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The word oil is pictured on an oil bank at a recycling yard in London March 2, 2011. Hedge funds and other money managers have rarely been so bearish about the outlook for oil prices, according to the latest positioning data from the U.S. Commodity Futures Trading Commission. Hedge funds boosted short positions in futures and options linked to the price of U.S. crude to 138 million barrels by July 14, from 84 million four weeks earlier. Over the same period, they cut long positions from 340 million to 292 million barrels. The hedge fund community has an inherent long-bias, but the ratio of long to short positions, at just over 2:1, down from 4:1 a month ago, is among the lowest in the last six years. The number of hedge funds with reported short positions was equal to the number of longs last week, which is highly unusual. […]

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New-well oil production per rig barrels/day New-well gas production per rig thousand cubic feet/day Region May 2015 June 2015 change May 2015 June 2015 change Bakken 610 631 21 607 620 13 Eagle Ford 700 720 20 1,754 1,783 29 Haynesville 27 27 – 5,963 6,034 71 Marcellus 37 38 1 8,176 8,222 46 Niobrara 480 497 17 1,865 1,884 19 Permian 270 296 26 501 543 42 Utica 243 253 10 6,386 6,650 264 Rig-weighted average 390 404 14 2,176 2,307 131 The Drilling Productivity Report uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil and natural gas wells to provide estimated changes in oil and natural gas production for seven key regions. EIA’s approach does not distinguish between oil-directed rigs and gas-directed rigs because once a well is completed it […]

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Background In 2014, Brent front month crude oil futures prices fell from $108 per barrel on January 2 to $57 per barrel on December 31. This report gives an overview of the primary drivers of crude oil price movements in 2014, in particular the substantial price decline that took place during the second half of the year. Factors such as increased global supply of crude oil, lower crude oil supply disruptions, lower economic growth expectations, and currency exchange rate movements are explored in the report. In addition, links are provided to several other published EIA articles with further in-depth discussion of topics related to the oil price decline. After trading in a relatively narrow $10 per barrel range for the first six months of the year and reaching its peak of $115.06 per barrel on June 19, the Brent front month futures price fell sharply and settled at $57.33 […]

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BISMARCK, N.D. (AP) — With oil prices sinking enough that drillers may soon see a more favorable tax rate, North Dakota lawmakers approved a new framework Friday that cuts the price-triggered exemption in exchange for a lower tax rate. North Dakota’s House voted 66-26 after a contentious debate to shave the state’s oil tax rate from 11.5 percent to 10 percent. Republicans believe the move offers better certainty for the state and industry, while Democrats say it could cost the state billions in future oil tax revenue. "We’re taking a real risk and probably something we can never get back," said Rep. Jerry Kelsh, D-Fullerton. Fargo Rep. Al Carlson, North Dakota’s House majority leader, and other GOP representatives said the new system will provide a stable and predictable tax policy that will help increase production, spur investment and boost the state’s economy. "We need to have what’s fair, what’s […]

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The katest OPEC Monthly Oil Market Report is out with OPEC crude only production numbers for February. All data in the OPEC charts below is in thousand barrels per day and the last data point is February 2015 . Total OPEC crude only production was down 137,600 barrels per day in February. Algeria seems to have stabilized their decline. Angola is holding steady. Ecuador has been slowly increasing production at a rate of about 25,000 barrels per day per year. I don’t think they can hold that for another year however. Iran production has been remarkably flat for about two and one half years. It is a question as to how much their production could increase if sanctions were removed. It is remarkable that Iraq has been able to keep production as high as it is with all the ISIS problems they are having. Kuwait was producing flat out in […]

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Energy investors are focusing on what U.S. independent producers have to say in coming financial sessions about their ability to survive a period of $50 oil after many were geared up for richer crude prices. Photo: Associated Press A year ago, Houston oil and gas company Energy XXI Ltd. was getting ready to take on $1 billion in debt to buy a rival. Its stock climbed toward $24 a share. On Monday, the debt-laden company laid out its strategy for survival after that deal contributed to a $377 million loss for its December quarter. On the list: asset sales, expense cuts and cashing in oil-price contracts it signed before prices tumbled. Shares of the energy producer, which operates in the shallow waters of the Gulf of Mexico, now change hands for less than $4 apiece. “The culture of the company has changed, with more focus on cost savings and […]

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4728 Votes Falling oil prices cloud the forecast for Houston economy The recent sharp drop in oil prices is clouding the region’s economic forecast, potentially threatening to curtail employment growth across industries and perhaps even slow down the multifamily real estate segment, a prominent local economist said Thursday. The sudden change in winds caught Bill Gilmer, director of the Institute for Regional Forecasting at the University of Houston, off-guard. Gilmer said during his semi-annual report on the state of the local economy that he had to alter the presentation he’d had ready several weeks ago as the price of crude tumbled into the mid-$70s. “Things have changed in Houston,” Gilmer told a crowd of more than 900 at the Hyatt Regency downtown. “And they changed fast.” Gilmer didn’t declare doom and gloom and he doesn’t see the region losing a substantial number of jobs any time soon. But he […]

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Royal Dutch Shell PLC said Tuesday it has signed agreements to sell all of the Nigerian oil assets it put up for sale last year, the latest move by the Anglo-Dutch Continue Reading