Commercial crude oil stockpiles in the U.S. fell by 2.3 million barrels in the week to July 15, the Energy Information Administration reported . This is a rare perfect match Continue Reading
A glut of refined products has worsened the already-grim outlook for U.S. crude oil for the rest of the year and the first half of 2017, traders warned this week, Continue Reading
Oil prices sank on Thursday following fresh data showing oil and product stocks rising to an all-time high. The EIA released its weekly data on July 20, revealing a slight Continue Reading
To provide themselves a cushion against sharp drops in oil prices, drilling companies often buy hedges—financial contracts that pay off when prices fall. Now a quirk of bankruptcy law has Continue Reading
Back in the mid-noughties the peak oil meme gained significant traction in part due to The Oil Drum blog where I played a prominent role. Sharply rising oil price, OPEC Continue Reading
The Bakken and North Dakota production data is out. Bakken production was up 6,540 barrels per day while all North Dakota production was up 5,383 bpd. This was not posted Continue Reading
The US oil and gas rig count rose by 7 this week, with Baker Hughes adding 6 more oil rigs to the count and one more gas rig, bringing the Continue Reading
Nine tankers carrying as much as nine million barrels of crude are floating in the North Sea as traders can’t afford to sell the crude they have—at least not profitably Continue Reading
IHS Markit Energy assessed 46,000 horizontal wells in U.S. Study shows big potential for reviving conventional plays U.S. oil explorers are yet to fully reap all the rewards of horizontal Continue Reading
Three years after spending $15 billion on an ambitious bid to revitalize a troubled oil-sands project in a northern Canadian swampland, one of China’s largest state-controlled oil companies has run Continue Reading
