could Be Magic Number for Some Oil Players
Here is a preview of issues to watch this week in the oil and gas markets. The $40 per barrel level for West Texas Intermediate crude oil could trigger an Continue Reading
Behind Oil’s Rise Is a Historic Drop in U.S. Crude Output
The coronavirus pandemic has stalled factories and shut down business around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the Continue Reading
How the Pandemic Is Changing the Outlook for Peak Oil
One big question emerging from the pandemic is whether it will speed up the global shift away from oil. Life under lockdown gave a taste of a world that burns Continue Reading
High Quality Oil And Gas Assets Should Drive An M&A Recovery
The oil price collapse has taken its toll on mergers and acquisitions (M&A) across the U.S. oil and gas industry as companies preserve cash in these highly uncertain times. The Continue Reading
US Oil Decline Accelerates in April
All of the oil (C + C) production data for the US states comes from the EIAʼs Petroleum Supply monthly PSM . At the end, an analysis of three different Continue Reading
Baker Hughes Rig Count Shows US Decrease
Baker Hughes Co. reported Thursday that the U.S. rotary rig count decreased by two drilling units this week. Baker Hughes Co. reported Thursday that the U.S. rotary rig count decreased Continue Reading
Russian Energy Minister: Global Oil Investment To Drop By One-Third | OilPrice.com
Global investment in oil is set to plunge by one-third this year due to the coronavirus and its effect on economies and oil demand, Russia’s Energy Minister Alexander Novak said at an Continue Reading
U.S. Shale Needs To Rethink Its Strategy To Survive
U.S. shale is hurting. While the entire global energy industry has been hit hard by the novel coronavirus pandemic and its disastrous effect on oil prices and oil demand, West Continue Reading
Oil Rig Count Collapse Beginning To Slow
Baker Hughes reported on Thursday that the number of oil and gas rigs in the US fell again this week, by 2, to 263, showing the second small loss in Continue Reading
U.S. Shale Scrambles For Credit With Oil At $40
U.S. oil and gas companies are scrambling for credit, with lenders tightening their purse strings as oil prices continue to sit below $40 per barrel. Oil and gas lenders have Continue Reading
US oil, gas rig count falls 6 to 285 as industry begins to stabilize
After consecutive weeks of single-digit declines, the US oil and gas rig count may have essentially reached its long-awaited bottom. The US oil and gas rig count fell by six Continue Reading
Oil Glut At Sea Starts To Shrink
The huge volumes of oil held at sea have started to shrink and are expected to continue declining into the second half of this year, thanks to recovering demand and Continue Reading
$40 Oil Isn’t Enough To Prevent A Wave Of Shale Bankruptcies
The coronavirus pandemic and the oil price collapse are accelerating the pace of bankruptcy filings in the U.S. shale patch this year. The number of filings had already started to Continue Reading
Floating crude cargoes in Chinese waters hit fresh high, reducing buying interest
The volume of floating crude cargoes in Chinese waters has hit a record high, dampening Chinese refiners’ buying interest in August-onward deliveries, refiners and analysts said July 2. Receive daily Continue Reading
Summary of Weekly Petroleum Data for the week ending June 26, 2020
U.S. crude oil refinery inputs averaged 14.0 million barrels per day during the week ending June 26, 2020 which was 193,000 barrels per day more than the previous week’s average. Continue Reading
US Crude Inventories Drop 7+ Million Barrels
U.S. commercial crude oil inventories decreased by 7.2 million barrels from June 19 to June 26, according to the latest weekly petroleum data from the EIA. U.S. commercial crude oil Continue Reading
Crude-by-rail flows from US Midwest to West Coast fall 28% on month in April: EIA
Crude-by-rail shipments from the US Midwest to the West Coast fell 28% month on month to 157,000 b/d in April amid lower refining runs and plunging North Dakota oil production, Continue Reading
ConocoPhillips To Restart Part Of Curtailed Oil Production
ConocoPhillips expects to start bringing back in July part of the oil production it had curtailed in the second quarter in response to the low oil prices, the U.S. oil Continue Reading
Deepwater GOM Project Gets Green Light
LLOG Exploration Offshore has sanctioned its Taggart discovery and finalized development plans for the deepwater Gulf of Mexico field. LLOG Exploration Offshore, L.L.C. reported Monday that it has sanctioned its Continue Reading
Fossil Fuels Make Up 84 Percent Of The Global Energy Market
This week BP released its Statistical Review of World Energy 2020 . The Review covers energy data through 2019, and provides a comprehensive picture of supply and demand for major Continue Reading
U.S. Commercial Crude Oil Stocks Hit Record High
The United States held a record-high level of commercial crude oil inventories as of the week to June 19 following the collapse in demand in the lockdown and the slow Continue Reading
Chesapeake’s Collapse Is Latest in Long Line of Shale Busts
The shale bust has reached a grim milestone by claiming the pioneer of America’s drilling renaissance. But Chesapeake Energy Corp., which filed for bankruptcy protection on Sunday, is just the latest Continue Reading