Oil and gas prices are rebounding from their pandemic lows, but the road ahead for the industry remains challenging amid new competitive threats and demands from investors. Global spending on oil Continue Reading
OPEC was formed in 1960 by founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. For a brief period, the petroleum cartel became the dominant force behind world oil prices Continue Reading
Here is a look back at some of Rigzone’s most viewed downstream-related articles from the past week. Based on a review of pageviews, Rigzone’s downstream readership showed strong interest during Continue Reading
Oil prices fell more than 2% on Friday, with both contracts posting a loss on the week as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a Continue Reading
Oil slid by the most in three weeks as a stronger dollar and weak U.S. economic data stoked concerns over an economic rebound. Futures in New York tumbled 2.3% on Continue Reading
OPEC’s crude oil export revenues for 2020 could decline to $323 billion, the U.S. Energy Information Administration said in a new report, noting that this would be the lowest revenue Continue Reading
OPEC Monthly Oil Market Report for December 2020 was published this week. The last month reported in each of the charts that follow is December 2020 and the output reported Continue Reading
Oil prices fell back on Friday morning as demand fears grow, but OPEC has predicted an increase in U.S. shale production at current price levels. With 2021 shaping up to Continue Reading
Having soared in recent days, rising 21% YTD on the back of the gamma squeeze discussed yesterday, and coupled with a barrage of analyst upgrades, most recently from Barclays and Continue Reading
The Securities and Exchange Commission launched an investigation of Exxon Mobil Corp. XOM -4.81% after an employee filed a whistleblower complaint last fall alleging that the energy giant overvalued one of its most important oil Continue Reading
U.S. shale oil companies are hedging against future price drops as West Texas Intermediate enjoys a rebound above $50 a barrel, Reuters has reported , citing unnamed sources in the Continue Reading
North Dakota oil production was essentially flat month on month in November, falling just 0.5% to 1.224 million b/d, the state’s Department of Mineral Resources said Jan. 15 in releasing Continue Reading
The new wave of lockdowns around the world is sending U.S. jet fuel prices slumping and exports slowing to a trickle all over again. It’s not as bad as the crash Continue Reading
We have seen strong moves higher in the key crude oil benchmarks-WTI, and Brent, in the last several months. This was initiated by the advent of positive news on the Continue Reading
Oil declined from a 10-month high as the dollar strengthened, taking the steam out of a recent rally, while investors assessed what impact a potential U.S. stimulus package will have Continue Reading
Oil rose to a new 10-month high in New York on expectations that a potential $2 trillion economic relief packaged could get Americans consuming more fuel. U.S. benchmark crude futures Continue Reading
Global oil stockpiles fell to a seven-month low in November but OPEC, which kept its 2021 demand outlook little changed from last month’s forecast, has signaled it is still trying Continue Reading
OPEC, and especially OPEC+, has always seemed to be at odds with the U.S. shale industry. From the drastic oil embargos of the ‘70s to the all-out oil price war Continue Reading
Having recently turned even more bullish on the oil market, bringing forward up its year-end $65 Brent price target to the summer on Monday, overnight Goldman’s commodity team turned even Continue Reading
The pandemic and the pace of economic and oil demand recovery from the coronavirus-inflicted crisis are posing a major challenge to oil producers in rebalancing the market, according to Tim Continue Reading
It may be counterintuitive to say that the oil demand crash and the resulting glut in 2020 could lead to an oil supply crunch in just a few years. Yet, Continue Reading
The U.S. Energy Information Administration has raised its Brent spot average and West Texas Intermediate spot average prices for 2021. The U.S. Energy Information Administration (EIA) has raised its Brent Continue Reading
Countries dependent on oil revenues for much of their budgets will become increasingly vulnerable to problems caused by the global energy transition, the head of the International Energy Agency, Fatih Continue Reading
Global oil demand is expected to grow by 5.6 million barrels per day (bpd) in 2021 compared to the 2020 low of 92.2 million bpd, the U.S. Energy Information Administration Continue Reading
Market tightness is the new byword on the global crude markets, though this given bout of supply scarcity (luckily) bears all the traits of a forethought and premeditated one. Saudi Continue Reading
The global oil market is in flux once again. The bulls are fighting it out with the bears as COVID lockdowns come into force around the world. Oil prices may Continue Reading
OPEC+ group’s compliance with the oil production cuts fell to 75 percent in December 2020—one of the lowest levels since the pact was enacted in May 2020, tanker tracking firm Continue Reading
A shortage of LNG tankers has also boosted charter rates to a record high. (Bloomberg) — North Asia’s liquefied natural gas benchmark rose above $30 per million British Thermal units Continue Reading
Forecast Highlights This edition of the Short-Term Energy Outlook (STEO) is the first to include forecasts for 2022. The January STEO remains subject to heightened levels of uncertainty because responses to COVID-19 Continue Reading
WTI is back above $50 a barrel, and things are looking up for the battered U.S. oil industry. Yet, although the worst may be behind drillers, they still face a Continue Reading
Natural gas reserves in the United States fell by 2 percent in 2019 due to low prices, the Energy Information Administration said in an update on the country’s oil and Continue Reading
The US Energy Information Administration Jan. 12 raised its natural gas consumption forecasts for the first two quarters of 2021, even as it continued to predict rising gas prices will Continue Reading
One of the things that had the oil industry worried about a Biden administration was his opposition to fracking, and his promise to ban it on federal lands on his Continue Reading
The U.S. Energy Information Administration on Tuesday cut its 2021 world oil demand growth forecast by 220,000 barrels per day from its previous estimate. In its monthly forecast, U.S. Energy Continue Reading
Major oil companies joined the chorus in corporate America distancing themselves from their past political donations in the wake of the violent clash at the Capitol on Wednesday. At least Continue Reading
Goldman Sachs sees Brent crude rising to $65/b by the middle of 2021, up to six months earlier than previously forecast, as a demand boost from the rollout of COVID-19 Continue Reading
Over the past six months, excess U.S. crude oil and product inventories have declined from their surplus at the start of the summer of 2020. Petroleum inventories have been slowly Continue Reading
OPEC and its allies raised their crude oil production by 280,000 b/d in December to a seven-month high, as Libya pumped its most since mid-2013 and several other countries posted Continue Reading
A blast of cold weather in northeast Asia and a shortage of ships for transporting gas have sparked a scramble for cargoes of liquefied natural gas, igniting a steep rise Continue Reading
Shell has restarted production of liquefied natural gas at its Prelude offshore project in Australia after almost a year’s suspension. “LNG cargoes have resumed from Shell’s Prelude FLNG facility,” Argus Continue Reading
The scarcity of on-the-water LNG cargoes heading to Asia and a constriction in supply for loading in late January meant that buyers of prompt deliveries have been left with a Continue Reading
The decline in oil and natural gas prices in 2019 interrupted a 2-year trend of rising proved reserves of oil and natural gas in the United States. Proved reserves of Continue Reading
Recent growth in industrial natural gas demand has continued into January, outperforming year-ago levels, despite recently expanded lockdowns related to the ongoing coronavirus pandemic. Receive daily email alerts, subscriber notes Continue Reading
Oil posted the biggest weekly gain since late September as Saudi Arabia’s plan to slice output spurred a surge in physical crude buying. Futures in New York advanced $3.72 this Continue Reading
The surprise cuts by Saudi Arabia following the OPEC+ meeting have provided oil bulls with a major boost, sending Brent above $55. For Global Energy Alert members there are now Continue Reading
Saudi Arabia’s surprise announcement that it would cut 1 million barrels per day (bpd) beyond its share of OPEC+ cuts in February and March has refiners in Asia scrambling to Continue Reading
The shale boom has turned the U.S. into the world’s largest oil producer and has moved it ever closer to ending dependence on Middle East oil. (Bloomberg) — Five years Continue Reading
Crude oil prices continued their climb on Friday, poised for a weekly gain of more than 6% as Saudi Arabia took decisive action to voluntarily—and singlehandedly—curb production by an additional Continue Reading
Milder weather and decreased demand resulted in U.S. natural gas spot prices averaging in 2020 the lowest in decades, since at least 1997, data from the Energy Information Administration (EIA) Continue Reading
Warnings from meteorologists about the potential for polar vortex weather to develop in the central and eastern US later this month are fueling a rally in Appalachia’s balance-of-winter gas market, Continue Reading
