U.S. Shale Swings From Losses To Record Cash Flows
U.S. shale focuses on returning capital to shareholders in 2022. Deloitte: the shale patch is on track for massive free cash flows of a combined $172 billion in 2022 alone. Continue Reading
Exclusive: Biden sidelined global energy partners with record emergency oil release
The United States announced a record-sized release of emergency crude oil reserves in March without consulting partners in the International Energy Agency, leaving them scrambling to match with releases of Continue Reading
Crude supply cuts from Russian sanctions just a ‘drop in the ocean:’ Vitol’s Muller
Estimated 1 mil b/d impact not intended sanctions consequence Indian refiners still have an appetite for Russian crude OPEC spare capacity could reach ‘alarming’ point Western economic and financial sanctions Continue Reading
Oil Prices Top $100, Yet Some Big U.S. Frackers Let Their Production Fall
The Biden administration has urged the industry to step up production. Oil prices are at their highest in years and politicians want companies to pump more. But most large American Continue Reading
Oil Markets Are Bracing For Further Supply Disruptions
Oil markets are once again on edge about potential supply disruptions. The continued efforts by the EU to ban Russian oil imports and the renewed efforts by the U.S. Senate Continue Reading
U.S. Rig Count Ticks Higher As Oil Prices Head For Another Weekly Gain
The number of total active drilling rigs in the United States rose by 7 this week, after an increase of 3 rigs in the week prior, according to new data Continue Reading
Permian crude volumes surge despite supply chain hindrances: NuStar
Frack crew, supply chain shortages slow growth More bullishness on growth in 2023 Crude oil volumes out of the Permian Basin are still rising to new highs despite supply chain Continue Reading
Oilfield Services Are Set For Years Of Profits
After suffering through a wave of bankruptcies during the covid pandemic, the oilfield services sector is bouncing back in a big way as the world attempts to boost oil production. Continue Reading
Shell Says It’s Impossible to Trace Russian Crude In Refined Products
There is no way to trace whether there is Russian crude oil or how much crude from Russia will go into the refined products market globally, Shell’s chief executive Ben Continue Reading
U.S. crude stocks build unexpectedly, fuel draws down amid export surge – EIA
U.S. crude oil stockpiles rose unexpectedly last week, while distillate and gasoline inventories dropped again as refiners continue to boost fuel exports to a world in need of supply, the Continue Reading
EU Import Ban Could Knock Another 10% Off Russia’s Oil Output
Kremlin said the plan will be very costly for the bloc Von Der Leyen Says EU Plans to Phase Out Russian Oil Bloomberg News The European Union’s proposal to ban Continue Reading
Russia’s Oil Output Is Plummeting, And It May Never Recover
Russia’s oil output is plummeting, and the decline is expected to worsen in May. OPEC recently warned that markets could see the loss of more than 7 million barrels per Continue Reading
The Calm Before The Storm In Oil Markets
U.S. Gulf of Mexico sees burst of drilling activity. Shale drillers focus on investor returns. Heatwave in India sends power demand soaring to unprecedented levels. The first week of May Continue Reading
Shale Producers Face $42 Billion In Hedging Losses
BloombergNEF: hedging losses are mounting in U.S. shale. Hess Corp found itself spending $325 million in March to exit hedges at a serious loss. Shale giant Pioneer lost $2 billion Continue Reading
API Shows Large Crude Inventory Drawdown
The American Petroleum Institute (API) reported a larger-than-anticipated draw this week for crude oil of 3.479 million barrels, compared to analyst predictions of a 1.167 million barrel draw. U.S. crude Continue Reading
U.S. Offshore Oil Boom Is No Cure For Global Supply Crunch
U.S. offshore oil production is booming as operators are bringing new platforms online. Years of underinvestment in drilling activity have taken their toll on the offshore industry. Goldman Sachs expects Continue Reading
Oilfield services bounce back as US drilling boom gathers pace
A drilling boom in America’s oil heartlands has triggered a sharp reversal of fortunes for the country’s long-suffering oilfield services groups as they reap the rewards of the scramble to Continue Reading
The U.S. Shale Patch Is Facing A Plethora Of Problems
Mr. Messler is an oilfield veteran, recently retired from a major service company. During his thirty-eight year career he worked on six-continents in field and… The U.S. government appears to Continue Reading
Falling Inventories Could Stifle U.S. Plans To Help Europe Replace Russian Oil
The U.S. oil and gas industry has boosted exports to record highs as Europe races to wean itself off of Russian energy. Since July 2020, U.S. oil inventories have plummeted Continue Reading
U.S. Fuel Exports Are Draining Domestic Diesel And Gasoline Supplies
Domestic supplies of gasoline and diesel in the United States are dwindling as record volumes of fuel are being exported from the Gulf Coast, BNN Bloomberg reports . Citing Vortexa Continue Reading
US February Oil Production Surprises to the Downside
All of the oil (C + C) production data for the US state charts comes from the EIAʼ’s Petroleum Supply monthly PSM. U.S. February production decreased by a surprising 50 Continue Reading
Chevron to Ramp Up Production at Biggest USA Oil Field
Chevron will produce the equivalent of about 725,000 barrels of oil daily in the Permian Basin this year. Chevron Corp. lifted its production target in North America’s biggest oil field Continue Reading
Russian threats redraw the global energy map
Algeria has long been a medium-stakes player in the global game of oil and gas exports, but the energy crisis in Europe has created an opening for the North African Continue Reading
U.S. drillers add oil and gas rigs for record 21 months a row -Baker Hughes
U.S. energy firms last week added oil and natural gas rigs for a record 21 months in a row as high prices and prodding by the federal government prompted some Continue Reading
EIA Monthly Data Shows A Dip In U.S. Oil Production
Weekly U.S. crude oil production figures by the Energy Information Administration are a closely watched data set, but monthly production figures—which lag by months—often are seen as painting a more Continue Reading
The Rig Count Climbs As Markets Clamor For More Oil
The rig count has increased once again, hitting levels not seen since April 2020. Russia’s invasion of Ukraine has only added to the demand for drilling, with the rig count Continue Reading
Diesel In ‘Crisis’ Mode As Prices Break Records
Diesel prices, the lifeblood of industry, have hit a record $5.16 per gallon, trending $1 per gallon higher than gasoline prices, with inventory shortages adding severe pressure and resulting in Continue Reading
North American oil companies scramble to find workers despite boom
When Jeremy Davis was laid off from his oilfield job in Texas in 2020, he did not want to leave the industry after 17 years in oil and gas. But Continue Reading
Fracking Boom Turns Texas Into the Earthquake Capital of the U.S.
Earthquakes were never anything people in West Texas thought much about. Years would pass in between tremors that anybody felt. Even after the shale revolution arrived in force a decade Continue Reading
Extreme Weather Leads To Sharp Drop In North Dakota Oil Production
A recent bout of bad weather has slashed oil production in North Dakota by almost 80 percent, and restoring the lost output could take several days. North Dakota, home to Continue Reading
Oil Middlemen Fueled Putin’s War Machine. Now They’re Getting Out.
Russia built a self-proclaimed fortress around its economy in the run-up to war—but there was a crack. Moscow depended on foreign middlemen to ferry its most strategic and lucrative export Continue Reading
In the Top U.S. Oil Field, a Battle for Materials Crimps Growth
America’s most prolific oil field is running out of the workers, cash and equipment needed to produce more oil. In the Permian Basin, the sprawling oil-rich region in West Texas Continue Reading
Oil Prices Unchanged After EIA Confirms Small Crude Inventory Build
Crude oil prices remained largely unchanged today after the U.S. Energy Information Administration reported a modest crude oil inventory build of 700,000 barrels for the week to April 22. This Continue Reading
US gasoline, distillate stocks move lower on steady demand, strong exports
Gasoline stocks fall 1.57 million barrels USAC gasoline stocks 22% below average Cushing stocks at 11-week high Major US refined product inventories saw counter-seasonal draws in the week ended April Continue Reading
McKinsey: Oil Demand Peak Could Be Two To Five Years Away
McKinsey: uptake of electric vehicles is the main driver for stagnating growth in oil demand. McKinsey: global liquids demand to peak around 102 million barrels per day within 2-5 years. Continue Reading
Goldman’s Top 5 Shale Plays For 2022
Blackrock CEO Larry Fink: elevated energy prices ” will spur a huge amount of investing .” Goldman Sachs: there are five robust factors that could fuel a tripling of oil Continue Reading
Russia sees its oil output falling by up to 17% in 2022 -document
Russia may see its oil production fall by as much as 17% in 2022, an economy ministry’s document seen by Reuters showed on Wednesday, as the country struggles with Western Continue Reading
Fuel for Thought: Tight oil market myth becoming reality
The crude market isn’t that tight, but the oil market is. The bullish narrative going into the Russian-Ukraine crisis was driven by a short-term perspective and flawed thinking around crude Continue Reading
Decline in World Conventional Oil Output and Peak Oil
World Conventional Oil output peaked at a centered twelve month average (CTMA) of 74193 kb/d in July 2016. This peak is unlikely to be surpassed in the future. I do Continue Reading
The Oil And Gas Industry Is Booming Despite Net-Zero Ambitions
Oil and natural gas investments are on the rise despite the global push toward renewable energy. The global transition to green energy will need the help of fossil fuels to Continue Reading
Rosneft huge oil tender fails after it demands rouble payment -traders
Rosneft failed to sell oil in a jumbo tender after demanding prepayment in roubles, five traders said on Monday, meaning the country’s top oil company will need to find ways Continue Reading
Why Are the Majority of Leased Offshore Federal Waters Non-Producing?
Rigzone speaks to the Department of the Interior, the National Ocean Industries Association, the Energy Workforce and Technology Council and Fitch Solutions. According to the Department of the Interior (DOI), Continue Reading
It’s Not Just High Oil Prices. It’s a Full-Blown Energy Crisis.
Americans are worrying about their gas prices. Germans are turning down their heating. Peru has seen violent protests — and a violent crackdown on them — over rising fuel costs. Continue Reading
The Numbers Behind A EU Ban On Russian Crude
EU ban on Russian crude may create massive problems for the global refinery system. Depending on speed of phase-out, more than 3 million bpd of Russian oil production could be Continue Reading
Morgan Stanley Ups Oil Price Forecast On Supply Fears
Morgan Stanley raises amount of lost Russian supply to 2 million bpd. Morgan Stanley adjusts its forecast for returning Iranian supply. Morgan Stanley revised its oil price forecast upwards for Continue Reading
2022 Oil Demand Expected to Stay Below 100MM Barrels Per Day
Standard Chartered analysts warned that they think there is a significant downside risk to 2022 oil demand growth. In a new report sent to Rigzone this week, Standard Chartered forecasted Continue Reading
IEA Reveals Details Of 182.7 Million Barrel Oil Stocks Release
Member countries of the International Energy Agency will be releasing a total of 182.7 million barrels of oil from emergency stocks over six months, of which 74 percent will come Continue Reading
U.S. Rig Count Inches Higher As Oil Rally Halts
The number of total active drilling rigs in the United States rose by 2 this week, after an increase of 4 rigs in the week prior, according to new data Continue Reading
Oil’s Hired Hands See Outlook Brighten as War Fractures Markets
Oil Analyst Sen Sees Rising Risk as SPR Impact Fades The global oil industry is on pace to repeat or even surpass the heady days of 2008 when crude ascended Continue Reading
Has The War In Ukraine Changed Oil Markets Forever?
Even before Russia invaded Ukraine and sent oil prices into the stratosphere, the oil market was dealing with a serious supply issue. According to some analysts, when the war in Continue Reading