Certain crude grades from around the globe are already at or below $20 per barrel Oil and gas prices for the U.S. crude benchmark WTI, and international crude benchmark Brent, closed below $30 per barrel today, but some producers are already seeing less for their oil. The price for some grades of crude oil is already below $20 per barrel
Last week, a Saudi crown prince dropped a bombshell in an under-the-radar interview that was published in The Economist. He said that the kingdom was looking into spinning off Aramco, or some portion of it, to raise cash. Comments regarding a potential initial public offering (IPO) from the world’s largest oil company were received with shock and laughter from the
The Brent/WTI spread disappears Last Friday, Dec. 18, the United States Senate adopted the Omnibus Appropriations Act by a vote of 65-33 as did the House of Representatives by a 316-113 vote. Later that day, President Obama then signed into law the $1.1 trillion funding bill. Those actions brought an end to the 40 year old law that had banned exporting
The year over year drops in 2015 capital expenditures were significant, but apparently not significant enough. Budgets for 2016 are trickling onto the newswires, and some of the largest companies in the business are pulling back on costs yet again. Heavyweights like Chevron (ticker: CVX) and ConocoPhillips (ticker: COP) are reducing capital but abiding to their dividends; other debt-laden E&Ps
Regardless of commodities prices, oil fuels the world’s economies. In this Chart of the Week, we look at which countries are producing, consuming and exporting it. Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources
Bridging the budget gap Lower commodity prices have hurt the economies of all of OPEC’s members considerably, with many of them needing to borrow money to bridge the budget gap. Libya, in particular, is expected to need large loans through the rest of the decade, with its borrowing as a percent of GDP reaching 68.15% this year, and an expectation
The price of U.S. benchmark WTI crude is becoming increasingly volatile The price of U.S. crude oil benchmark West Texas Intermediate (WTI) has been increasingly volatile since November of last year, following the decision by OPEC to maintain production over defending oil prices. The chart above shows the number of days the price of oil changed by a certain percentage
Oil prices coming in line with their historic levels during the past 41 years As companies, analysts and others look at oil prices stabilizing in the $45-$50 range for U.S. crude oil benchmark WTI as a post-Thanksgiving 2014 “new normal,” Oil & Gas 360® along with EnerCom Analytics took a historic look at the price of oil and found the
Oil Rigs Reach New Five-Year Low A few months ago, speculation of a rig count trough offered promise of the oil industry bottoming out. Since then, oil prices seem to have stabilized, but rig counts are a different story. The number of running domestic rigs fell for the sixth straight week on October 2, 2015, reaching 809. Of the 29
Seasonal builds began six weeks early in 2015 U.S. inventories of propane and propylene reached 97.7 million barrels as of September 11, the highest level in the 22 years that the Energy Information Administration (EIA) has collected weekly propane inventory statistics, according to a release from the administration. In the first six months of 2015, U.S. propane and propylene inventories
Petroleum, NatGas, Coal & Nuclear Delivered 89% of U.S. Energy in 2014 U.S. Energy Use: in its September release of the second Quadrennial Technology Review (QTR), AN ASSESSMENT OF ENERGY TECHNOLOGIES AND RESEARCH OPPORTUNITIES, the U.S. Department of Energy delivers 505 pages of research findings and itemizes where the federal government sees opportunities existing for new research to develop energy technologies.
Pricing shifts in favor of selling natural gas as LNG As natural gas has become increasingly abundant in the United States, selling production as liquefied natural gas (LNG) has become an ever-more attractive alternative to selling gas production domestically. This chart, developed by EnerCom Analytics, shows the premium price for LNG export compared to the price for natural gas at
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