INDUSTRY NEWS
Traders Aren’t Buying The Oil Deficit Story
The price movements that followed that meeting were proof that this attitude was correct. The initial price jump that every production cut announcement from OPEC+ causes fizzled out less than a day after the announcement.
Does the Global Drug Trafficking Industry Affect Oil and Gas?
Although international drug trafficking does not have a tangible effect on the overall supply or pricing of the hydrocarbon trade, it may present issues for the transportation of oil and gas as well as its extraction.
ExxonMobil: New Fracking Technology Can Double Oil Output
“There’s just a lot of oil being left in the ground. Fracking’s been around for a really long time, but the science of fracking is not well understood,” Exxon Chief Executive Officer Darren Woods said Thursday at the Bernstein Strategic Decisions conference. Woods has revealed that Exxon is currently working on two specific areas to improve fracking."
Oil Prices Climb As U.S. Rig Count Sees Another Double-Digit Decline
The total number of total active drilling rigs in the United States fell by 15 this week, according to new data from Baker Hughes published Friday, falling by 52 over the last four weeks—the largest 4-week dropoff in activity since June 2020.
Exxon and Chevron Shareholders Reject Toughening Climate Goals
Roughly 90% of investors in North America’s two largest oil producers shot down a proposal by environmental group Follow This that urged executives to set targets for reducing so-called Scope 3 emissions. For Exxon and Chevron, support for the measure slipped by more than half from a year ago.
US crude March output hits 3-yr high as Texas production grows -EIA
U.S. field production of crude oil rose in March to 12.696 million barrels per day, the highest since March 2020, when the COVID-19 pandemic began to decimate global energy demand, Energy Information Administration data showed on Wednesday.
Gasoline Demand Over Memorial Day Weekend Lower Than In 2022
U.S. gasoline demand over the Memorial Day weekend is estimated to be 1.1% lower than demand for the same weekend last year, despite the surging gas prices at the start of the driving season in 2022, data from fuel-saving app GasBuddy showed early on Tuesday.
OPEC+ Cuts Fail To Boost Middle East Oil Prices
The OPEC+ voluntary production cuts, on paper promising curtailments amounting to 1.66 million b/d, should have been the main story for May. Regrettably for many in the Middle East, just as participating countries were preparing to curb output, the overall market sentiment worsened greatly.
Small Oil Moves In Where Big Oil Moves Out
"Imagine Shell decided to stop selling petrol and diesel today. This would certainly cut Shell’s carbon emissions. But it would not help the world one bit. Demand for fuel would not change. People would fill up their cars and delivery trucks at other service stations.”
House GOP advances measures reversing Biden block on mining in Minnesota
The House Natural Resources Committee advanced two measures Wednesday designed to rebuke and reverse Biden administration actions blocking new mineral development in Minnesota 's Superior National Forest.
Bullish Messaging Bolsters Oil Prices
The anticipated plunge in natural gas drilling is starting to take shape as Baker Hughes reported the biggest week-on-week decline in natural gas rigs since February 2016, falling by a whopping 16 rigs to 141.
Why AI Is The Future Of Offshore Oil Drilling
According to Bruce Porter, chief science officer for Texas-based SparkCognition, Generative AI for seismic imaging has broad and far-reaching implications, adding that the technology can dramatically shorten explorations to less than nine days from nine months.
Oil futures steady as US default risk offsets supply decline
Oil prices traded either side of unchanged on Monday as the market waited for news on the U.S. debt ceiling talks and as a stronger dollar offset support from lower supplies from Canada and OPEC+ producers.
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.