Sunday, March 24, 2019

Oil Prices News

Oil Majors Rush to Dominate US Shale

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In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells, operating…

US Lease Sale a Test for Drilling Demand

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flyingrussian / Adobe Stock

The Trump administration will hold its fourth major auction for oil and gas leases in the U.S. Gulf of Mexico on Wednesday, in a fresh test of demand from drillers that have lately been shying away from the region.The outcome of the lease sale will provide the last big signal from the industry about their interest in U.S.

Oil Prices Reach 2019 Highs

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Oil prices rose to new 2019 highs on Tuesday, supported by OPEC supply cuts and falling output from Iran and Venezuela because of U.S. sanctions.Brent crude oil futures were up 16 cents at $67.70 a barrel at 1415 GMT, having earlier risen to a 2019 peak of $68.20, their highest since November 2018.U.S. West Texas Intermediate (WTI) futures were at $59.17…

Saipem Push with US Drillers Draws a Blank

(File photo: Saipem)

Italian oil services company Saipem is trying to lure big U.S.

Rising US Oil Clout on Show in Houston

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A glance at the attendee list at one of the world's largest energy industry events in Houston this week left little question about the growing influence of the United States over global oil politics.Present: top U.S. diplomat Mike Pompeo. Absent: leading Saudi and Russian officials, and most OPEC nations.As the United…

Large Oil Firms Invest in Shale

Image: Rystad Energy

Oil majors are readying themselves for the energy transition by investing in shale and waiting for renewable technology to be economical, said Rystad Energy, energy research and business intelligence company.A recent review of 2019 capital budgets reveals that oil majors are the only group to increase shale expenditure…

U.S. Drillers Cut Rigs to Lowest Level since May

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U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow through on plans to cut spending even though oil majors plan to spend more.Drillers cut nine oil rigs in the week to March 8, bringing the total count down to 834…

Oil Drops 3 pct, U.S. Supply Surges

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Oil prices fell about 3 percent on Friday and were set for a second straight week of declines after disappointing U.S. job growth revived concerns about a slowing global economy and weaker demand for oil.With surging U.S. oil supply also unsettling markets, Brent crude futures fell $1.85, or 2.8 percent, to $64.45 a barrel by 10:42 a.m. EST (1542 GMT).

Norway Fund to Sell E&P Firms

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Norway's trillion-dollar sovereign wealth fund, the world's biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan.The proposal announced on Friday said the fund's stakes in integrated companies…

US to Overtake Saudi in Oil Exports

Graph: Rystad Energy

United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company, it is a a pivotal geopolitical shift. The…

Oil Edges Up

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Oil prices edged higher on Wednesday, supported by OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by falling stock markets and renewed concerns over demand growth.Brent crude futures gained 26 cents, or 0.4 percent, to $66.25 a barrel by 11:43 a.m. EST (1643 GMT).U.S.

Norway Production Costs Rising

(Photo: Equinor)

Petroleum production costs on the Norwegian continental shelf rose in 2018 after falling for three consecutive years, state-owned oil firm Petoro said on Thursday.Cost cuts were high on oil firms' agenda following a sharp fall in crude prices in 2014, making it possible to develop discoveries that had previously been considered too expensive…

ExxonMobil Plans Big 2020 Capex Boost

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Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company's shares fell after he laid out a strategy to "lean in" while the rest of the industry cuts back.Exxon shares fell more than 1.6 percent after the company told analysts attending its…

US Rig Count Lowest Since May 2018

File Image: an idled oil rig in a shipyard (CREDIT: AdobeStock / © Nightman

U.S. energy firms this week cut the number of oil rigs operating to the lowest in almost nine months as some producers follow through on plans to cut spending despite an over 20-percent increase crude futures so far this year.Drillers cut 10 oil rigs in the week to March 1, bringing the total count down to 843, the lowest since May 2018…

Oil Dips on U.S. Manufacturing Data

Oil prices reversed course on Friday, falling 2 percent as bearish U.S. manufacturing data stoked concerns over global energy demand growth.The ISM manufacturing activity index in February sank to the lowest since November 2016, and was below expectations.U.S. West Texas Intermediate futures fell $1.11 to $56.11 a barrel by 11:15 a.m. EST (1615 GMT).

NOPEC Bills: Leverage for White House

File Image / CREDIT: AdobeStock / © sunnyS

For a proposed statute still at the first stage of the legislative process, with only a handful of sponsors in the U.S. Congress, the “No Oil Producing and Exporting Countries Act of 2019” (NOPEC) is generating a lot of comment.The amount of attention being paid to the proposed legislation is out of all proportion to…

Oil Steady, Supported by OPEC Cuts

File Image / CREDIT: AdobeStcok / © Mikesjc

Record U.S. output, exports offset some of OPEC's cuts.Oil prices were broadly steady on Friday as surging U.S. supply and concerns of a global economic slowdown were offset by falling OPEC output.International Brent crude futures were at $66.39 per barrel at 1231 GMT, up 8 cents from Thursday's settlement.U.S. West Texas Intermediate (WTI) crude oil futures were at $57.38 per barrel…

DOE Chief Perry: OPEC Bill Could Spike Oil Prices

U.S. Energy Secretary Rick Perry (CREDIT: US DOE)

The United States needs to be cautious about pending legislation that would allow the Justice Department to sue OPEC and other oil producers over supply cuts because it could result in higher prices in the long term, U.S. Energy Secretary Rick Perry said on Thursday."We need to be really careful before we pass legislation that may have an impact that goes way past its intended consequences…

US Offers Oil from Emergency Reserve

(Photo: U.S. Department of Energy)

The U.S. Energy Department said on Thursday it is offering up to five million barrels of sweet crude oil from the national emergency reserve in a sale mandated by previous laws to raise funds to modernize the facility.Laws passed by Congress in previous years require the department to hold sales to pay for improvements…

Oil Gains as OPEC Sticks to Supply Cuts

File Image: CREDIT AdobeStock / © scanrail

OPEC cuts expected to remain despite Trump pressure. Separately, oil supported by unexpected drop in U.S. inventories.Oil rallied for a second day on Wednesday, buoyed by an unexpected decline in U.S. crude inventories and after Saudi Arabia appeared undaunted by pressure from U.S. President Donald Trump on OPEC to…