Crude Oil News

Source: Reuters

Oil prices flat; U.S. crude stock draw supports but demand hopes dim

Reuters


LONDON -Oil prices traded flat on Wednesday, supported by a draw in U.S. crude inventories and Britain’s approval of a second coronavirus vaccine but pressured by swelling year-over-year supply and the view that a federal aid package would be …

U.S. crude oil inventories decrease by 6.1 million barrels

U.S. crude oil inventories decrease by 6.1 million barrels

Weekly Crude Oil Storage as of December 25, 2020

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.1 million barrels from the previous week. At 493.5 million barrels, U.S. crude oil …

Source: Reuters

A historic oil price collapse, with worries headed into 2021

Reuters


NEW YORK – This year was like no other for oil prices.

Even as global prices end the year at about $51 a barrel, near the average for 2015-2017, it masks a year of volatility. In April, U.S. crude …

Source: Reuters

BP well comes up empty at promising Ironbark gas prospect off Australia

Reuters


MELBOURNE – BP Plc said on Tuesday it has found no oil or gas at its Ironbark-1 exploration well off Western Australia, in what had been seen as a multi-trillion cubic feet gas prospect.

The result marked a big …

Source: Reuters

Special Report: UAE emerges as hub for companies helping Venezuela avoid U.S. oil sanctions

Reuters


NEW YORK – In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s oil trade.

Within weeks, a little-known …

December 29, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil rises on hopes U.S. pandemic stimulus will spur fuel demand

Reuters


LONDON -Oil rose on Tuesday as the United States moved towards expanding pandemic aid payments, potentially spurring fuel demand and stimulating economic growth, which pushed investors to take on more risk.

Brent crude was up 53 cents, or 1%, …

Source: Reuters

Russian Nord Stream 2 pipe-laying vessel leaves German site, indicating project progress

Reuters


MOSCOW – The Russian pipe-laying vessel Fortuna has left the Nord Stream 2 gas pipeline construction site in the Baltic Sea, Refinitiv Eikon data showed on Monday, indicating that the 2.6-km stretch of the project in German waters may …

December 28, 2020 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, Pipeline News
Source: Reuters

Novak says Russia backs OPEC+ 500,000 bpd oil output hike from February

Reuters


MOSCOW – Russia expects to support an increase in oil production by the group, known as OPEC+, of another 500,000 barrels per day (bpd) from February at next month’s summit of the leading global oil producers, Russian Deputy Prime …

December 28, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Mexico takes controversial step to limit private fuel imports

Reuters


MEXICO CITY – Mexico’s government has issued new regulations to limit the ability of private firms to import fuel, according to a weekend decree, fanning concerns that the move may unduly benefit national oil company Petroleos Mexicanos (Pemex).

The …

December 28, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News, Mexico
Source: Reuters

Oil steadies below $52 as U.S. stimulus counters weak demand

Reuters


LONDON – Oil steadied on Monday, after earlier rising to $52 a barrel, as optimism over the U.S. stimulus package and the start of a European vaccination campaign was balanced by weak demand and the prospect of higher OPEC+ …

BREAKING: Colorado School of Mines Joins EnerCom to Co-Host the Energy Venture Investment Summit – February 10-11, 2021!

BREAKING: Colorado School of Mines Joins EnerCom to Co-Host the Energy Venture Investment Summit – February 10-11, 2021!

Oil & Gas 360


Publisher’s Note: The Energy Venture Investment Summit, on February 10-11, 2021. Please register Here to join us in February!

Due to the pandemic, the conference will be hosted virtually on EnerCom’s proprietary energy news platform, Oil

December 23, 2020 - 3:45 pm Closing Bell Story‎, Crude Oil News, Energy News, TOGC25
BREAKING: Colorado School of Mines Joins EnerCom to Co-Host the Energy Venture Investment Summit – February 10-11, 2021!

BREAKING: Colorado School of Mines Joins EnerCom to Co-Host the Energy Venture Investment Summit – February 10-11, 2021!

Oil & Gas 360


Publisher’s Note: The Energy Venture Investment Summit, on February 10-11, 2021. Please register Here to join us in February!

Due to the pandemic, the conference will be hosted virtually on EnerCom’s proprietary energy news platform, Oil

December 22, 2020 - 3:45 pm Closing Bell Story‎, Crude Oil News, Energy News, TOGC25
ConocoPhillips Makes Large Oil Discovery Offshore Norway

ConocoPhillips Makes Large Oil Discovery Offshore Norway

OilPrice

ConocoPhillips has made a large oil discovery in the Norwegian Sea close to a producing oilfield, the U.S. oil and gas company said on Tuesday.

Preliminary estimates point to the field containing between 75 million barrels and 200 million …

Source: Reuters

Norway supreme court verdict opens Arctic to more oil drilling

Reuters


OSLO – Norway’s supreme court upheld government plans for Arctic oil exploration on Tuesday, dismissing a lawsuit by campaigners who said they violated people’s right to a healthy environment.

While most of Norway’s oil output flows from south of …

December 22, 2020 - 2:00 pm Arctic, Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Citgo plans Q4 2021 overhaul at Corpus Christi refinery; may be postponed

Reuters


HOUSTON -Citgo Petroleum Corp plans an overhaul at its 167,500 barrel-per-day (bpd) Corpus Christi, Texas, refinery in the fourth quarter of 2021, the company said on Monday.

The fourth-quarter 2021 turnaround could be rescheduled, Citgo said.

Sources told Reuters …

December 22, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

Massachusetts, Connecticut low-carbon fuel program draws industry ire- oil and gas 360

Reuters


NEW YORK – U.S. governors from Massachusetts and Connecticut announced their commitment to a low-carbon transportation program on Monday, but gasoline-related trade groups say it has flaws that will harm, rather than promote, use of fuels that produce fewer …

December 22, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil’s rally, fueled by vaccine progress, is running out of steam

Reuters


NEW YORK -The oil market has rallied almost 40% in the last two months, pushing benchmarks to nine-month highs, in a euphoric response to progress on COVID-19 vaccines that has investors thinking the end of the coronavirus pandemic is …

Contango Oil & Gas Company and Mid-Con Energy Partners, LP Announce Unitholder Consent Deadline and Anticipated Closing Date of Merger

Contango Oil & Gas Company and Mid-Con Energy Partners, LP Announce Unitholder Consent Deadline and Anticipated Closing Date of Merger

FORT WORTH, Texas and TULSA, Okla., Dec. 21, 2020 (GLOBE NEWSWIRE) — Contango Oil & Ga…

Source: Reuters

Oil drops as new coronavirus strain revives demand fears

Reuters


LONDON -Oil dropped towards $50 a barrel on Tuesday, adding to losses from the previous session, as a mutant variant of the coronavirus in Britain revived concerns over demand recovery.

Detection of the new variant prompted several countries to …

Source: Reuters

Analysis-U.S. shale oil just had its worst year and the pain could bleed into 2021

Reuters


HOUSTON/NEW YORK  – U.S. oil and gas shares and drilling activity are edging higher, but a disastrous year for the energy industry means the go-go days of the shale boom may be gone for good.

Deep spending cuts that …

BREAKING: Colorado School of Mines Joins EnerCom to Co-Host the Energy Venture Investment Summit – February 10-11, 2021!

BREAKING: Colorado School of Mines Joins EnerCom to Co-Host the Energy Venture Investment Summit – February 10-11, 2021!

Oil & Gas 360


Publisher’s Note: The Energy Venture Investment Summit, on February 10-11, 2021. Please register Here to join us in February!

Due to the pandemic, the conference will be hosted virtually on EnerCom’s proprietary energy news platform, Oil

December 21, 2020 - 3:45 pm Closing Bell Story‎, Crude Oil News, Energy News, TOGC25
Source: Reuters

Trump administration cuts size of Arctic land offered for oil auction

Reuters


ANCHORAGE, Alaska – In a last-minute change, the Trump administration cut about 30 percent of the Arctic National Wildlife Refuge territory that it plans to auction off for oil exploration.

The decision was announced late Friday by the Bureau …

December 21, 2020 - 3:30 pm Arctic, Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Analysis-Climate could pay the price as Europe’s nuclear plants age

Reuters


LONDON – Nuclear power capacity able to supply roughly 60 million homes is scheduled to close this decade as utilities struggle to replace northwest Europe’s ageing reactors, raising the risk of higher carbon emissions as fossil fuels plug the …

Source: Reuters

Diamondback Energy, Inc. to acquire QEP Resources in all-stock transaction

Oil and Gas 360


MIDLAND, Texas, Dec. 21, 2020 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) and QEP Resources (NYSE: QEP) (“QEP”) today announced that they have entered into a definitive agreement under which Diamondback …

Source: Reuters

Shell to write down assets again, taking cuts to more than $22 billion

Reuters


LONDON – Royal Dutch Shell on Monday said it will write down the value of oil and gas assets by $3.5 billion to $4.5 billion following a string of impairments this year as it adjusts to a weaker outlook.…

Source: Reuters

Oil tumbles as new virus strain revives demand fears

Reuters


LONDON -Oil prices tumbled on Monday as a fast-spreading new coronavirus strain that has shut down much of Britain and led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand.

Brent crude was down …

Source: Reuters

Russia to U.S. President-elect: don’t upset the oil market

Reuters


MOSCOW – Russia hopes the incoming administration of U.S. President-elect Joe Biden will not derail producer nations’ action to boost oil markets, Russia’s Deputy Prime Minister Alexander Novak said on Monday.

Russia, other leading oil producers and the Organization …

December 21, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
The Energy Venture Investment Summit: REGISTER: See you on February 10-11, 2021!

The Energy Venture Investment Summit: REGISTER: See you on February 10-11, 2021!

Oil & Gas 360


Publisher’s Note: The Energy Venture Investment Summit, on February 10-11, 2021. Please register to join us in February!

Due to the pandemic, the conference will be hosted virtually on EnerCom’s proprietary energy news platform, Oil &

December 18, 2020 - 3:45 pm Closing Bell Story‎, Crude Oil News, Energy News, TOGC25
Source: Reuters

A new University of Wyoming study details the economic effects of a Biden-Harris Administration leasing and drilling ban on Federal lands

Oil and Gas 360


Publisher’s Note: A New University of Wyoming Study Details the Economic Effects of a Biden-Harris Administration Leasing and Drilling Ban on Federal Lands.  

Authored by Dr. Timothy Considine, a Professor of Energy Economics with the School

December 18, 2020 - 3:35 pm Closing Bell Story‎, Crude Oil News, Energy News, Regulatory
U.S. rig count increased by 8 this week, at 346

U.S. rig count increased by 8 this week, at 346

Oil and Gas 360


This week’s Baker Hughes rig count shows that U.S. had an increase of 8 over last week, resulting in a total count of 346 rigs. Canada had a decrease of 9 over last week, resulting in …