November 25, 2015 CRUDE OIL INVENTORY/’000 bbls (Week Ended 11/20/15) Current: 488,247 Actual Build/(Withdrawal): 961 Economist Average Estimate: 1,195 Previous: 487,286 Click here for the chart with five year averages. CRUDE OIL IN THE MEDIA *Fossil Fuel v. Renewable Energy: Did Green Slip through the Door while North American Oil & Gas Companies were Busy Creating the Shale Boom? – Oil
Extensions of existing fields continues to push reserves higher The Energy Information Administration (EIA) announced today that 2014 was the fourth-highest year on record for crude oil reserves as the United States added 3.4 billion barrels of crude oil and lease condensate to its proved reserves. U.S. total crude oil and lease condensate reserves at year-end 2014 now stand at
November 18, 2015 CRUDE OIL INVENTORY/’000 bbls (Week Ended 11/13/15) Current: 487,286 Actual Build/(Withdrawal): 252 Economist Average Estimate: 2,268 Previous: 487,034 Click here for the chart with five year averages. CRUDE OIL IN THE MEDIA *The Next Decade’s Oil Demand Growth Story: U.S. and India Overtake China – Oil & Gas 360® China’s economy has been a demand-growth powerhouse over
Production from OPEC’s two largest producers falls slightly ahead of next meeting OPEC’s monthly Oil Market Report (OMR) released today showed the group’s production was down slightly to 31.38 million barrels of oil per day (MMBOPD), 256,000 barrels per day lower than in its previous OMR. The group is still producing in excess of its self-imposed 30 MMBOPD production mark
An interview with Corey Goulet, President of Keystone projects for TransCanada. Editor’s Note: In March 2015, Oil & Gas 360® interviewed Corey Goulet, boss of the Keystone XL pipeline project. Today (Nov. 6, 2015), the U.S. State Department and the Obama Administration officially denied TransCanada’s application to build the Keystone XL pipeline. In light of today’s announcement, Oil & Gas 360®
The UAE is looking to use enhanced oil recovery to increase production moving forward The United Arab Emirates (UAE) is looking to enhanced oil recovery (EOR) to push its production higher as the chances of finding new reserves decrease. OPEC’s second-largest producer of petroleum and other liquids, and the world’s sixth-largest oil producer, hopes to expand production by 30% by
U.S. trade deficit grows by $6.5 billion The U.S. trade deficit increased by $6.5 billion to $48.3 billion in August from July, according to the U.S. Census Bureau. August exports were $185.1 billion, $3.7 billion less than July, and imports were $233.4 billion, $2.8 billion more than July imports. The export of goods from the U.S. decreased by $4.1 billion
Exports of both crude oil and natural gas fell; imports of energy products increased The U.S. international trade deficit in goods and services increased to $43.8 billion in June from $40.9 billion in May, according to the U.S. Census Bureau. Exports decreased to $188.6 billion in June from $188.7 billion in May. Goods were $127.6 billion in June, down from
Opinions vary widely on how much Iranian crude will hit the market and when we can expect to see it The much anticipated deal between Iran and the five permanent members of the U.N. Security Council, plus Germany (P5+1), was finalized today, fleshing out the details of the preliminary agreement reached on April 2, 2015. Under the terms of the
Baker Hughes (ticker: BHI) released its weekly rig count tally on Thursday, July 2 – one day earlier than normal in consideration of the July 4th Independence Day holiday. The United States added three rigs to its fleet in the latest report and now has 862 total. A total of 12 oil-focused rigs joined the fleet, breaking a 29-week decline
Bakken, Permian and Eagle Ford replacing Saudi imports of light and medium crudes Imports of medium-grade crude oil to Gulf Coast refineries were down 45% in the first quarter of 2015 compared with the first quarter of 2014, reports the Energy Information Administration (EIA). Medium-grade crude imports fell to 0.8 MMBOPD in Q1’15 from 1.5 MMBOPD the year before. Almost
Demand to edge up as some production goes offline in 2015 The International Energy Agency (IEA) released its monthly Oil Market Report (OMR) for the month of June today, projecting stronger than anticipated global demand growth through 2015. Global demand is expected to grow at 1.7 MMBOPD for the first quarter of 2015 and 1.4 MMBOPD for the rest of
