The Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR), four U.S. sources said on Wednesday, as the Continue Reading
Global oil supply disruptions are approaching 5-6 million barrels per day (bpd), according to Reuters’ calculations, as sanctions, conflicts and infrastructure failures hit supply just as demand is recovering close Continue Reading
Diesel imports have surged in dollar terms Price controls are discouraging importing more Imported diesel is sold at 30% below its import price Argentina’s service stations have started rationing diesel, Continue Reading
The U.S. shale industry is racing to ramp up production, “but it won’t be quick.” Supply chain bottlenecks are putting a cap on short term output growth. At this rate, Continue Reading
Last year, bankruptcies in the U.S. shale patch hit record levels. Now, dozens of companies have been successfully emerging from Chapter 11 bankruptcy protection, with M&A their preferred modus operandi. Continue Reading
Transneft, the Russian oil pipeline operator, has informed local oil companies that it would be capping the intake of yet-to-be-sold crude because of full storage as buyers in the West Continue Reading
Russian pipeline operator Transneft is restricting oil intake into its network as storage levels build, Reuters reported on March 29. Transneft declined to comment on the report when contacted by Continue Reading
Oil prices are sitting well above the $100 mark and show no sign of falling back any time soon, but that doesn’t mean that a wave of new production will Continue Reading
Russian refiners cut processing rates of diesel fuel. Already tight diesel supply is getting even tighter. Vitol’s chief executive Hardy: diesel supply shortage could trigger rationing in Europe Earlier this Continue Reading
U.S. oil exports have climbed following Russia’s invasion of Ukraine, and barrels of domestic oil that would typically go to the Cushing, Oklahoma, storage hub are instead being exported via Continue Reading
OPEC+ will look at supply and demand when it meets Mar 31 OPEC+ lost 1 mil barrels from natural decline in a year NOCs cannot replace IOC production Russia is Continue Reading
Shortages of staff and supplies are weighing on the recovery of US oilfields, derailing hopes that Texas drillers could unleash gushers of crude to help bring soaring global prices under Continue Reading
The number of total active drilling rigs in the United States rose by 7 this week, as WTI trades at more than $113 per barrel. The total rig count increased Continue Reading
The US Energy Information Administration (EIA) published its Annual Energy Outlook (AEO) 2022 on March 3. figure 1 Three scenarios are shown in the chart above for a low oil Continue Reading
The West Texas Intermediate (WTI) oil price companies need to profitably drill a new well in the U.S. is increasing, according to the Dallas Fed Energy Survey. In the organization’s Continue Reading
Energy Markets on War Footing Russia has choked throughput on a Caspian Sea pipeline carrying crude oil from the Tengiz fields in Kazakhstan to Russia’s Black Sea coast. Russian officials Continue Reading
Startlingly large amounts of methane are leaking from wells and pipelines in New Mexico, according to a new analysis of aerial data, suggesting that the oil and gas industry may Continue Reading
Crude oil production in the United States grew faster during the first quarter of the year, the Dallas Fed reported in its quarterly industry survey, noting that costs also increased. Continue Reading
Highlights Eagle Ford count is 68 for the week, up 2 Total rig count sees first loss since end-2021 Pace of rig adds in 2022 at about 20/month The US Continue Reading
OPEC: EU oil embargo on Russia to hurt consumers. OPEC+ and OPEC have not officially commented on the Russian invasion of Ukraine. Nothing is off the table about additional EU Continue Reading
Crude oil prices continued up today after the Energy Information Administration reported a crude oil inventory draw of 2.5 million barrels for the week to March 18. This compared with Continue Reading
Oil market players are struggling to find out key information. Oil market players are struggling to find out how much Russian oil exports and supply will be impacted, who will Continue Reading
Big banks arguably have more power to undermine the oil and gas industry than any other actor, and in recent years they have done their best to halt new exploration. Continue Reading
Russia’s attack on Ukraine helped push the price of oil to over $100 a barrel for the first time since 2014. Here’s how rising oil costs could further boost inflation Continue Reading
A huge portion of Russia’s gross domestic product comes from its oil exports, and nearly 80% of those exports go to Europe. While Europe will suffer in the short term Continue Reading
The commodity price spike that’s been worsened by Russia’s invasion of Ukraine isn’t an equal-opportunity dispenser of economic distress. The commodity price spike that’s been worsened by Russia’s invasion of Continue Reading
U.S. energy firms this week reduced the number of oil rigs active in the United States even as crude prices continued to trade over $100 a barrel after Russia’s invasion Continue Reading
IEA: market could lose around 3 million bpd of supply from Russia starting in April. Sanctions come at a time that OECD crude inventories were already well below their 5-year Continue Reading
Sky-high oil prices have left both America’s oil industry and its President pointing fingers at one another. Biden has repeatedly called on the oil industry to increase production, but the Continue Reading
Active rig counts in US basins continue to grow with operators adding 11 for the week ending March 16 and 75 year to date, Enverus data showed, as the war Continue Reading
IEA: large-scale supply disruptions are increasingly likely as a result of sanctions on Russia. IEA: Global oil demand growth will decline due to a slowdown in economic growth. The IEA Continue Reading
Rallying energy commodity prices are expected to drive up primary energy expenditures globally to a record 13 percent of world gross domestic product (GDP), comparable to the energy cost levels Continue Reading
Upstream M&A deal flow could hit the highest in years in 2022 if commodity prices hold steady. Companies like Continental Resources, Pioneer Natural Resources, Diamondback Energy, Devon Energy, and EQT Continue Reading
The American Petroleum Institute (API) estimated that there was a surprise build this week for crude oil of 3.754 million barrels, compared to analyst predictions of a 1.867 million barrels Continue Reading
Fujairah LSFO suffers brunt of sales drop Blending pool stocks hit by sanctions on Russia HSFO sales holding up The Port of Fujairah’s bunker sales slumped in February to their Continue Reading
Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 70,000 barrels per day (bpd) to a record 5.208 million Continue Reading
Permian oil volumes hitting record highs Natural gas growth outpacing crude DUC count continues to deplete The US shale oil production forecast was revised downward in March by 116,000 b/d, Continue Reading
Participants attend the CERAWeek energy conference in Houston, Texas on March 7, 2022. CERAWeek is one of the largest and most influential global energy forums. Credit: Photo by Yi-Chin Lee/Xinhua Continue Reading
Standard Chartered: continuing consumer reluctance to buy from Russia and shortages of capital, equipment, and technology will impact Russian oil output. Russia’s difficulty in marketing its oil is likely to Continue Reading
Oil prices tumbled at the start of this week as fears of a major supply crunch were alleviated somewhat. Upward pressure remains, however, with geopolitical risks mounting and a nuclear Continue Reading
Global stocks of diesel and other middle distillates have fallen to the lowest seasonal level since 2008, when similar shortages of these transport and industrial fuels helped to propel oil Continue Reading
A guest post by Ovi Below are a number of oil, crude plus condensate (C + C ), production charts for Non-OPEC countries created from data provided by the EIA’s Continue Reading
U.S. energy firms this week added oil and natural gas rigs for the ninth time in 10 weeks after Russia’s invasion of Ukraine drove crude prices to their highest since Continue Reading
Russian gas flows to Europe remain stable, but Moscow is starting to face problems in selling its crude oil and oil products as Western sanctions over Russia’s invasion of Ukraine Continue Reading
Eagle Ford at 67 rigs, up 4 on week SCOOP-STACK rises by 2 to 45 US production likely won’t grow quickly The US oil and gas rig count jumped by Continue Reading
Russia will have to shut in some of its oil production as it will not be able to sell all the volumes displaced from European markets to other regions, with Continue Reading
The American Petroleum Institute (API) estimated that there was a build this week for crude oil of 2.811 million barrels, largely in line with analyst predictions of a 2.796 million Continue Reading
Before its forces invaded Ukraine, Russia provided one out of every 10 barrels of oil the world consumed. But as the United States and other customers shun Russian crude, the Continue Reading
No signs of middle distillates heading to Europe Heavy distillates rise 10% on the week LSFO Fujairah fuel premium over Singapore widens Oil product stockpiles at the Port of Fujairah Continue Reading
Forecast Highlights Global liquid fuels The March Short-Term Energy Outlook (STEO) is subject to heightened levels of uncertainty resulting from a variety of factors, including Russia’s further invasion of Ukraine. This STEO Continue Reading
