INDUSTRY NEWS
Halliburton Claims Permian Automation Breakthrough
Calling it an “industry first,” Halliburton pointed out the system applies automation enabled by subsurface measurements and real-time visualization. The firm added the technology intelligently adapts and responds to reservoir behavior, leading to real-time improvement in completion execution and fracture outcomes.
Despite Pledges to Cut Emissions, China Goes on a Coal Spree
Coal remains at the heart of China’s flourishing economy. In 2019, 58 percent of the country’s total energy consumption came from coal, which helps explain why China accounts for 28 percent of all global CO2 emissions. And China continues to build coal-fired power plants at a rate that outpaces the rest of the world.
Texas Utility Sues Suppliers
CPS Energy, a Texas utility, is suing energy giants including BP Energy Co., Chevron Corp. and Energy Transfer. CPS supplies over 1.1 million customers in the San Antonio area with power and gas, and is disputing charges amounting to hundreds of millions of dollars at a minimum in 13 lawsuits.
Signs Of Strong Oil Demand Recovery Are Emerging
Travel statistics show that U.S. consumers are driving and flying this month at the highest rate since the pandemic forced the United States into stay-at-home orders and lockdowns in March last year. Chinese demand for road fuels is back to pre-COVID levels, with airline travel also rebounding from last year’s lows.
Oil Prices Make Comeback
Oil came back from a sell-off that investment banks from Goldman Sachs to Morgan Stanley said was excessive and offered an opportunity to buy, with physical crude markets still showing signs of strength in the long run.
21 states sue Biden for revoking Keystone XL permit
The lawsuit from 21 states, led by Texas and Montana, argues that revoking the cross-border permit is a "regulation of interstate and international commerce" that should be left to Congress and that Biden's move was an overreach.
Shale Producers Find Themselves in Unusual Position
More focused than ever on keeping spending in check, shale drillers haven’t been boring new wells fast enough to keep up with output declines in older ones. So, next month, their combined production will edge lower by 47,000 barrels a day to about 7.46 million, according to the U.S. Energy Information Administration. That’s despite an oil price jump of more than 30% this year.
Biden Shocks Environmentalists, Supports Gas Pipeline In Supreme Court Case
The Biden Administration is backing a natural gas pipeline project in a legal fight about eminent domain that ended up in the Supreme Court, a move that shocked environmentalists who had hoped the Administration would not support any oil and gas pipeline projects.
Brent Back Above $69 As Bullish Sentiment Holds
Oil prices regained lost ground towards the end of the week, as tight supplies are forcing a global drain in inventories. “Overall, we are bullish on oil demand continuing its upward trajectory in tandem with vaccine programs and the resumption of economic activities,” Bjornar Tonhaugen of Rystad Energy said in a statement.
Oil prices vault towards $70 as the OPEC-fueled crude rally continues
Crude has soared this year, shepherded higher by OPEC+ restraining supplies and the vaccine-aided recovery in consumption that’s drained inventories. The group’s decision represents a victory for Riyadh, which has advocated for restraints to keep prices supported. However, the rally could spur drilling activity by U.S. shale explorers, and stoke global inflationary pressures.
Why Big Oil Expects Record Cash Flow In 2021
The world’s largest oil companies are set for a cash flow bonanza this year, probably at record levels, as massive cost cuts in the wake of the 2020 oil price and oil demand collapse have significantly lowered the corporate cash flow breakevens for many firms.
Oil settles below $60 before meeting about supply
Oil tumbled below $60 a barrel in New York with the OPEC+ alliance said to be set to agree to a production increase later this week.
Everything You Need To Know About Musk’s New Passion Project
Although various methods of removing carbon dioxide emissions from the atmosphere have grown in popularity in recent years, such solutions still lag behind other climate change technologies like wind and solar power.
Whispers of $100 oil return as crude shakes off COVID’s clasp
Azerbaijan’s Socar Trading predicts that global benchmark Brent could hit triple digits in the next 18 to 24 months, and Bank of America sees potential spikes above $100 over the next few years on improving fundamentals and global stimulus. Speculators are also getting in on the action, increasing bets in the options market that oil will reach the vaunted level by December 2022.
The Oil Industry Is Ready To Fight President Biden In Court
Reeling from the effects of the pandemic, the oil industry is in no mood to fool around. When newly inaugurated President Joe Biden canceled the Keystone XL pipeline project, refiners on the Gulf Coast shuddered. How would they get the Canadian oil they needed? But when President Biden paused all oil and gas permitting on federal lands and waters and canceled lease sales, struggling oil and gas companies took the gloves off and prepared for a fight.
Texas Fuel Outlets Still Dealing with Shortages
The number of filling stations and convenience stores with empty tanks reached 15% across the Lone Star state as of Wednesday morning, according to the Texas Food & Fuel Association and retail tracker GasBuddy. Shortages are most acute in Lubbock, El Paso and Odessa in West Texas, GasBuddy analyst Patrick DeHaan said in email.
Interior Nominee Haaland Faces Heated Questioning at Hearing
Interior Secretary-designate Deb Haaland downplayed her past opposition to fracking during a heated confirmation hearing Tuesday, as she sought to reassure senators worried she would clamp down on fossil fuel development.
Texas Winter Storm Highlights The Importance Of Fossil Fuels
Natural gas prices exploded last week in many parts of the U.S. and are still rising higher, as are electricity prices. In Texas, a state unaccustomed to such weather, wholesale electricity prices hit $9,000 per MWh on the spot market, prompting at least one retail power supplier to urge its clients to switch to another provider to avoid huge utility bills.
What The #%@$ Is Happening In Texas?
The narrative this week has quickly shifted from stimulus hopes, vaccines, and virus mutations to what is now known as the Texas Freeze--and the energy market has been turned upside down as these low temperatures continue to rock the Lone Star State that is woefully underprepared for such a rare event.
U.S. freeze cuts oil output by over 2 million barrels a day
The Permian oil outage helped to push West Texas Intermediate, the crude benchmark in the U.S., above $60 a barrel on Monday for the first time in more than a year. Since then, oil prices have fallen slightly because U.S. refineries have also closed due to the cold, reducing the amount of crude needed right now. Energy Aspects Ltd., a consultant, estimated that 3.1 million barrels a day of refining capacity was down as of Monday.