Offshore oil producers and their allies in Congress are asking the Trump administration to make it easier for them to get a break on payments to the government amid the Continue Reading
It’s a rule of thumb among epidemiologists that every epidemic is different and could be laden with surprises. It now seems the same applies to economic crises. During the last Continue Reading
Harold Hamm, the wildcatter who helped usher in the American fracking boom, has weathered his share of oil busts. None of them matched this one. The 13th child of Oklahoma Continue Reading
Headlines have been pronouncing the impending death of the shale industry since long before the spread of the novel coronavirus. “Even when oil was priced at $30 a barrel,” writes Continue Reading
The US oil and gas rig count dropped by 12 to 357, rig data provider Enverus said Thursday, marking the slowest week-on-week decline in more than two months since the Continue Reading
More than 2.2 million b/d of US oil production has been shut in response to low prices and weak demand, US Energy Secretary Dan Brouillette said Thursday. Receive daily email Continue Reading
U.S. shale drillers spooked by the epic meltdown in oil markets are trying to figure out how to protect themselves in the future. It won’t come easy, or cheap. After oil’s Continue Reading
In response to the industry downturn, national oil companies (NOCs) are set to slash their exploration budgets by 26 percent on average this year, Wood Mackenzie said in an analysis Continue Reading
U.S. crude oil refinery inputs averaged 12.9 million barrels per day during the week ending May 15, 2020 which was 0.5 million barrels per day more than the previous week’s Continue Reading
Bakken driller Continental Resources was the lone producer voice Wednesday in favor of North Dakota regulators declaring oil produced at certain levels as waste and then potentially imposing state curtailments. Continue Reading
An oil field on federally managed land in California in 2015. (Jae C. Hong/AP) The Trump administration is starting to reduce royalty payments and suspend leases for oil companies drilling Continue Reading
U.S. shale drillers spooked by the epic meltdown in oil markets are trying to figure out how to protect themselves in the future. It won’t come easy, or cheap. After oil’s Continue Reading
The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first Continue Reading
The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory draw, of 4.8 million barrels for the week ending May 15. Analysts had predicted an inventory build Continue Reading
As the price of oil drops and the sector faces the strain of little to no investment globally, the oil and gas industry is on track for a major skills Continue Reading
U.S. shale production is set to fall to a two-year low in the coming weeks, with the Permian basin leading the way down. In the latest Drilling Productivity Report , Continue Reading
When two of the biggest beneficiaries of fossil fuels abandon the cause is that an omen? Start with Norway’s sovereign wealth fund, the biggest in the world. That nation created Continue Reading
After the forced suspension of drilling and well shut-ins, the global oil industry now faces another challenge: production outages resulting from delays in regular repairs caused by the supply-chain disruption Continue Reading
North Dakota will likely follow Texas’ lead in letting oil market dynamics and individual producers, not state regulators, decide how much production to curtail in the face of low prices Continue Reading
Oil production from the top seven shale regions in the U.S. is set to tumble to levels not seen since 2018. (Bloomberg) — Oil production from the top seven shale Continue Reading
Google says it will no longer build custom artificial intelligence tools for speeding up oil and gas extraction, separating itself from cloud computing rivals Microsoft and Amazon. A statement from Continue Reading
It may well be the case that the U.S. shale sector has cut over US$50 billion from its planned spending this year, the number of operating rigs has fallen by Continue Reading
The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling Continue Reading
American shale is easy prey as Beijing goes bargain-hunting. China could soon embark on a global buying spree following the coronavirus-induced economic crisis and the re-opening of its economy , Continue Reading
Highlights Voluntary producers’ shut-in output accelerates EIA revises May production estimates down 500,000 b/d Houston — Declining US shale oil output is projected to slide further in June by 197,000 Continue Reading
In brokering the end to the global oil-price war last month, the Trump administration assured leaders that America’s shale patch would throttle back production. But few expected that the cuts would Continue Reading
The economy is reopening, stock markets are already bouncing back in a hedge on the future, and we’re about to see the biggest shift in capital in years. It’s a Continue Reading
“I think the cuts are automatic if you are a believer in markets,” U.S. President Donald Trump said about potential American oil production cuts in early April while he was Continue Reading
Crude oil production in the seven major US shale basins will fall by a record 197,000 barrels per day next month, the Energy Information Administration reported on Monday. Production in Continue Reading
Oil production from the top seven shale regions in the U.S. is set to tumble to levels not seen since 2018. (Bloomberg) — Oil production from the top seven shale Continue Reading
Wary of U.S. crude oil after prices sank below zero, investors are seeking different ways to profit from the energy market as pockets of the world economy emerge from lockdown. Continue Reading
Analysts in the US oil market are growing increasingly confident of stronger prices, as coronavirus lockdowns ease and consumption creeps up just as production plummets. West Texas Intermediate, the US crude Continue Reading
Oil markets have taken a beating around the globe, but nowhere has the pummeling been worse than in the United States shale patch, where the oil price crash plunged the Continue Reading
In brokering the end to the global oil-price war last month, the Trump administration assured leaders that America’s shale patch would throttle back production. But few expected that the cuts would Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 35, falling to 339, with the total oil and Continue Reading
The Covid-19 pandemic and the low oil-price environment it has created continues to affect global energy markets and activity levels by oil and gas producers. New fracking jobs in the Continue Reading
1. IEA: Gasoline demand will come back quickly – The IEA said in its latest Oil Market Report that global oil demand hit its nadir in April (-25.2 bm/d), and Continue Reading
Producers are already restarting oil wells in North Dakota as prices come off record lows, but talk of a recovery is premature, said the state’s energy regulator. The historic price rout Continue Reading
Oil on floating storage is now at its highest level in the history of the oil market and despite modest signs of a demand recovery, industry sources and analysts say Continue Reading
The total US oil and gas rig count fell 29 to 369 on the week, rig data provider Enverus said Thursday, marking the ninth straight week of double-digit declines as Continue Reading
Gross U.S. production cuts could reach two million barrels per day in June, according to Rystad Energy. Gross U.S. production cuts, including liquids, could reach two million barrels per day Continue Reading
Oil markets have had yet another confusing week, this time not just because of the coronavirus and all the media attention that has garnered. But this week, disparate crude oil Continue Reading
While much of the United States—including Texas—is taking steps to reopen the economy, oil and gas jobs are still on a downward spiral, with oil and gas jobs in Texas Continue Reading
The oil market has experienced unprecedented demand destruction, supply cuts and inventory builds in just a matter of weeks. Recovering from recent events will take considerably longer, IHS Markit Energy Continue Reading
US oil and gas industry officials and their allies in Congress on Wednesday discussed the sector’s ability to rebound from current demand destruction, and debated whether more help from Washington Continue Reading
The Trump administration claims that the U.S. is “transitioning to greatness,” and that energy companies are going to see “massive gains.” U.S. Secretary of Energy Dan Brouillette says there is Continue Reading
Gross U.S. production cuts could reach two million barrels per day in June, according to Rystad Energy. Gross U.S. production cuts, including liquids, could reach two million barrels per day Continue Reading
Oil prices continue to rise on the prospect of a rebound in fuel demand as economies begin to reopen. But there is a large difference between oil demand rising from Continue Reading
Oil product stockpiles at the Middle East’s key oil hub of Fujairah rose 6.4% in the week to Monday, climbing to a record high for a second consecutive week as Continue Reading
Forecast Highlights Global liquid fuels Although all market outlooks are subject to many risks, the May edition of EIA’s Short-Term Energy Outlook remains subject to heightened levels of uncertainty because Continue Reading
