Oil prices fall as crude storage climbs Oil fell more than 3% Thursday despite hopes that OPEC might freeze production. Investors were more concerned with this week’s crude oil stockpile build than talk from OPEC after the EIA announced a 2.3 MMBO build in storage for the week ended August 26. Both Brent and WTI crude oil prices climbed more
The build up to the late September OPEC meeting in Algiers will undoubtedly be filled with rumors and speculation about the intents of OPEC members and the potential to freeze, increase, or decrease production. News of the meeting and the potential for a production freeze has already created a rise of around 13% in oil price. Saudi Arabian Oil Minister
Largest Weekly Build in Crude Stocks since April WTI oil price fell this morning after EIA reported that crude oil stocks has increased by 2.5 million barrels, the largest weekly build in crude stocks since April 29, 2016. The build is a reversal of the 2.5 million barrel draw the week prior. Total inventories still remain at inflated levels for
This time Iran indicates that it would be willing to cooperate with a new production freeze Oil prices rose today as news that Iran may be ready to join a wider production freeze surfaced. Both OPEC and non-OPEC producers such as Russia previously tried to implement a production freeze, but were unsuccessful when Saudi Arabia insisted that Iran take part
Saudi Arabia feels real danger from Iran Saudi Arabia and its neighbors in the Persian Gulf play an indisputably important role in global oil and gas markets. Much of the news that comes out about the region fails to capture the nuances that exist between the countries in the Gulf Cooperation Council, however. Speaking Wednesday at EnerCom’s The Oil & Gas
Shale will be needed to fill in the gaps for future demand Oil likely will not be able to sustain a price over $70 per barrel for some time, but that does not mean that the end is near for the shale industry, Wells Fargo Securities Senior Equity Research Analyst Roger Read told attendees of EnerCom’s The Oil & Gas
With OPEC out, is this what the new normal looks like for the oil and gas industry? Wednesday’s 1.1 million-barrel build in U.S. crude oil inventories drove West Texas Intermediate crude prices down by roughly a buck. A couple days before, rumors of OPEC having a special meeting to look at possible price support sent markets up a buck and
The U.S. rig count rose 17 rigs this week, but increased drilling doesn’t weaken oil prices The U.S. land rig count continued to gain for the week ended August 12, 2016, with 17 additional rigs reported in the United States, according to Baker Hughes Industries (ticker: BHI). The total U.S. rig count reached 481 this week, thanks in large part
Supply and demand beginning to cool as oversupply shrinks – IEA, OPEC weigh in The International Energy Agency sees supply and demand coming into balance during the third quarter of the year, according to its August Oil Market Report. From July through September, demand will outpace the supply of crude oil by almost 1 MMBOPD, even as OPEC producers continue
Approved version of IPCs has more than 150 minor and major changes from the draft Following the end of international sanctions against Iran in July of 2015, the Islamic Republic has ramped production up from existing fields faster than many though possible. In the year that followed the Iranian nuclear deal, Iran increased production 814 MBOPD to 3.6 MMBOPD in
OPEC’s July output could be a record Oil prices have fallen below the $40 per barrel mark as markets continue to worry about global oversupply of crude oil. Oil prices flirted with the $40 mark earlier this week, but finally took the plunge back into the 30s ahead of tomorrow’s crude oil inventory report. Oil traders and investors expect the
Starzer’s privately held Fifth Creek is positioned to grow rapidly when oil markets turn: he’s planning to invest $1 billion in drilling over 4 years It is difficult to overstate the importance of a good management team, particularly as the oil and gas industry slogs its way through the current downcycle. Experience at the top can help companies ride out
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