INDUSTRY NEWS
What Does a 2023 USA Recession Mean for Oil and Gas in the Country?
Economic slowdown in the U.S. will impact oil and gas consumption and weigh on benchmark oil and gas prices, adversely impacting upstream activity, Dominika Rzechorzek, a Senior Oil and Gas Analyst at BMI, told Rigzone.
U.S. Looks To Add 3 Million Barrels To SPR After Draining 2.9 Million In 1 Week
After selling more than 200 million barrels from the emergency stockpile last year to curb high energy prices and arrest the collapse of Democratic approval ratings, the Energy Department plans to solicit offers to replenish the reserve, which has fallen to the lowest level since 1983, according to Bloomberg.
U.S. Natural Gas Drilling Collapses At Fastest Pace Since 2016
According to a new report from Baker Hughes Co., the US natural gas sector is rapidly pulling drilling rigs from the field due to oversupply conditions that have led to a collapse in natural gas prices over a nine-month period.
BMI Reveals Latest Brent Oil Price Forecasts
According to the report, BMI sees the Brent price averaging $85 per barrel in 2023, $83 per barrel in both 2024 and 2025, and $80 per barrel in both 2026 and 2027. The Bloomberg Consensus, which was also published in the report and which BMI is a contributor to, sees the Brent price averaging $86 per barrel this year, $87 per barrel in 2024, $85 per barrel in 2025, $79 per barrel in 2026, and $71 per barrel in 2027.
Biden Govt Plans Carbon Capture Mandate for Power Plants
The planned regulation, which has yet to be presented to stakeholders for consultation, would mandate power mill operators to deploy carbon capture and sequestration (CCS) solutions and allow the co-firing of hydrogen, which is considered to have a lower climate footprint.
US Shale Drillers See Natural Gas Price Rebound in 2024 After Short-Lived Pain
The dramatic rise of natural gas to 14-year highs in 2022 bolstered producers with unprecedented cash while driving a surge in utility bills. This year’s drop after a mild winter has traders and producers speculating whether the market’s exuberance has come to an end or just taken a pause.
An Oil Expert Explains U.S. Energy Independence To TikTok
A friend informed me that my previous article on energy independence was mentioned in a TikTok video. As I write this, the video has over 160,000 views and more than 2,000 comments — some of which were a sight to behold. In today’s article, I want to address some of the comments, as well as some email correspondence I received about the article.
Monetary Forces Are Dragging Down Brent Oil Prices
“Since we last updated our forecasts in February, Brent crude prices have fallen with regional U.S. bank shares in March only to recover in April as OPEC+ announced a big production cut,” BofA Global Research analysts stated in the report.
How Much Lower Could Oil Prices Fall?
The big reason for the price drop we witnessed over the past four weeks was economic sentiment, especially economic sentiment in the United States. Analysts loyal to the federal government are beginning to run out of euphemisms for “recession.” The media are getting bolder with their use of the word. No wonder oil prices are down.
West Texas ranchers sue ERCOT over wind farm connected to Chinese billionaire
It’s the latest battle over the Blue Hills wind farm, a 46-turbine project planned near Comstock and started by Houston-based GH America Energy, whose parent company is owned by Chinese businessman Sun Guangxin. In response to the project, the Legislature passed the Lone Star Infrastructure Act in 2021, barring entities from China, Russia, Iran and North Korea from having direct access to critical infrastructure, citing concerns over security of the electric grid.
Ford Is Losing $66,446 On Every EV It Sells
In March, Ford Motor Company announced that it lost $2.1 billion on its EV business last year. Those losses were double the losses it had on EVs in 2021.
Oklahoma blacklists 13 financial firms over ‘boycotts’ of energy industry
Oklahoma Treasurer Todd Russ revealed the list of blacklisted firms on Wednesday and emphasized that they will end up losing access to billions of dollars from government entities as a result of the judgment. The move comes after the state sent out questionnaires to dozens of companies in an effort to inform the list.
U.S. Oil Production On Track To Hit A Record High This Year
The previous annual record was set in 2019 at 12.3 million barrels per day (bpd), and by the end of 2022 monthly production was just about back to that level following the devasting Covid-19 impact on the industry in 2020.
New York State Successfully Passes Ban On Natural Gas Stoves
The legislation includes a ban on gas stoves, gas furnaces, and propane heating in all residential buildings seven stories and shorter by 2026. Buildings taller than seven stories will be allowed to install gas-powered appliances until 2029. Large industrial buildings are exempt from the ban.
Standard Chartered Dubs Latest USA EIA Data Highly Bullish
In a new report sent to Rigzone on April 28, analysts at Standard Chartered said the latest Energy Information Administration (EIA) weekly data was “highly bullish” according to the company’s U.S. oil data bull-bear index, which they said rose 47.7 week on week to 46.0.
The Brent Oil Benchmark Is About To Change Forever
West Texas Intermediate Midland crude is about to be added to the Brent benchmark contract this June. This would be the first time a non-North Sea crude has been added to the benchmark basket. And it will change the oil market forever.
Permian Rig Count Inches Higher As WTI Recoups Some Losses
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells—a more frugal use of finances than drilling new wells, rose by 7 for the week ending April 21, to 290. This is the same level as a month ago, and 19 more than a year ago.
These Are the Most Pressing Themes for Oil, Gas in 2023
Geopolitics and the energy transition are the most pressing themes for the oil and gas industry in 2023, according to data and analytics company GlobalData.
Four Scenarios That Could Send Oil Prices To $200
It was the talk of the town last year. Traders bet on oil hitting $200 by March this year. Hedge fund managers warned it could even reach $250 before 2022 was over. None of that happened, and in hindsight, it’s easy to see why: global oil markets have time and again proved they are a lot more resilient than traders give them credit for. But is oil at $200 still a possibility? It always is, under certain scenarios.
Whales and Offshore Wind: The Verdict Was in Before the Coroner’s Report
Here’s the verdict of the Marine Mammal Commission, the independent federal body charged with protecting the animals: “Despite several reports in the media, there is no evidence to link these strandings to offshore wind energy development,” the commission said in a recent statement. It described the deaths as “not new, nor are they unique to the U.S. Atlantic coast.”