(Oil Price) – Global oil inventories are crashing and approaching an eight-year low, with the rate of depletion so fast that it exposes the market to further shocks, according to Goldman Sachs. Total oil stocks globally have dropped to about 101 days of expected demand, the lowest level in nearly eight years, analysts at Goldman Sachs said in a note
(Oil & Gas 360) By Greg Barnett, MBA SPR as a national balance sheet—and why politicians keep over-promising what it can do. SPR policy is often marketed as “energy security.” In practice it is also financial engineering, governance, and political incentive. This final section frames SPRs as balance-sheet positions, compares burden to macro measures, and highlights governance and political misuse
Oil and Gas 360 DENVER, June 29, 2022 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq: PDCE) announced today that the Colorado Oil and Gas Conservation Commission (“COGCC”) approved the Company’s Broe Oil & Gas Development Plan (“OGDP”) permit, which encompasses 30 wells in rural Weld County, Colorado. The Broe OGDP was initiated by Great Western Petroleum, LLC (“Great Western”), which was acquired by PDC in May
From Reuters Oil prices tumbled more than 4.5% on Wednesday to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears that demand will shrink due to Washington’s escalating trade war with Beijing. Brent crude futures LCOc1 settled down $2.71, or 4.6%, at $56.23 a barrel, the lowest close since early January. Prices
From Bloomgerg Inventories declined 12.8 million barrels last week, EIA says Oil rose near $60 a barrel for the first time this month as a huge drop in U.S. crude inventories bolstered the outlook for demand. Futures in New York climbed as much as 3.6%, after the U.S. Energy Information Administration said domestic stockpiles fell by 12.8 million barrels last week. The biggest
U.S., Libya and Nigeria will drive up global supply From Morningstar Crude fundamentals look healthier than they’ve been for years, largely due to voluntary curtailments from OPEC and its partners. By giving up 1.8 million barrels per day (mmb/d), combined, this group has engineered a temporary supply shortage in an effort to realign global inventories with the long-term average before
Oil prices dropped more than a dollar as soon as the DOE announced a surprise inventory build today. That was the first weekly build in crude stockpiles in five weeks. Analysts were expecting U.S. crude inventories to fall by 2.5 million barrels, according to a Reuters poll.
Oil started the day on a slight upswing, but following today’s Petroleum Weekly Status Report issued by the EIA, the price began to plummet, ending the day down 4.76%. Initial reports coming last night from the American Petroleum institute (API) showed a draw on inventories of 6.7 million barrels. However, the API was just setting up the EIA for disappointing
WTI oil price continued its hot streak today finishing the day up 1.82% at $48.59 per barrel. Uncontrolled forest fires in Canada have suppressed the supply of oil coming from that market, more than one million barrels have yet to return to market. The fires in Canada is the latest in a string of supply disruptions curtailing oil coming to
April 20, 2016 CRUDE OIL INVENTORY ‘000 bbls (Week Ended 4/15/16) Current: 538,611 Actual Build/(Withdrawal): 2,080 Economist Average Estimate: 2,295 Previous: 536,531 Analyst Commentary on Today’s Build Crude Inventory WoW Build Below Expectations on Lower Imports and Higher Refinery Util Rate – UBS Investment Research Crude stocks rose 2.1 MMBbls WoW to 538.6 MMBbls (near consensus of a 2.4
OPEC’s largest producer hit a 12-year production record last month Saudi Arabia increased oil production to 10.3 MMBOPD in March, setting a 12-year high for production in the country. Saudi Oil Minister Ali al-Naimi said the Kingdom will continue producing around 10 MMBOPD at a conference in Riyadh, reports Bloomberg. The March output is the highest since at least 2002,
NATURAL GAS INVENTORY (Week Ended 12/26/14) Current: 3,220 Bcf Actual Injection/(Withdrawal): (26) Bcf Economist Average Estimate: (35) Bcf Previous: 3,246 Bcf Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY UBS Investment Research (12.31.14) Storage withdrawal below expectations Storage fell 26 Bcf, below consensus expectations of 32 Bcf and the UBSe range
