Oil advanced for a third day after the IEA lifted its forecasts for demand and an industry report pointed to another decline in U.S. crude stockpiles. Futures rose 1.6% in New Continue Reading
The International Energy Agency has sharply raised its world oil demand estimate for 2021, pointing to further signs that the global economy is recovering faster than previously expected, particularly in Continue Reading
About face in 2021 demand outlook OPEC+ alliance set to add more than 2 mil b/d Global stocks 29 million barrels above 5-year average OPEC has increased its oil demand Continue Reading
Rising Middle Eastern oil production is making the commodity that comes out of this region cheaper compared to Brent-linked grades, which may lead to a price war, Bloomberg has reported Continue Reading
The Texas grid operator is warning of tight power supplies as a cold front moving through the state is limiting wind and solar production while generating units are down for Continue Reading
It is no secret that the reflation in oil prices, WTI and Brent, above $50.00/bbl in the last six months has been a boon to the companies that service oil Continue Reading
The markets are not headed to a new supercycle in oil, and $100 a barrel oil is still a very distant possibility unless major unexpected market shocks occur, analysts at Continue Reading
In the coming years, the power structure of global oil markets is set for a major shakeup if the reserve life of International Oil Companies (IOCs) continues to decline. The Continue Reading
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Nearly half of all oil pipelines from the Permian basin, the biggest U.S. oilfield, are expected to be empty by the end of the year, analysts and executives said. Pipeline Continue Reading
President Joe Biden told lawmakers at a White House meeting on Monday he was open to raising the gas tax by 5 cents to pay for his infrastructure bill, an Continue Reading
The EIA might be forecasting that the Permian Basin’s oil production will be rebounding soon, but overall, today’s U.S. oil production is still 2 million barrels per day below the Continue Reading
U.S. domestic demand for natural gas has been falling for a year now, according to EIA data. The authority expects demand will continue down this year as well because of Continue Reading
A year after the pandemic and the disagreement within OPEC+ over supply management crushed oil prices, the industry finds itself at an all-too-familiar crossroads: Will OPEC’s bet that U.S. shale’s Continue Reading
Fracking in North America has almost recovered to pre-pandemic levels, with the count of started frac jobs reaching a 12-month high in March 2021, a Rystad Energy report shows. The Continue Reading
The next few years of oil and gas production growth in the U.S. will hinge on this, according to GlobalData. The next few years of oil and gas production growth Continue Reading
Oil posted its worst week in three amid concerns that rising global coronavirus cases are slowing the economic recovery. West Texas Intermediate futures ended the week down 3.5%, the biggest Continue Reading
Oil prices edged lower in rangebound trade on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand. Brent Continue Reading
A multibillion-dollar project to tap virgin oil fields in east Africa is expected to get the green light this weekend, highlighting an uncomfortable truth about the energy industry. Even as Total SE, Continue Reading
Crude oil production from OPEC and its allies rose by 450,000 b/d in March, the latest S&P Global Platts survey found, as Russia and Iraq pumped well above their agreed Continue Reading
Crude oil production from OPEC and its allies rose by 450,000 b/d in March, the latest S&P Global Platts survey found, as Russia and Iraq pumped well above their agreed Continue Reading
Cheniere Energy expects LNG demand to increase until 2040, though it may decline beyond that due to continued global action to reduce greenhouse gas emissions, presenting risks for existing US Continue Reading
US refinery runs are expected to reach 15.18 million b/d for the week ended April 9, S&P Platts Analytics data showed, as refineries continue to come back online in the Continue Reading
A stronger global economy this year is set to accelerate oil demand growth to 5.5 million barrels per day (bpd), the U.S. Energy Information Administration (EIA) said in its Short-Term Continue Reading
Daily rates for smaller oil tankers have started to recover after OPEC+ and Saudi Arabia announced they would gradually add around 2 million barrels per day (bpd) of crude production Continue Reading
Maintenance at a Cheniere Energy facility was set to drag natural gas deliveries to U.S. liquefied natural gas (LNG) export facilities on Thursday to the lowest level since the end Continue Reading
Above-average injections into US gas storage fields during shoulder season suggest stocks might fill early this year, presenting a possibly bearish market landscape this summer. Receive daily email alerts, subscriber Continue Reading
Fracking crews are increasing their activity in U.S. shale basins, finishing off a slew of DUC wells, according to the EIA’s latest Monthly Drilling Report. As oil and gas companies Continue Reading
Oil fell as bearish virus news from India to Japan underpinned the outlook for a staggered recovery in consumption. West Texas Intermediate slid 0.6%, though remains within the $5 range Continue Reading
The bulk of gasoline imports head to USAC Texas refiners returning from February outages RBOB crack spread weakens on stock build US gasoline inventories climbed 4.04 million barrels to 234.59 Continue Reading
U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending April 2, 2021 which was 103,000 barrels per day more than the previous week’s average. Continue Reading
In Texas and New Mexico, state regulators are already on the hook for cleaning up more than 7,000 orphaned oil and gas wells, which can leak contaminants into nearby air Continue Reading
The April Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused changes in Continue Reading
The International Monetary Fund is now forecasting a stronger economic recovery this year and next. The IMF has upgraded both its UK and global forecasts compared with what it projected Continue Reading
Occidental Petroleum Corp. praised OPEC and its allies for managing crude markets out of last year’s historic crash and said the U.S. shale industry is thankful for its efforts. “They’ve Continue Reading
Last week’s surprise decision from OPEC+ to ease the production cuts by a cumulative 2 million barrels per day (bpd) by July relies on expectations of robust oil demand recovery Continue Reading
Three key developments were announced last week by the UAE in line with its role as a principal member of the U.S.’s new Middle East strategy to counter China’s dramatically Continue Reading
Oil investors now have to contend with another wildcard: Iran soon returning to the oil markets. After a three-year layoff, Iran could be poised to officially rejoin the ranks of Continue Reading
US gas storage fields likely posted a net injection roughly three times the five-year average for the second build of the year for the week ended April 2 with some Continue Reading
Goldman Sachs is still bullish on oil and anticipates strong demand that would require OPEC+ putting another 2 million barrels per day (bpd) on the market in the third quarter, Continue Reading
At least 30 lawsuits potentially worth billions of dollars have been filed in four states disputing responsibility for the massive electricity bills many Texans were hit with amid the freezing Continue Reading
U.S. oil production remains about 2 million bpd lower than its pre-pandemic levels. Still, methane emissions are already back to their levels from before the coronavirus. Worrying as this is Continue Reading
The OPEC meeting came and went without much of a hitch. But while market analysts and the media had assumed that a rollover of the current level of production cuts Continue Reading
Pioneer Natural Resources, one the biggest independent oil operators in the US, is to buy rival Texan producer DoublePoint Energy in a $6.4bn cash and stock deal, as consolidation in Continue Reading
Since the fall of 2020, the United States has significantly boosted its liquefied natural gas exports to the top LNG-importing region, Asia, to the point of setting record highs in Continue Reading
Pioneer Natural Resources has inked a deal to acquire energy independent DoublePoint Energy for a consideration of $6.4 billion, including the assumption of some $900 million in debt, Pioneer said Continue Reading
Texas’s refining complex is mostly back from last month’s crippling cold blast, but lingering freeze-related issues continue to plague a number of production units. More than six weeks after the Continue Reading
After months of preaching caution and saying the time was not right to raise oil production, OPEC and its partners abruptly agreed April 1 to loosen their quotas and add Continue Reading
The OPEC+ ministerial meeting is discussing gradual production increases over the next three months, sources say, while the group was still debating as of 11:10 a.m. EDT on Thursday how Continue Reading
Oil prices gave up earlier gains and turned lower as of 11:39 a.m. EDT on Thursday, after reports emerged that Saudi Arabia was offering to gradually ease its additional unilateral Continue Reading
