Crude Oil News

Source: Reuters

Falling crude inventories pin WTI oil price near $83

World Oil


(Bloomberg) –Oil swung between gains and losses as traders weigh the ongoing impact of a global energy crunch and dwindling inventories at a key U.S. storage hub.

Front-month futures in New York traded below $83, paring an earlier …

Source: World Oil

Shell may restart hurricane-hit Gulf platforms ahead of schedule

World Oil


(Bloomberg) –Royal Dutch Shell is hoping to restart its Ursa oil and gas platform in the U.S. Gulf of Mexico as early as the first half of November, according to a person familiar with the matter who asked …

Source: Reuters

Canada oil producers grapple with Trudeau’s demand for faster emissions cuts

Reuters


WINNIPEG, Manitoba (Reuters) – Canada’s oil producers face new pressure from Prime Minister Justin Trudeau to reduce emissions in just three years, a sudden acceleration of their plans that at least one major company said looks unrealistic.

Suncor Energy, …

Source: World Oil

Oilfield data startup Zeno plans to streamline fossil fuel asset valuation

World Oil


HOUSTON (Bloomberg) –An oil-data startup backed by Palantir Technologies Inc. co-founder Joe Lonsdale plans to help energy explorers, bankers and investors figure out how much crude and natural gas reserves trapped underground are really worth.

Zeno Technologies wants …

Source: Reuters

Big Oil to attend U.S. House climate disinformation hearing

Reuters


WASHINGTON – Top executives from Exxon Mobil Corp, BP America, Chevron Corp and Shell Oil will testify on Oct. 28 at a congressional hearing examining whether the fossil fuel industry led an effort to mislead the public and prevent …

October 22, 2021 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, Politics
U.S. rig count decreased by 1 this week, at 542

U.S. rig count decreased by 1 this week, at 542

Oil and Gas 360


This week’s Baker Hughes rig count shows that U.S. had a decrease of 1 over last week, resulting in a total count of 542 rigs. Canada had a decrease of 4 over last week, resulting in …

Source: World Oil

Oil inventory at Cushing crude hub nears critically low levels

World Oil


The storage tanks in Cushing, Oklahoma, require a minimum level of oil …

Source: Reuters

Schlumberger beats Q3 profit estimates as oilfield activity recovers

Reuters


Oilfield services giant Schlumberger NV issued a bullish forecast for 2021 on Friday as second-quarter profit topped estimates due to surging margins, with a rebound in oil prices boosting demand for its software and equipment.

Energy services firms are

Source; Reuters

Soaring energy prices increase tensions between Europe’s leaders

World Oil


(Bloomberg) –Soaring energy prices are exacerbating divisions in the European Union as national leaders brace for heated talks about how to protect the most vulnerable and avoid a backlash against the bloc’s ambitious climate change plan.

The unprecedented …

Source: Reuters

EXCLUSIVE U.S. slows down oil and gas mergers-sources

Nasdaq


NEW YORK/WASHINGTON – U.S. antitrust regulators have extended the approval process for at least five oil and gas mergers and acquisitions in the last three months, as President Joe Biden’s administration scrutinizes deals in a bid to tackle soaring …

Source: CNBC

Climate policies could spark an ‘even worse’ energy crisis, Saudi finance minister says

CNBC


Saudi Arabia’s finance minister has told CNBC that an “even worse” energy crisis could be triggered if the world is not careful with its climate policies.

“If we are not careful about what we are doing to achieve our

Source: Reuters

Baker Hughes profit misses estimates amid supply chain woes

Reuters


Oilfield firm Baker Hughes Co reported quarterly profit that fell short of analyst expectations on Wednesday, in part due to global supply chain issues, sending its shares down sharply in early trading.

Oil service firms are expected to be …

Source: Reuters

Energy crisis is wake up call for more investment, forum hears

Reuters


NEW DELHI/LONDON, Oct 20 – The current energy crisis is a wake-up call for the need to invest more in the sector to avoid another energy supply crunch, Abu Dhabi National Oil Company (ADNOC) Chief Executive Sultan al-Jaber told …

Source: CNBC

Fossil fuel production ‘dangerously out of sync’ with global climate targets, UN warns

CNBC


LONDON — As world leaders prepare for one of the most important climate summits ever held, U.N.-backed research shows governments are collectively planning to extract far more fossil fuels than would be consistent with global climate targets.

The …

Source: Reuters

Guyana seeks a 135-mile subsea gas pipeline to extend its energy win streak

World Oil


HOUSTON (Bloomberg) –Guyana will likely become one of South America’s top oil producers over the next four years, but the world’s newest petrostate increasingly sees gas as the bedrock for growing its domestic economy.

Work will begin on …

Source: Reuters

Oil rises modestly as U.S. crude stockpiles dwindle

Reuters


NEW YORK – Oil prices edged higher on Wednesday, rebounding from early losses after U.S. crude stockpiles unexpectedly fell and inventories at the nation’s largest storage site hit their lowest level in three years.

Brent crude futures rose 26 …

U.S. crude oil inventories decrease by 0.4 million barrels

U.S. crude oil inventories decrease by 0.4 million barrels

Weekly Crude Oil Storage as of October 15, 2021

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.4 million barrels from the previous week. At 426.5 million barrels, U.S. crude oil …

Source: Dallas Business Journal

Oil and gas firms incorporate ESG goals as investors, regulators show interest

Dallas Business Journal


More oil and gas companies, including those headquartered in North Texas, are turning an eye to environmental and social governance as investors and regulators continue applying pressure.

In direct response to investor demand, more companies are incorporating …

October 20, 2021 - 9:00 am Closing Bell Story‎, Crude Oil News, Energy News, ESG, People
Source: Reuters

Permian basin oil output nears pre-pandemic levels

World Oil


(Bloomberg) –Oil output in America’s most prolific shale patch is getting closer to levels seen before the pandemic-driven market crash, as crude prices surge.

While total production in the U.S. is still lagging, the Permian Basin of West …

Source: Reuters

Energy crisis makes multi-year contracts fashionable again

World Oil


Energy crisis makes multi-year energy contracts fashionable again.

(Bloomberg) –U.S. manufacturers and other large energy users are starting to lock in natural gas and power costs for at least three years or longer to buffer against price surges …

Source: Reuters

Halliburton posts Q3 profit as drilling rebounds, eyes jump in customer spending

Reuters


U.S. oilfield firm Halliburton Co on Tuesday posted its third consecutive quarterly profit and said customer spending in the United States could jump 20% next year, as stronger oil prices and drilling activity boost demand for services and equipment.…

Source: Reuters

Analysis: As oil prices skyrocket, fund managers hop on board for the ride

Nasdaq


NEW YORK, Oct 18  – A surge in oil prices is drawing fund managers back into shares of oil and gas companies, even as some remain unsure that the price gains will stick.

Energy stocks in the S&P 500 …

Source: World Oil

Shale drillers see more interest from banks as oil prices rally

World Oil


(Bloomberg) –Banks are gradually offering more credit to U.S. shale oil and natural gas producers as the industry recovers from last year’s contraction and energy prices rally.

So-called borrowing bases will increase as much as 20% during the …

Source: Reuters

Oil gains from highest close since 2014 as U.S. dollar falls

World Oil


(Bloomberg) –Oil continued its advance from the highest close in seven years as the U.S. dollar fell and investors assessed the energy crunch roiling global markets.

Futures in New York surpassed $83 a barrel Tuesday, gaining as much …

Source: Reuters

EIA expects U.S. natural gas prices to stay high through the winter

World Oil


WASHINGTON – In its October Short-Term Energy Outlook, the U.S. Energy Information Administration forecasts that natural gas spot prices at the U.S. benchmark Henry Hub will average $5.67 per million British thermal units (MMBtu) between October and March, …

Source: CNBC

Big Oil CEOs have a personal reason to put more focus on less fossil fuels

CNBC


As energy sector demand roars back and commodities market pundits talk about the return of $100 oil, there are new factors in the energy sector pushing producers to extract less — from greater fiscal discipline in the U.S.

Source: Reuters

Head of Ukraine’s Naftogaz accuses Russia of blackmailing Europe over gas

Reuters


KYIV – The head of Ukraine’s state energy company Naftogaz on Monday said Russia was trying to blackmail Europe into certifying its Nord Stream 2 pipeline by keeping natural gas supplies lower.

Both the Kremlin and gas giant Gazprom …

Source: Reuters

Oil price climb continues, logging eighth weekly gain

World Oil


(Bloomberg) –Oil rose higher on Monday following an eighth weekly gain, spurred on by the energy crunch as winter approaches.

Futures in New York were above $83 a barrel after adding 3.7% last week, capping the longest run …

Source: Reuters

Gazprom books fraction of gas transit capacity via Poland, ignores Ukraine

Reuters


MOSCOW – Russian gas giant Gazprom has booked about a third of offered additional gas transit capacity via the Yamal-Europe pipeline via Poland for November and has not booked any volumes via Ukraine, auction results showed on Monday.

Gazprom’s …

Source: Reuters

OPEC misses crude output targets, straining global oil supply

World Oil


(Bloomberg) –OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit as the world recovers from the coronavirus pandemic.

OPEC+ cut its production 15% deeper than planned in …