Post Tagged with: "crude oil"

In 2019, the U.S. imported $13 billion of energy goods from Mexico, exported $34 billion

In 2019, the U.S. imported $13 billion of energy goods from Mexico, exported $34 billion

EIA

Oil & Gas 360 Publishers Note: With the uncertainty of OPEC and OPEC + to control inventories, it would make sense for a national security to create the North American Oil Produces Consortium (NOPC) with Canada, US and Mexico.

Covid impacts crude oil tanker rates and are likely to remain low until global petroleum demand increases

Covid impacts crude oil tanker rates and are likely to remain low until global petroleum demand increases

EIA

Oil & Gas 360 Publishers Note: We have been covering the floating storage issues on our Daily Energy Market  News Desk, and the subsequent impact on world crude pricing. 

In March and April 2020, reduced demand for crude …

October 28, 2020 - 7:45 am Crude Oil News, International, Marine Shipping, Storage
EIA World liquid fuels production outages have increased in 2020

EIA World liquid fuels production outages have increased in 2020

EIA

Disruptions to crude oil and condensate production from members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries have risen considerably since last year. These outages have contributed to reduced liquid fuel supply and, along with …

Source: Reuters

Column: Shrinking U.S. oil stocks point to market rebalancing – Kemp

Reuters


LONDON  – Excess petroleum inventories are being absorbed as lower prices compel U.S. shale producers and the members of OPEC+ to limit their output, confirming the market is on course to rebalance in 2021.

In the United States, total …

October 8, 2020 - 2:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Finance
Fossil fuels account for the largest share of U.S. energy production and consumption

Fossil fuels account for the largest share of U.S. energy production and consumption

EIA


Fossil fuels, or energy sources formed in the Earth’s crust from decayed organic material, including petroleum, natural gas, and coal, continue to account for the largest share of energy production and consumption in the United States. In 2019, 80% …

Source: Reuters

Crude oil or cooking oil? For some U.S. refiners, it’s now a choice

Reuters


NEW YORK – Refiners have always produced fuel using crude oil. Now some are using grease.

A slump in demand for gasoline since the onset of the coronavirus pandemic has several refining companies accelerating their plans to retrofit facilities …

August 27, 2020 - 9:32 am Closing Bell Story‎, Crude Oil News, Energy News
EIA: Forecast Highlights

EIA: Forecast Highlights

EIA


Forecast Highlights

  • The August Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to the 2019 novel coronavirus disease (COVID-19) continue to evolve. Reduced economic activity related to the COVID-19 pandemic
August 11, 2020 - 3:00 pm Closing Bell Story‎, EIA News That Matters, Energy News
Source: Reuters

ConocoPhillips posts worse loss than feared on oil price plunge, shares fall

Reuters


ConocoPhillips reported a wider-than-expected loss on Thursday, as coronavirus-induced lockdowns sapped demand for fuel and crushed crude prices, sending shares of the world’s largest independent oil and gas producer down nearly 9%.

The pandemic brought travel and other businesses …

Source: CNBC

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices, energy demand

CNBC


Oil giant Royal Dutch Shell on Thursday reported a sharp drop in net profit for the three months through to the end of June, following an unprecedented period of energy market turmoil and significantly weaker oil and gas prices.

July 30, 2020 - 10:45 am Closing Bell Story‎, Earnings, Energy News
Early 2020 drop in crude oil prices led to write-downs of U.S. oil producers’ assets

Early 2020 drop in crude oil prices led to write-downs of U.S. oil producers’ assets

EIA


According to publicly filed financial statements, 40 U.S. oil producers collectively wrote down $48 billion worth of assets in the first quarter of 2020, the largest quarterly adjustment since at least 2015. Low crude oil prices contributed to significant …

July 27, 2020 - 8:45 am Crude Oil News, Earnings, EIA News That Matters, Finance
Lower crude oil prices will mean less exploration and development

Lower crude oil prices will mean less exploration and development

EIA


According to the financial reports analyzed by the U.S. Energy Information Administration (EIA), global expenditures related to oil and natural gas exploration and development (E&D) increased $42 billion (13%) for 102 publicly traded oil companies in 2019, totaling $361 …

Source: CNBC

Oil market is re-balancing, but path to ‘next normal’ not a straight line, says energy CEO

CNBC


Oil markets are re-balancing after a collapse in demand following the coronavirus outbreak but the pathway to “the next normal” is still very uncertain, the CEO of Abu Dhabi’s National Oil Company (ADNOC) said Thursday.

“There are good signs

In 2019, U.S energy production exceeded consumption for the first time in 62 years

In 2019, U.S energy production exceeded consumption for the first time in 62 years

EIA


Oil & Gas 360 Publishers Note: Very interesting data provided by the EIA. If the U.S. energy production exceeded consumption in 2019 with no Covid 19 Virus, what in the world is going to happen this year?

In 2019, …

WTI crude oil futures prices fell below zero because of low liquidity and limited available storage

WTI crude oil futures prices fell below zero because of low liquidity and limited available storage

EIA


On Monday, April 20, 2020, New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) crude oil front-month futures prices fell below zero dollars per barrel (b)—at one point, trading at -$40.32/b (Figure 1)—and remained below zero for part of …

Source: CNBC

The hunt for oil storage space is on — here’s how it works and why it matters

CNBC


An unprecedented collapse in U.S. oil prices has prompted energy market participants to reflect on the difficulty and costs of storing crude.

At a time when the coronavirus crisis continues to crush global demand, the world is awash with

April 22, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Crude oil held in sea storage hits new record at 160 million bbls: sources

Reuters


LONDON – Traders are storing an estimated record 160 million barrels of oil on ships – double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand …

Enverus: Welcome to the Dark Side of the Boom

Enverus: Welcome to the Dark Side of the Boom

360 News Wire


New, dismal supply and demand outlook could contain overlooked bright spots

Oil & Gas 360 Publishers Note: We had the opportunity to interview Bernadette Johnson, VP, Enverus, last month about trends they were seeing. Check out the

China’s crude oil imports surpassed 10 million barrels per day in 2019

China’s crude oil imports surpassed 10 million barrels per day in 2019

EIA

China’s annual crude oil imports in 2019 increased to an average of 10.1 million barrels per day (b/d), an increase of 0.9 million b/d from the 2018 average. China remains the world’s top crude oil importer, surpassing the United

March 23, 2020 - 1:59 pm China, EIA News That Matters, Energy News
OPEC shift to maintain market share will cause global inventory increases and lower prices

OPEC shift to maintain market share will cause global inventory increases and lower prices

EIA


Markets for oil, as well as other commodities and equities, have experienced significant volatility and price declines since the final week in February amid concerns over the economic effects of the 2019 novel coronavirus disease (COVID-19). More …

Diamondback Energy, Inc. provides operational update

Diamondback Energy, Inc. provides operational update

Oil and Gas 360


MIDLAND, Texas, March 09, 2020 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today provided an operational update given recent commodity price volatility. Diamondback is reducing activity immediately from nine completion crews …

U.S. crude oil production grew 11% in 2019, surpassing 12 million barrels per day

U.S. crude oil production grew 11% in 2019, surpassing 12 million barrels per day

EIA


Annual U.S. crude oil production reached another record level at 12.23 million barrels per day (b/d) in 2019, 1.24 million b/d, or 11%, more than 2018 levels. The 2019 growth rate was down from a 17% growth rate in …

U.S. crude oil production increases; imports remain strong to support refinery operations

U.S. crude oil production increases; imports remain strong to support refinery operations

EIA


In the Annual Energy Outlook 2020 Reference case, EIA projects that the United States will remain a net exporter of total petroleum liquids; however, the United States will remain a net importer of crude oil through 2050.

United …

Optimizing wettability in your waterflood project with ESal™ can increase oil recovery by up to 50% for less than $4 per barrel without new equipment or downtime.

EnerCom Dallas – ESal Engineered Salinity -oil recovery by up to 50% for less than $4 per barrel without new equipment or downtime

ESal Engineered Salinity corporate presentation was at 4:35 P.M The presentation live streamed, and the recorded presentation is below. 

 

Salem Thyne talked about how the oil recovery process can save money while positively impact the environment. This is important to

EIA revises global liquid fuels demand growth down because of the coronavirus

EIA revises global liquid fuels demand growth down because of the coronavirus

EIA


In the February 2020 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that global liquid fuels demand will average 101.7 million barrels per day (b/d) in 2020, 1.0 million b/d more than the …

Geopolitical developments continue to drive maritime crude oil tanker rates

Geopolitical developments continue to drive maritime crude oil tanker rates

EIA


Following nearly 10 years of relative price stability, shipping rates for crude oil tankers have fluctuated widely since mid-2018 because of a combination of geopolitical events and changes to maritime fuel specifications. The U.S. Energy Information Administration (EIA) estimates …

U.S. crude oil production efficiency continues to improve

U.S. crude oil production efficiency continues to improve

EIA



U.S. tight oil production increased in 2017, accounting for 54% of total U.S. crude oil production, in part because of the increasing productivity of new wells. Since 2007, the average first full month of oil production from new wells …

February 1, 2020 - 7:19 pm Crude Oil News, EIA News That Matters
Opec ready to act as coronavirus hits oil price: Update

Opec ready to act as coronavirus hits oil price: Update

Argus


Adds comments from Opec source and updates China imports total

Dubai, 27 January (Argus) — Concern about the potential impact of the Chinese coronavirus outbreak on oil demand is putting mounting pressure on crude prices, outweighing Libyan supply disruptions …

January 27, 2020 - 7:24 am Closing Bell Story‎, Crude Oil News, Economy, International, OPEC
Source: Reuters

Oil steady as trade hopes, Mideast tensions support, dollar weighs

Reuters


NEW YORK – Oil prices were flat on Thursday, supported by signs of improving Washington-Beijing trade relations and rising tensions in the Middle East but pressured by a strong U.S. dollar.

Brent crude futures LCOc1 were unchanged at $66.00 …

Source: nasdaq.com

Oil set for big weekly gains as OPEC+ agrees on deeper output cuts

Reuters


NEW YORK – Oil prices rose on Friday and were on track for weekly gains as a meeting of OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020.

The additional cuts …

December 6, 2019 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Houston Chronicle

Oil slips from 6-week high on signs U.S. supplies rose again

Source: Houston Chronicle


Oil retreated from a six-week high as signs of another increase in U.S. crude reaffirmed the prevailing view that global markets are comfortably supplied.

Futures lost as much as 0.8% in New York after rising 5.6% over …