Oil Price Traders are selling West Texas Intermediate futures in anticipation of further strong production growth. As a result, prices are weakening further despite the uncertainty of such an outlook. In fact, expectations from the industry and the EIA are for much slower U.S. oil production growth this year. But that has had no effect on trader behavior. The latter
Oil Price Global oil demand remains pretty solid and could surprise to the upside this year, tightening market balances and potentially leading to higher prices, Claudio Galimberti, head of global oil macro research at Rystad Energy, told Bloomberg in an interview this week. So far into 2024, oil prices have remained stuck in a narrow trading range of around $75 to $80
BOE Report Oil prices were little changed in Asian trading on Wednesday as weak demand and a recovery in supply limited the market’s reaction to mounting geopolitical risk. The front-month March contract for Brent crude inched up 5 cents to $79.60 a barrel as at 0138 GMT. U.S. West Texas Intermediate crude ticked up 7 cents to $74.44 a barrel.
Weekly Crude Oil Storage as of January 19, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 9.2 million barrels from the previous week. At 420.7 million barrels, U.S. crude oil inventories are 5% below the five year average for this time of year, according to the EIA crude oil and petroleum weekly storage
Oil and Gas 360 Net income of $0.74 per diluted share. Adjusted net income per diluted share1 of $0.86, excluding losses in Argentina primarily due to currency devaluation. Revenue of $5.7 billion and operating margin of 18%. Cash flow from operations of $1.4 billion and free cash flow2 of $1.1 billion. 2024 first quarter dividend increases by $0.01 per share to $0.17 per share. HOUSTON–(BUSINESS WIRE)–Jan. 23, 2024– Halliburton Company (NYSE: HAL) announced today net income of $661 million,
Nasdaq Blockbuster takeovers by oil and gas majors pushed the value of U.S. energy dealmaking last year to a record $192 billion, more than triple the amount in 2022, according to data from analytics firms Enverus on Tuesday. Acquisitions in the Permian shale basin straddling West Texas and New Mexico, the largest U.S. oilfield, soared in the last two years as oil prices jumped
Oil Price Russia’s fossil fuel export revenues continued to fall in December from November, as income from oil and gas exports has been dropping since September, a new analysis by the Centre for Research on Energy and Clean Air (CREA) showed on Tuesday. Fossil fuel revenues for Russia dropped by 8% last month from November, for a decline of $63 million (58
US News NEW YORK – Oil prices inched up Tuesday, as traders weighed production outages in the U.S. and tensions in the Middle East and Europe against rising crude supply in Libya and Norway. Brent crude futures were up 30 cents, or 0.4%, to $80.36 a barrel at 11:24 a.m. EST (1618 GMT). U.S. West Texas Intermediate crude futures (WTI)
Oil Price Brazil’s state oil major Petrobras is this year set to go on a shopping spree in wind and solar, its chief executive told Reuters this week. The company aims to build a portfolio of stakes in wind and solar projects to the tune of 2 GW, Jean Paul Prates told the news outlet in an interview. “The market will see
World Oil (Bloomberg) – The privatization of state-run oil company YPF SA is no longer included in the sweeping reforms President Javier Milei is trying to get approved by Argentina’s congress, according to a summary of the legislation circulated Monday by government officials. The bill, currently up for debate in Argentina’s lower house, was changed after negotiations by lawmakers. The
Oil and Gas 360 DALLAS, Jan. 22, 2024 /PRNewswire/ — Sunoco LP (NYSE: SUN) (“Sunoco” or the “Partnership”) and NuStar Energy L.P. (NYSE: NS) (“NuStar”) announced today that the parties have entered into a definitive agreement whereby Sunoco will acquire NuStar in an all-equity transaction valued at approximately $7.3 billion, including assumed debt. Transaction Details Under the terms of the agreement, NuStar common unitholders
Oil and Gas 360 HOUSTON, Jan. 22, 2024 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (the “Company” or “W&T”) today announced that the Company has completed the accretive acquisition of six fields in shallow waters of the Gulf of Mexico. W&T was the successful bidder for certain synergistic assets in the Gulf of Mexico offered by MLCJR LLC, Cox
