INDUSTRY NEWS
$100 Oil By Christmas?
Thanks to OPEC and Russia’s agreement to restrict supply, and rising world demand for crude, the Brent oil price has climbed past $82 a barrel, a big increase on the $56 prevailing at the same time last year and a four-year high. Also, the collapse in oil prices in 2014 initiated a profound shock to oil companies.
Northern Colorado developers wary of Proposition 112’s effect on economy
The anxiety mirrors that of many Weld County political leaders, including six of seven Greeley City Council members, who voted Tuesday night to pass a resolution opposing Proposition 112, a measure that would increase the distance between oil and gas wells and schools, homes and bodies of water to 2,500 feet. Under the state's current regulations, setback requirements are 500 feet from homes and 1,000 feet from schools.
Saudis Raise Oil Output to Near-Record Amid Pressure From Trump
OPEC’s largest producer is currently pumping about 10.7 million barrels a day, Energy Minister Khalid Al-Falih told reporters in Moscow on Wednesday. That’s just shy of the record set in November 2016, before the kingdom and allies including Russia agreed to cut production to boost prices.
Power to the Permian? Spotty at Best, Outrun by Shale Boom
The Permian Basin, which produces almost 4 million barrels of oil a day, has expanded so quickly that suppliers of the electricity needed to keep wells running are struggling to keep up.
A Breakthrough for Hydraulic Fracturing
A revolutionary study of groundwater quality in the Ohio Middle Ordovician Utica Shale hydraulic fracturing play provides new evidence that “fracking” operations are safe to nearby water sources.
How Much Oil Can Saudi Arabia Really Pump? We’re About to Find Out
For the first time since Saddam Hussein invaded Kuwait in 1990, Saudi Arabia could face the ultimate petroleum test: pushing its complex network of oilfields, processing plants, pipelines, tank farms and export terminals to the limit, pumping every possible barrel of oil.
Mexico To Start Importing Light Crude Next Month
Mexico’s state-owned oil company Pemex plans to start importing up to 100,000 barrels of light crude daily, ending decades of oil self-sufficiency as declining domestic production meets rising energy demand.
Raymond James: Permian pipeline constraints for at least 12 months
The report by analysts at Raymond James says the West Texas region should see pipeline constraints ease by the end of 2019 and that price differences between oil sold in Midland and the Gulf Coast won't be as severe as previously estimated.
The Oil And Gas Situation: The Great Permian Capital Reallocation Begins
A new report from the U.S. Energy Information Administration (EIA) indicates that the growing shortage of pipeline takeaway capacity in the Permian Basin of West Texas and Southeast New Mexico is resulting in some companies reallocating capital initially earmarked for Permian drilling to other areas in which they produce.
Oil Prices Jump On Saudi Arabia’s $80 Claim
Earlier this month, sources at OPEC and the industry told Reuters that Saudi Arabia was looking to manage the oil market in a way that would keep oil prices in the $70 to $80 band for the time being, as the Kingdom wants a floor under prices to monetize oil exports and at the same time keep a ceiling until at least the U.S. mid-term elections in November.
Company to invest nearly $300 million in West Texas natural gas pipelines
ONEOK plans to build four new pump stations, upgrade two existing pumps and add pipelines that would increase the system's mainline capacity 80,000 barrels a day. The expansion is expected to be completed by the first quarter of 2020.
Why The U.S. Is Suddenly Buying A Lot More Saudi Oil
The cartel’s largest producer and exporter, Saudi Arabia, has been specifically targeting an increase in crude oil exports to the most transparent market, the United States, which reports crude oil imports and inventory levels every week.
10 Incredible Facts About American LNG Exports
For some reason there doesn't seem to be much of a national discussion about the amazing shift in the American energy trade. Yet in a few short years the United States will become a net exporter of energy products and petrochemicals. That will erase an energy trade deficit that peaked at $321 billion in 2011.
Report: More than $90 billion in deals made in Permian Basin since 2013
The study's authors said some of the most active dealmakers in the Permian Basin included Parsley Energy with 12, Diamondback Energy with eight, and Callon and Concho Resources, each with five deals.
Company starts up Permian crude oil-by-rail terminal
Vista Proppants and Logistics of Fort Wort signed the deal with JupiterMLP to ship crude oil by train from Vista's Pecos loading facility.
How Can U.S. Help Its Neighbors? Export More Natural Gas
The price of natural gas is low, the supply is abundant and the technology in place to ship it safely worldwide. This cleaner and lower-cost electricity can help transform America's neighbors.
U.S. offers 11 million barrels of oil as Iran sanctions kick in
That timing may reflect the White House’s concern over a tight oil market amid the renewal of U.S. sanctions on Iran, according to analysts at ClearView Energy Partners LLC. The Trump administration has asked allies to halt all imports of Iranian oil by Nov. 4, stoking global supply fears.
Oil exports exceed imports for first time on Texas Gulf Coast
In April oil exports in the Houston-Galveston port district exceeded imports by 15,000 barrels a day, and in May that difference grew to 470,000 barrels a day, according to data from the Department of Energy. The Houston-Galveston port district includes the ports of Houston, Texas City, Galveston, Freeport, Port Lavaca, and Corpus Christi.
Crude-By-Rail Could Save The Permian Boom
Crude-by-Rail (CBR) has been a savior for North American producers seeking higher returns for heavily discounted crudes caused by a lack of pipeline take-away capacity. And CBR, once again, is on the rise. North American shipments of petroleum and petroleum products are up over 10% year-to-date compared to 2017.
US Judge Orders Review Of TransCanada’s Keystone XL Pipeline Route
A federal judge in Montana has ordered the U.S. State Department to do a full environmental review of a revised route for the Keystone XL oil pipeline, possibly delaying its construction and dealing another setback to TransCanada Corp.