Crude Oil News

Source: Reuters

Australia’s Commonwealth Bank taken to court over oil and gas financing policies

Nasdaq


SYDNEY – A Commonwealth Bank CBA.AX investor has sued the lender, demanding to see internal documents on its decisions to finance fossil fuel projects to ensure it has complied with its own environmental framework.

Lawyers for retail investor Guy …

Source: Reuters

U.S. energy firms strain to shake off hurricane’s toll

Reuters


HOUSTON – U.S. oil and gas companies strained to get offshore operations back up and running on Thursday as the extent of Hurricane Ida’s damages became more apparent.

Ida’s 150-mile-per-hour (240 kph) winds delivered a direct hit to the …

Source: Reuters

Oil rises on economic recovery hopes, weaker dollar

Reuters


LONDON -Oil prices rose more than $1 on Thursday, supported by optimism about the pace of the economic recovery from the pandemic, a sharp decline in U.S. crude stocks and a weaker dollar.

Brent crude was up $1.25, or …

REPLAYS: EnerCom’s The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!

REPLAYS: EnerCom’s The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!

Oil & Gas 360


Publisher’s Note: Thank you to our sponsors, presenters and attendees for their continued support and making EnerCom’s The Oil & Gas Conference 2021 a continued success! Replays are now available to watch.

Sponsors of The Oil

September 1, 2021 - 3:30 pm Closing Bell Story‎, Crude Oil News, Energy News, TOGC 2021
Source: Reuters

Biden administration to resume drilling auctions in setback to climate agenda

Reuters


The Biden administration announced plans on Tuesday to open millions of acres for oil and gas exploration as the White House sought to comply with a court order requiring it to resume lease auctions.

The move, which includes some …

September 1, 2021 - 2:30 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Gas Price Pain Ahead if Refiners Face Restart Struggle

Rigzone


(Bloomberg) — Some U.S. motorists who’d been expecting an end-of-summer relief for gasoline prices should start bracing for higher costs at the pump in the coming days due to Hurricane Ida.

Ida made landfall in Louisiana Sunday and is …

September 1, 2021 - 1:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: World Oil

Port Fourchon, other Gulf oil facilities likely offline for weeks after Ida

World Oil


HOUSTON (Bloomberg) –Port Fourchon, America’s largest base supporting the U.S. Gulf of Mexico offshore oil industry, will take weeks to recover after Hurricane Ida tore through the Louisiana community, leaving a wake of destruction in its path.

“How

Source: Reuters

OPEC+ seen sticking to policy despite higher oil demand

Reuters


LONDON/DUBAI – OPEC and its allies will likely stick to their existing policy of gradual oil output increases, four sources said on Wednesday, even though the group revised up its 2022 demand outlook and still faces U.S. pressure to …

U.S. crude oil inventories decrease by 7.2 million barrels

U.S. crude oil inventories decrease by 7.2 million barrels

Weekly Crude Oil Storage as of August 27, 2021

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.2 million barrels from the previous week. At 425.4 million barrels, U.S. crude oil …

REPLAYS: EnerCom’s The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!

REPLAYS: EnerCom’s The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!

Oil & Gas 360


Publisher’s Note: Thank you to our sponsors, presenters and attendees for their continued support and making EnerCom’s The Oil & Gas Conference 2021 a continued success! Replays are now available to watch.

Sponsors of The Oil

August 31, 2021 - 3:30 pm Closing Bell Story‎, Crude Oil News, Energy News, TOGC 2021
Source: World Oil

Pemex presses forward with money-losing U.S. refinery purchase

World Oil


MEXICO CITY (Bloomberg) –The Texas oil refinery that Pemex is buying has racked up a rare net loss of about $360 million this year, adding to the challenges Mexico faces in seeking energy independence.

Mexico’s state-owned oil giant …

August 31, 2021 - 2:30 pm Closing Bell Story‎, Crude Oil News, Energy News, Midstream
Source: World Oil

Biden suspects “unlawful” oil and gas mergers are behind higher gasoline prices

World Oil


(Bloomberg) –The Federal Trade Commission is examining ways to crack down on mergers in the oil and gas industry and investigate whether gas station franchises are driving up gas prices as part of a Biden administration effort to …

Source: Reuters

Oil prices near biggest monthly loss since October before OPEC meets

World Oil


SINGAPORE (Bloomberg) –Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida.

West Texas Intermediate fell 0.8% in

Source: Reuters

Column: Hedge fund oil selling runs its course: Kemp

Nasdaq


LONDON – Hedge funds cut their petroleum positions last week as oil prices neared the top of recent trading ranges and the cyberattack on the Colonial fuel pipeline looked set to cut crude processing and diesel output.

The previous …

Source: CNBC

Floods, outages stall oil firms’ efforts to restart after Ida

CNBC


Widespread flooding from Hurricane Ida and power outages on Tuesday slowed efforts by energy companies to assess damages at oil production facilities, ports and refineries.

Nearly all of Louisiana lost electrical power on Monday after one of the most …

August 31, 2021 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

OPEC projects oil shortages in 2021, surplus in 2022 as output rises

World Oil


LONDON (Bloomberg) –OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022.

 

The data, to be presented to the group’s …

REPLAYS: EnerCom’s The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!

REPLAYS: EnerCom’s The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!

Oil & Gas 360


Publisher’s Note: Thank you to our sponsors, presenters and attendees for their continued support and making EnerCom’s The Oil & Gas Conference 2021 a continued success! Replays are now available to watch.

Sponsors of The Oil

August 30, 2021 - 3:30 pm Closing Bell Story‎, Crude Oil News, Energy News, TOGC 2021
Source: Reuters

Shell commits to power Malaysian offshore platform with solar and wind energy

World Oil


Sarawak Shell Berhad, a subsidiary of Royal Dutch Shell plc, announced that it has taken a final investment decision on the Timi gas development project and, together with its partners PETRONAS Carigali Sdn Bhd and Brunei Energy Exploration, …

Source: World Oil

Oil prices slip, gasoline jumps as Hurricane Ida disrupts infrastructure

World Oil


(Bloomberg) –U.S. gasoline futures jumped after Hurricane Ida barreled ashore in Louisiana, disrupting processing facilities. Oil reversed early gains as local rigs may have escaped significant damage and the OPEC+ producers’ cartel is expected on Wednesday to endorse …

Source: Reuters

Ida’s fury hits U.S. oil production, gasoline supplies

Nasdaq


HOUSTON – Hurricane Ida pummeled U.S. Gulf Coast energy suppliers, knocking out most of the region’s offshore wells, nearly half its motor fuel production and closing energy-export ports.

 

The storm moved into Mississippi on Monday after leaving a …

Source: Reuters

Basic Energy Services to cut nearly 500 Texas jobs following bankruptcy

Reuters


Oilfield services provider Basic Energy Services will cut about 500 jobs in Texas, according to a filing with the state’s workforce commission, as the company works through Chapter 11 restructuring that includes asset sales.

The job cuts are focused …

August 30, 2021 - 9:30 am Bankruptcy, Closing Bell Story‎, Crude Oil News, Energy News, Jobs
REPLAYS: EnerCom’s The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!

REPLAYS: EnerCom’s The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!

Oil & Gas 360


Publisher’s Note: Thank you to our sponsors, presenters and attendees for their continued support and making EnerCom’s The Oil & Gas Conference 2021 a continued success! Replays are now available to watch.

Sponsors of The Oil

August 27, 2021 - 3:45 pm Closing Bell Story‎, Crude Oil News, Energy News, TOGC 2021
U.S. rig count increased by 5 this week, at 508

U.S. rig count increased by 5 this week, at 508

Oil and Gas 360


This week’s Baker Hughes rig count shows that U.S. had an increase of 5 over last week, resulting in a total count of 508 rigs. Canada had a decrease of 9 over last week, resulting in …

Source: Reuters

OPEC stays the course on output hikes as oil prices rebound

World Oil


LONDON (Bloomberg) –OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble.

The coalition led by Saudi Arabia and

Source: Baker Hughes.com

Baker Hughes conducts CO2 sequestration study at California ethanol plant sites

World Oil


CUPERTINO, CA – A new study concluded that more than 2 million metric tons (MT) per year of CO2 can be removed from the atmosphere and injected safely into the earth at two ethanol plant sites in California. …

Source: Reuters

Oil jumps as storm approaches Gulf of Mexico production hub

Reuters


LONDON -Oil prices rose on Friday and were on track to post big gains for the week on worries about supply disruptions as energy companies began shutting production in the Gulf of Mexico ahead of a possible hurricane forecast …

REPLAYS: EnerCom’s The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!

REPLAYS: EnerCom’s The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!

Oil & Gas 360


Publisher’s Note: Thank you to our sponsors, presenters and attendees for their continued support and making EnerCom’s The Oil & Gas Conference 2021 a continued success! Replays are now available to watch.

 

 

REPLAYS: EnerCom's The Oil & Gas Conference®2021: Thank you to our sponsors, presenters and attendees!- oil and gas 360

 

Sponsors

August 26, 2021 - 3:30 pm Closing Bell Story‎, Crude Oil News, Energy News, TOGC 2021
Source: Reuters

Phillips 66 refinery sale offers test of future for motor fuel suppliers

Nasdaq


HOUSTON – U.S. refiner Phillips 66’s PSX.Ndecision to market a Louisiana oil processing plant offers a key test of investors’ views on the pace of the transition to electric vehicles, refinery industry experts said on Wednesday.

Phillips 66, …

August 26, 2021 - 2:30 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil has only done this twice in the past 20 years — and it could forecast a 50% rally

CNBC


Oil prices could be setting up for a major rally, one strategist says.

 

Though the energy sector has cooled off in recent months, U.S. West Texas Intermediate crude’s price chart just flashed a rare signal, Miller Tabak’s Matt

Source: Wall Street Journal

Transocean lands $252 million contract for new ultra-deepwater drillship

World Oil


Transocean announced that BOE Exploration & Production LLC (“BOE”) awarded Transocean a $252 million firm contract for its newbuild ultra-deepwater drillship, the Deepwater Atlas, including a mobilization fee of $30 million. Additionally, the contract provides for a …