The U.S. is working on ways to expand storage space to add several hundred million more barrels to it, Treasury Secretary Steven Mnuchin said at a White House briefing, as Continue Reading
The US oil and gas rig count fell 59 to 432 during the week ended April 29, rig data provider Enverus said Thursday, as upstream players continued to idle oil Continue Reading
Receive daily email alerts, subscriber notes & personalize your experience. Register Now ConocoPhillips will increase its near-term oil production cuts beyond the 225,000 b/d gross originally signaled two weeks ago, Continue Reading
The orange flames that dot the Permian Basin have sparked criticism from investment bankers and shale pioneers who say the energy industry is wasting a valuable resource by burning off Continue Reading
In just over a month, scores of drilling rigs have been dismantled and tucked away in storage yards. Pump jacks, those piston pumps that lift crude out of the ground, Continue Reading
It is very common today to read about shutting-in of producing oil and gas wells to reflect the reality there are fewer and fewer places to store oil right now. Continue Reading
U.S. shale oil producers have so far held up admirably, hanging on for dear life amidst the biggest oil demand collapse in history. American producers continued to pump at record Continue Reading
The United States has been on the opposite side of the OPEC oil cartel for decades in a great battle between the free market and supervised production levels. All that Continue Reading
Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have Continue Reading
The Trump administration may announce as soon as Thursday a plan to offer loans to the ailing oil industry possibly in exchange for a financial stake, according to two people Continue Reading
U.S. crude oil refinery inputs averaged 12.8 million barrels per day during the week ending April 24, 2020 which was 305,000 barrels per day more than the previous week’s average. Continue Reading
The United States shale revolution is over. Production in the Permian Basin, which spreads across West Texas and Southeast New Mexico, has been slowing for months, but the novel coronavirus Continue Reading
Oil demand around the world will not return to the pre-virus levels of 2019 until the fourth quarter of 2021, as countries will be slowly emerging from the lockdowns and Continue Reading
A day after the American Petroleum Institute reported yet another inventory build estimate, at close to 10 million barrels, the Energy Information Administration confirmed a build, saying inventories of crude Continue Reading
After Continental Resources suspended drilling in North Dakota and started shutting in operating wells, now another company has followed: Oasis Petroleum. Reuters quotes unnamed sources that said the company has Continue Reading
US crude inventories again moved higher last week, but the build was blunted by an unexpected uptick in refinery demand, sliding production levels and strong export flows, an S&P Global Continue Reading
North Dakota regulators will hear testimony May 20 on whether oil production at current low prices amounts to wasting natural resources, potentially setting the stage for output restrictions, like those Continue Reading
Nine companies including Chevron Corp ( CVX.N ), Exxon Mobil Corp ( XOM.N ) and Alon USA Inc ALJON.UL have agreed to rent space to store 23 million barrels of Continue Reading
In the last couple of months, the global energy industry has been flipped on its head. As the novel coronavirus pandemic ravaged economies around the world, the energy industry took Continue Reading
Oil product stockpiles at the Port of Fujairah rose 6.1% week on week to 24.65 million barrels Monday, marking the highest level in two weeks, according to data exclusively obtained Continue Reading
The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build of 9.978 million barrels for the week ending April 24 as the demand destruction continues and Continue Reading
The Regional Municipality of Wood Buffalo, which includes Fort McMurray – the hub of Alberta’s oil sands business – has issued a mandatory evacuation order for all of downtown Fort Continue Reading
U.S. oil companies have started sending oil to the Strategic Petroleum Reserve, Bloomberg reports, citing a Department of Energy official. According to the official, since the start of April, some Continue Reading
It’s the latest example of an oil and gas deal running into snags amid the unprecedented plunge in crude prices. (Bloomberg) — Continental Resources Inc. is being sued by a Continue Reading
Whiting Petroleum, a major oil and gas producer in the Bakken Shale and Denver-Julesburg Basin, announced Monday it had filed a Chapter 11 plan, as the decimated global demand for Continue Reading
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the Continue Reading
The magnitude of how damaged the energy industry is coming into full view on April 20 when the benchmark price of U.S. oil futures CLc1, which had never dropped below Continue Reading
Oklahoma’s governor has called on U.S. President Donald Trump to declare the coronavirus pandemic an “act of God,” a step to help oil-producing states contend with a crude glut that Continue Reading
A few weeks before the summer driving season begins, U.S. gasoline consumption has plummeted to levels last seen in the late 1960s, due to the lockdowns to contain the spreading Continue Reading
The global oil market is on track to test storage capacity limits in as little as three weeks, requiring the shut-in of nearly 20% of global production, according to Goldman Sachs Continue Reading
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 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
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
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
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
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
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
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
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
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
Contentious regulatory issues in Colorado have taken a back seat in the Denver-Julesburg Basin as companies slash activity under the weight of weak oil prices, which could provide a boost Continue Reading
Whiting Petroleum Corp., the shale driller that went bankrupt at the start of this month, formalized a restructuring deal that would cut more than $2.3 billion of debt and hand Continue Reading
Methane emissions from the Permian basin of West Texas and southeastern New Mexico, one of the largest oil-producing regions in the world, are more than two times higher than federal Continue Reading
Fears of running out of storage capacity drove oil prices down over $40 in single day, forcing sellers to pay their buyers to take the product, and these fears were Continue Reading
The US oil and gas rig count fell 76 week on week to 491, rig data provider Enverus said Thursday, a few days after oil prices plunged below zero and Continue Reading
Unfortunately, for the already vulnerable U.S. Energy Market, the worst is still yet to come. As one energy analyst forecasted, we may see a negative $100 for oil a barrel Continue Reading
Cushing, Oklahoma, population 7,800, has a steakhouse, a burrito restaurant and a KFC. It also has America’s most important complex of oil storage tanks. The prospect that those monumental tanks Continue Reading
This week the near term price for crude oil fell to -$37.68 per barrel. This was driven by the expiration of the May futures contract on the 21st of April Continue Reading
An historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% Continue Reading
Oklahoma’s energy regulator on Wednesday ruled in favor of an oil company’s emergency application to classify unprofitable production as economic waste, enabling producers to maintain leases when output is halted Continue Reading
