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
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 34, falling to 374, with the total oil and Continue Reading
Approximately 984 employees were affected. As a result of the dramatic downturn in business sparked by the coronavirus and OPEC+ policy, Halliburton has announced another group layoff this week, according Continue Reading
The group is carving out ways to secure, strengthen, and stimulate North Dakota’s energy future. North Dakota’s Department of Mineral Resources has established a Bakken Restart Task Force to help Continue Reading
With thousands of oil wells choking back or completely shutting off production, companies already are looking ahead to what may prove to be an even bigger challenge: turning wells back on. U.S. Continue Reading
Lockdown measures are crippling demand, and supply isn’t falling quickly enough to keep up. Oil-storage tanks around the world are rapidly filling with crude, leaving the new production coming out of Continue Reading
The United States is on track to cut 1.7 million barrels of oil production per day, according to Reuters calculations of state and company data shared on Thursday. It was Continue Reading
Apache Corp became the latest oil major to report a negative net result for the first quarter, booking a loss of $4.5 billion, or $11.86 per share for the period. Continue Reading
The US oil and gas rig count fell 34 to a total of 398 in the week ended May 6, as Permian basin drilling activity continued to decline, rig data Continue Reading
Highlights Bakken output expected to decline Charters VLCCs to store Bakken Defers Payara activities in Guyana New York — Hess is expanding its 2020 spending cuts in response to low Continue Reading
U.S. oil prices slumped into negative territory less than a month ago as storage space fills up fast. And yet it appears that some producers are ready to start drilling Continue Reading
It might sound like a headline about Canada’s oil industry or Venezuela’s, but even the most prolific basins in the U.S. shale patch are crumbling under the weight of low Continue Reading
The associated natural gas production declines across US plays due to the crude price collapse and the coronavirus pandemic are starting to hit the SCOOP/STACK in Oklahoma, driving basis prices Continue Reading
Survey by Louisiana oil and gas industry group shows 23-percent layoff and 77.5-percent well shut-in figures. A recent survey of Louisiana Oil and Gas Association (LOGA) members shows the nearly Continue Reading
U.S. crude oil refinery inputs averaged 13.0 million barrels per day during the week ending May 1, 2020 which was 216,000 barrels per day more than the previous week’s average. Continue Reading
U.S. oil production could decline this year by 2 million bpd-3 million bpd , due to limited storage capacity and low oil prices, Russia’s Deputy Energy Minister Pavel Sorokin told Continue Reading
Oil prices are rising as supply shut ins mount and oil demand seems to be turning a corner. Some oil market analysts even warn that a supply deficit could be Continue Reading
The current dramatic cuts in exploration and production will have a long-lasting impact on the global oil market, with oil prices spiking to above $68 a barrel in 2025, when Continue Reading
The volume of oil products held in storage at Fujairah jumped to the highest level on record as tumbling regional demand from the coronavirus pandemic drives more supplies into the Continue Reading
The numbers are in: We now know just how badly the country’s top oil drillers were hit by the coronavirus-fueled downturn. Three of the four biggest U.S. oil and gas producers posted Continue Reading
Some shale producers said all they need is $30 oil to consider bringing back curtailed crude output. (Bloomberg) — A pair of prominent shale producers said all they need is Continue Reading
Texas regulators are relaxing rules about where companies can store oil underground, raising concern among environmentalists about potential groundwater contamination and other dangers. The members of the Railroad Commission of Continue Reading
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefined and refined oil products of all types. As such there is Continue Reading
Oil companies, oil refiners, and oil traders believe that the worst of the demand destruction is already behind us. But the jury is still out on how long it will Continue Reading
Time will tell if oil price stability, or even an increase, will result from actions by OPEC+ and other producers. Newly updated data on oil production from non-OPEC members, coupled Continue Reading
Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a Continue Reading
A lame-duck Texas regulator who proposed mandatory oil-output cuts said the effort is “dead” a day before the biggest U.S. crude-producing state was set to vote on the measure. Texas Railroad Continue Reading
A federal judge on Friday vacated 287 oil and gas leases on almost 150,000 acres of land in Montana, ruling that the Trump administration had improperly issued the leases to Continue Reading
With North Dakota Bakken oil production down more than 30%, the death of the mighty shale region has begun. There is no way for the companies producing shale oil in Continue Reading
Turns out shutting an oil well is easy, in many cases, it can be done with a few taps on an iPhone. Figuring out which to shut, and for how Continue Reading
Chevron is currently running five rigs in the Permian basin, the company’s chairman and CEO, Mike Wirth, revealed in a recent Bloomberg television interview. Chevron is currently running five rigs Continue Reading
On the same day OPEC-style oil quotas in Texas were pronounced dead on arrival, shale drillers disclosed more supply cuts. (Bloomberg) — On the same day OPEC-style oil quotas in Continue Reading
Oil is approaching a turning point in its coronavirus saga. After several weeks of extreme volatility, prices rallied last week. BP, Shell, Exxon and Chevron offered investors a clear sense Continue Reading
Here I am again reporting on out of date US February oil production from the EIA April report after the world oil environment has been turned on its head. Fortunately Continue Reading
The Next Normal for Oil and Gas Is Unfolding As certain longstanding assumptions in the oil and gas market go by the wayside, at least temporarily, there is much interest Continue Reading
At beginning of this year, oil in the United States was selling for around $60 a barrel. Now you can barely get rid of the stuff; at $12 a barrel Continue Reading
The Federal Reserve made some changes to its Main Street Lending Program according to a Thursday press release by the central bank that will now extend a much-needed lifeline to Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 57, falling to 408, with the total oil and Continue Reading
American shale explorers are rapidly crimping production in the country’s most prolific oil fields as the worst price crash in history threatens the industry’s survival. Three of the biggest oil Continue Reading
Oil-output cuts across the U.S. have stemmed the freefall in prices. But whether the recent recovery is sustained will depend partly on whether producers make good on their commitments. Exxon Mobil Continue Reading
The best month for global equities in almost a decade may be enough to convince investors the light at the end of the coronavirus tunnel isn’t a train, but the Continue Reading
