Crude Oil News

Nationwide Effective Rig Count Approaches 2,000

Nationwide Effective Rig Count Approaches 2,000

Current rigs generating 3x more production than Jan 2014 rigs

EnerCom released its monthly EnerCom Effective Rig Count today.

The Effective Rig Count reports an equivalent of 1,939 rigs active in the U.S. in May, up from 1,854 last month. …

U.S. Shale Firms More Exposed to Falling Oil Prices as Hedges Expire

From Reuters

Cash-strapped U.S. shale firms scaled back their hedging programs in the first quarter, leaving them more vulnerable to tumbling spot market prices just after OPEC reached a landmark deal to curb global supply.

The pullback in hedging was …

June 13, 2017 - 10:33 am Closing Bell Story‎, Crude Oil News, Natural Gas News

PDVSA Leaves Bahamas Oil Terminal, Expands in St Eustatius

From Reuters

Venezuelan state-run oil company PDVSA is moving millions of barrels of oil from a Bahamas storage facility after terminating a contract with the owner, U.S. Buckeye Partners LP, according to internal data and sources close to the decision.…

June 13, 2017 - 10:29 am Closing Bell Story‎, Crude Oil News

Saudi Arabia Cutting Exports to Asia by 300 MBOPD

Saudi Arabia will be shipping less crude to Asia in June as it prepares for stronger local demand

Saudi Arabia, the world’s top oil exporter, will reduce the number of barrels it sends to Asian markets in July by about …

Rigs Add 11, Rally Continues for 21st Week

Rigs Add 11, Rally Continues for 21st Week

Highest rig count since April 2015

U.S. rigs, driven by shale activity, continued their relentless climb this week, according to Baker Hughes’ Weekly Rig Count.

The total number of rigs active in the U.S. increased by 11, bringing the U.S. …

UT Researchers Use Nanoparticles to Separate Oil from Water

UT Researchers Use Nanoparticles to Separate Oil from Water

Process works in seconds

Researchers at The University of Texas at Austin believe they have found a fast method for separating mixed oil and water using nanoparticles.

Most commonly-used methods for separating produced oil and water successfully recover about 95% …

Dana Gas Iraq Operations

Iraq on a Tear to Triple its Refining Capacity, Keep Up with Its Growing Production

Iraq is planning to triple its refining capacity as the third-largest oil exporter increases crude oil production, Bloomberg reported, based on an interview with an official in the country.

Iraq’s current production is 4.5 MMBOPD, way beyond in-country refining capacity

USGS Well Study: Unconventional Oil & Gas Development Having Little or No Effect on Drinking Water Quality

USGS Well Study: Unconventional Oil & Gas Development Having Little or No Effect on Drinking Water Quality

USGS examines water wells in Eagle Ford, Haynesville, Fayetteville aquifers

The USGS published a study last week investigating the effects of oil and gas production on drinking water quality.

The study examined a total of 116 water wells in Texas, …

Despite Oil Downturn U.S. Ranks No. 1

Despite Oil Downturn U.S. Ranks No. 1

Decreasing production in 2016 not enough to dethrone U.S. oil and gas industry

Despite the lowest commodity prices in 13 years, U.S. oil and gas production in 2016 continued to outpace all other nations, according to a note from the …

Source: XOM

Surprise Inventory Build Rattles Crude Prices

3.1 MMBBL draw was expected, but a 3.3 MMBBL build happened

An unexpected crude oil inventory build sent crude prices reeling today, after several weeks of inventory draws seemed to signal the long-awaited market rebalancing.

The EIA today reported …

Exempted Nigeria Returns 20% of OPEC’s Cuts to Market

Exempted Nigeria Returns 20% of OPEC’s Cuts to Market

Shell lifts force majeure on Forcados oil in Nigeria

Royal Dutch Shell (ticker: RDSA) lifted force majeure on exports of Nigeria’s Forcados oil grade, returning about 250 MBOPD to world markets, according to shipment data obtained by Bloomberg. Europe’s …

Get Ready for U.S. Oil Production to Break Records in 2018

Get Ready for U.S. Oil Production to Break Records in 2018

7.2% production growth coming in 2018: EIA

The U.S. will break a 47-year record next year, according to the EIA, as shale production continues to recover from the global industry downturn.

The highest monthly production the U.S. ever achieved was …

U.S. Considering Sanctions on its 3rd Largest Oil Supplier

U.S. Considering Sanctions on its 3rd Largest Oil Supplier

Venezuela is third-largest oil supplier to U.S.

The U.S. is mulling sanctions against Venezuela’s oil industry, according to a Reuters report.

Reuters quotes sources saying that U.S. officials are currently evaluating different types of sanctions, and have not decided on …

Biggest Middle East Ports Shun Qatar as Saudis Tighten Isolation

From Bloomberg

The biggest Middle East oil and container ports banned all vessels sailing to and from Qatar from using their facilities amid a diplomatic crisis gripping the world’s main energy-exporting region.

Saudi Arabian and Bahraini authorities closed off all …

June 6, 2017 - 10:48 am Closing Bell Story‎, Crude Oil News, Natural Gas News
Oil Supply is Rebalancing Now: SG, RBC

Oil Supply is Rebalancing Now: SG, RBC

More draws predicted for late 2017, 2018

The oil market rebalancing is in progress, even if it is slower than expected, according to releases by Societe Generale and RBC Capital Markets.

When OPEC first agreed to cut production in November, …

Doha City, Qatar 2009

Saudi Arabia Cuts Ties with Qatar

Egypt, UAE, Bahrain, Yemen, Libya, Maldives join in

Several major powers in the Middle East cut diplomatic ties with Qatar today, including fellow OPEC members Saudi Arabia, the UAE and Libya, citing the country’s support of terrorism.

Saudi Arabia, Egypt, …

ExxonMobil Adds 300,000 Offshore Acres

ExxonMobil Adds 300,000 Offshore Acres

EG-11 block lies adjacent to billion-barrel Zafiro field

ExxonMobil (ticker: XOM) announced today that it has signed a production sharing contract with the government of Equatorial Guinea for developing a deepwater block. Exxon’s wholly owned affiliate, Exploration and Production Equatorial …

Rigs Up for a Record 20 Weeks

Rigs Up for a Record 20 Weeks

Second-longest build, in 1992, was 14 consecutive weeks; U.S. count reaches 916, Permian adds 2

The U.S. drilling industry has now seen 20 weeks of consecutive rig gains, according to the latest Baker Hughes rig count, released today.

Eight rigs …

Apache Sells Canadian Conventional Assets for C$330 Million

Apache Sells Canadian Conventional Assets for C$330 Million

Cardinal acquires 5,000 BOEPD of production

Apache Corp. (ticker: APA) announced the sale of Canadian light oil assets today in a C$330 million ($244 million) cash deal with Cardinal Energy (ticker: CJ). Unlike many recent Canadian oil and gas property …

U.S. Oil Inventories Drop:  Is OPEC’s Strategy Working?

U.S. Oil Inventories Drop: Is OPEC’s Strategy Working?

Crude stocks down 25.6 MMBO in last eight weeks

One of OPEC’s primary goals in passing production cuts has been to decrease global inventories, but this objective has been mostly elusive in early 2017.

Inventories in the U.S. in the …

The EPA Begins Rolling Back Obama-Era Emission Regulations as U.S. says it will Pull Out of Paris Climate Agreement

The EPA Begins Rolling Back Obama-Era Emission Regulations as U.S. says it will Pull Out of Paris Climate Agreement

The EPA has issued a 90-day stay on oil and gas emissions standards

The Environmental Protection Agency announced Wednesday that it will put a halt to some of the Obama-era regulations on the oil and gas industry. Using its Clean …

Matchmaking: OPEC and Russia Want to Formalize a Long-Term Partnership

Matchmaking: OPEC and Russia Want to Formalize a Long-Term Partnership

Russia is looking to find ways to cooperate with OPEC despite years of saying it has no plans to join the group

OPEC and Russia hope to institutionalize cooperation between the two beyond the current production cuts, according to Russian

With Strengthened Balance Sheet, Kinder Morgan Gives FID to Trans Mountain Expansion

With Strengthened Balance Sheet, Kinder Morgan Gives FID to Trans Mountain Expansion

KMI’s successful Canadian IPO provides cash to pay down debt, clearing path for Trans Mountain FID

“Upon the completion of the IPO, we will have secured satisfactory financing for the Trans Mountain Expansion Project,” Kinder Morgan CEO Steve Kean said …

Rebounding Energy Markets Expected to Drive Canadian Economic Growth

Rebounding Energy Markets Expected to Drive Canadian Economic Growth

Improving energy prices put Alberta, Saskatchewan and British Columbia at the high-end of expected growth

Improving oil prices are expected to help drive better economic growth in Canada in 2017, with the strongest forecasts being reported for traditionally energy-producing parts …

Source: WPX

Rigs up for Nineteenth Week

Now exactly one year past bottom of rig count

Baker Hughes (ticker: BHI) released its weekly rig count today, showing an increase in active U.S. rigs for the nineteenth- straight week. After breaking 900 for the first time since 2015 …

EP Energy Announces Uinta Basin JV with Tesoro

EP Energy Announces Uinta Basin JV with Tesoro

60 wells will be drilled

EP Energy (ticker: EPE) and Tesoro (ticker: TSO) announced a drilling joint venture in the Uinta basin this week, supporting EP’s Altamont program.

The joint venture will provide for a 60 well drilling program, a …

Texas Produced From Nearly 270,000 Wells in March

Texas Produced From Nearly 270,000 Wells in March

9,600 wells came online in March

The Railroad Commission of Texas released oil and gas production statistics this week, outlining hydrocarbon production in March.

Preliminary figure indicate production is down compared to this time last year. Oil production in March …

Russia Signals More Flexibility as Prices Sputter

Russia Signals More Flexibility as Prices Sputter

Russia’s Novak suggests Russia has more room for deeper cuts

Crude oil prices fell more than 5% Thursday after OPEC extended a production cut deal which had originally help to buoy oil prices above $50 per barrel.

The extension will …

What’s Worth More to the State of Texas—Land or Oil?

Texas Railroad Commission Keeps its Name, Commissioner Discusses Innovative Disruption

Sitton is Texas Railroad Commission’s first engineer in 50 years

Texas Railroad Commissioner Ryan Sitton met with 100 senior level oil and gas executives in Houston this week for An Energy Evening.

Sitton was elected to the Railroad Commission in …

Where does Oil in the U.S. Come From? Import Sources May Surprise You

Where does Oil in the U.S. Come From? Import Sources May Surprise You

U.S. has brought into its refineries crude oil from 80 nations

In the past 30 years the U.S. has imported more than 91 billion barrels of oil, drawing from a large variety of sources.

The EIA began carefully tracking American …