Crude Oil Archives - Page 897 of 903 -

Sentinel Peak Resources, Freeport-McMoRan Close Onshore California Deal

January 3, 2017

Sale takes FCX production down to 7,000 barrels of oil and NGLs, 74 MMcf of natural gas per day Privately held Sentinel Peak Resources LLC, which is based in Denver, has closed its previously announced acquisition of the onshore California assets of the oil and gas subsidiary of Freeport-McMoRan Inc. (ticker: FCX) for $592 million in cash, before closing adjustments, the companies announced

Will Increased Oil Hedging Hold Prices Down?

December 30, 2016

With Physical Hedging on Rise, Production Response May Weaken With OPEC and non-OPEC production cuts on the horizon (although not guaranteed), institutions exposed to oil have shifted their outlooks for price risk, as reflected in their current positions in NYMEX WTI futures and options. As the WTI forward curve has shifted into backwardation, analysts are calling for swollen inventories to

U.S. Rig Count Recovers Almost Completely in 2016

December 30, 2016

U.S. rig count down 40 from the start of the year The number of rigs drilling in the United States plummeted along with crude oil prices from the end of 2014 through the first half of this year. Lower prices made many hydrocarbon resources in the ground uneconomical to produce, reducing the demand for rigs. As prices have recovered, the

Oil and Natural Gas will Provide 60% of World Energy by 2040: Exxon

December 29, 2016

Gas, Nuclear, and Renewables Will Grow the Most, in that Order The global energy mix will not look that much different for oil and gas in 2040, according to Exxon Mobil’s (ticker: XOM) recently released 2017 Outlook for Energy: A View to 2040. Both the middle class and world GDP is expected to double in the next 15 years, accelerating

Gasoline and Natural Gas Futures Up Following Inventory Report

December 29, 2016

Crude oil stocks increase as products draw down Crude oil inventories rose for the week ended December 23, 2016, according to the Energy Information Administration. Analysts expected a draw of approximately 1.3 MMBO, but the government agency reported 0.6 MMBO were added to stockpiles last week. Typically, an increase in crude oil stockpiles puts downward pressure on prices as more

ETP Simplifies Structure with $20 Billion Sunoco Acquisition

Despite 2015 Oil and Gas Reserve Decreases, Plenty of New Oil Being Found

December 14, 2016

Proved oil and gas reserves down 11.8% and 16.6%, respectively, from year-end 2014 EIA has downgraded its estimates of proved oil and gas reserves in the U.S., according to its Crude Oil and Natural Gas Proved Reserves, Year-end 2015 report, released today. Proved reserves of crude oil in the U.S. declined by 4.7 billion barrels or 11.8% from their year-end

Both Crude Oil and Natural Gas Inventories See Weekly Draws

November 23, 2016

Crude oil inventories fall 1.3 MMBO Crude oil inventories saw a modest draw today, falling 1.3 MMBO in the week ended November 18, 2016, according to data released by the Energy Information Administration. Economist anticipated a build of 290 MMBO for last week. Total U.S. crude oil in storage now stands at 489.0 MMBO, the end of the five-year range

The World's Coming Mega-Population Centers and the Energy They Will Need

Crude Oil Expected to Lead a 25% Increase in Energy Prices Next Year

October 21, 2016

The World Bank ups its forecast for crude oil prices ahead of OPEC’s November meeting The World Bank increased its forecast for crude oil prices next year to $55 per barrel from $53 as members of OPEC prepare to establish a production cap. The recovery in crude oil prices is expected to lead a wider recovery in the price of

WTI Closes in on $50 with Decent Crude Oil Draw

October 5, 2016

Crude oil inventories fell roughly 3.0 MMBO, sending WTI prices higher U.S. crude oil futures were up over 2% today, extending gains from earlier this week, as the Department of Energy announced a surprise draw in crude oil inventories. The average estimate for this week’s crude oil data indicated that stockpiles would build 1.06 MMBO, but the data released by

Brent Crude Breaks Above $50 On Hopes of OPEC Deal

October 3, 2016

U.S. crude benchmark WTI trades above $48.50 Crude oil prices are up today, as the markets remain hopeful that OPEC will come to an agreement and limit its production during its next official meeting in November. Brent, the global benchmark, gained 1.4% to $50.89 per barrel, its largest daily gains since September 8, and its highest settlement since August 18.

Analysts have been publicly claiming that a drop in the value of the U.S. dollar is coming. Of course, this has implications for oil - Oil & Gas 360

EnerCom Analysis: Crude Oil Direction is More Important than Pinpointing Price

September 29, 2016

EnerCom built and maintains its own proprietary WTI price model to gain insights into the current market In the company’s recent monthly report, we reviewed the current drivers of WTI pricing. Because oil is a globally traded commodity with numerous possibilities for arbitrage, worldwide benchmark prices often move in sync with one another and are affected by the same global

Oil Up 3% Following Surprise Crude Oil Draw

September 21, 2016

Crude oil stocks fall 6.2 million barrels Oil prices shot up more than 3% today as U.S. crude stockpiles record the third straight inventory draw for the week ended September 16, 2016. WTI was trading above $45.50 in the afternoon, after opening at $44.50. U.S. stockpiles fell by 6.2 million barrels to 504.6 MMBO, the lowest level since February 12,

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