Onshore drilling continues to spool up as oil remains near $50 per barrel The U.S. rig count continued to climb in the week ended March 31, 2017, with Baker Hughes reporting 15 additional rigs added to fleets across the country bringing the total to 824. Oil prices continued to hold above $50 per barrel despite the increased rig activity which
OPEC may extend production cuts as U.S. production rollover adds to inventory WTI crude oil prices were down again Monday even as news that OPEC was considering extending production cuts reached markets. For a change, prices didn’t reflect the news of possible cuts, and it’s mostly the fault of U.S. shale producers. The U.S. crude oil benchmark is down from
Continued stock builds and concern about OPEC members cranking up production may have put a cap $50 Oil prices took a dramatic dip Wednesday following the crude oil inventory report, which showed an 8.2 MMBO increase in U.S. storage compared to an expected 2.0 MMBO build. After enjoying prices in the $54 per barrel level during EnerCom Dallas last week,
OPEC, Russia said they are not worried about U.S. shale production OPEC and non-OPEC producers are off to a good start in meeting the goals set in a production cut plan initiated at the start of the year, according to the group. OPEC’s Joint Ministerial Monitoring Committee (JMMC), designed to check compliance among the countries that have agreed to cut
Oil prices move higher as markets expect high levels of compliance among OPEC and non-OPEC members Oil prices were up over $1 per barrel Friday as markets felt hopeful that OPEC and non-OPEC members taking part in production cuts were complying with their agreement. A committee designed to monitor oil-producer compliance with the cuts is scheduled to meet this weekend.
Venezuela plans to cut production roughly 4% as OPEC prepares to lower output Venezuela said Tuesday that it plans to cut production by 95 MBOPD, or roughly 4% of its 2.4 MMBOPD of total production, as OPEC prepares to implement its production deal. Starting January 1, OPEC will cut back its output by 1.2 MMBOPD, while non-OPEC countries contribute an
EIA reports a crude oil draw of 2.4 MMBO Crude oil inventories fell 2.4 MMBO for the week ended December 2, 2016, according to the Energy Information Administration. The decline in crude stocks was more than 1.0 MMBOPD more than analysts anticipated ahead of the report Wednesday. Despite the larger-than-expected draw from crude oil inventories, the report was still bearish,
OPEC appears to be struggling to close on a production agreement Oil prices dropped Monday as markets continue to lose faith that OPEC will be able to reach a production agreement by the end of November. A meeting this weekend among the group’s members ended without any definitive progress, and non-OPEC members like Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia
Crude in storage sinks below year-ago levels Oil prices spiked as much as 3% Wednesday following news from the EIA that the number of barrels in storage declined despite analyst expectations of a build. The EIA reported a draw of 5.2 MMBO compared to an expectation of a 2.2 MMBO build for the week ended October 14. The draw is
NatGas Use in Electricity Generation Soars through 2040: EIA Report The U.S. Department of Energy’s Energy Information Agency released its newest comprehensive report today, its Annual Energy Outlook 2016. As to the agency’s projections for oil and gas prices and production levels, the report summarizes what its models show as follows. After 2017, U.S. oil production increases as prices rise
Oil prices bounced around today on a variety on news entering the market. All eyes were on Janet Yellen who spoke this morning from a symposium in Jackson Hole, Wyoming. Speculation on when and if the Fed will raise rates has influenced the strength of the U.S. dollar. News of a Yemeni missile strike on Saudi Arabia boosted prices for
July 27, 2016 CRUDE OIL INVENTORY/000 BBLS Week Ended 7/22/2016 Current Inventory: 521,133 Actual Build/(Draw): 1,671 Economist Average Estimate: (2,020) Previous Inventory: 519,462 Crude oil storage increased for the first time after nine weeks of storage draws. Economist’s estimates called for a draw of 2 million barrels, but the week’s data showed a build of 1.7 million barrels
