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
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
Laredo Petroleum has entered into a purchase and sale agreement for additional acreage within the company’s existing Midland Basin footprint for $125 million. The acquisition will add approximately 9,200 net acres to Laredo’s position, with roughly 6,300 acres in the Spraberry interval and 2,900 acres in the Spraberry, Wolfcamp, Canyon, and Cline zones. The acquisition secures additional rights to the
The U.S. rig count is up 10 to 431 The number of active rigs in the United States increased this week, according to information released by Baker Hughes Industries (ticker: BHI). The total number of rigs reached 431 this week, up ten from last week when the rig count fell slightly. WTI posted gains today despite the increased drilling activity,
Proved oil reserves remain sufficient to meet more than 50 years of global production; North American Shale Revolution added 15% technically recoverable oil and gas resources The substantial decline in the value of crude oil at the end of 2014 had very little impact on the amount of proved oil reserves in the world, BP (ticker: BP) said in its
The oil market is showing signs of recovery as of late, with oil topping $50 a barrel during intraday trading today for the first time since November 2015 (the brief piercing of $50 ended quickly). The ascent has been slow but steady and aided by slowing production in the U.S., and production outages in Nigeria and Canada. However, it has
Sanchez Energy (ticker: SN) provided the market with an operational update for first quarter 2016 on April 20, 2016. Highlights include: Process improvements and efficiency gains continue to drive savings in Sanchez Energy’s average well costs, with some wells coming in at approximately $3.0 million during the first quarter 2016; Production of 5.1 million barrels of oil equivalent reported by
Oil prices start the day down as Kuwaiti workers end strike Oil workers in Kuwait ended a three-day strike today that lent support to oil prices earlier this week following the failure of a mixed group of OPEC and non-OPEC producers to come to an agreement on a production freeze Sunday. The strike saw production in OPEC’s fourth-largest producer fall
Barriers remain, but oil above $50 in Q4 2016 likely: RBC Crude oil prices are up today despite news over the weekend that no deal regarding the crude oil production freeze between OPEC and non-OPEC producers could be reached. Talk surrounding the deal bolstered crude oil prices in the months leading up to the Doha meeting, and many market observers
Pennsylvania, Ohio, West Virginia, Oklahoma and North Dakota account for 35% of total natural gas production – EIA expects NatGas production growth in 2017 for industrial use and LNG exports Natural gas production in the United States grew 5% last year. The growth brought total production to a record high of 79 Bcf/d for 2015, even as the rig count
Saudi Arabia says it will only agree to freeze production if joined by Iran Oil prices slid last Friday and continued to trend downward today following news that Saudi Arabia will only freeze its production if fellow OPEC member and regional rival Iran agrees to do the same. The news diminished hopes that a deal would be reached later this
