Industry Trends ///

Brent rises to 8-month high as OPEC and Russia say cuts working

Brent crude rose to the highest in more than seven months after OPEC and Russia said they were well on the way to clearing a global glut.

Improving oil market lures hedge fund traders

Things are looking up for crude oil and it’s bringing hedge funds back.

In Permian basin, jitters mount that a bust is near

Steve Pruett has seen more than his share of booms in three decades in the oil business. None, though, as strange as the one gripping the Permian basin right now.

Transocean retires six floaters

Transocean announced today its intent to retire six ultra-deepwater floaters. All six rigs were previously cold-stacked. The company will recognize an impairment charge of approximately $1.4 billion during the third quarter of 2017 associated with these actions.

Burisma Group deploys most powerful drilling rig in Ukraine

Burisma Group, an international energy group with assets in Ukraine, purchased a U.S. drilling rig SK 3000 with load capacity of 680 tonnes. The 3,000-HP drilling rig, produced by Service King Manufacturing, Inc., was brought into operation in May 2017 at the well No. 6 of the Vodyanovske field (Kharkiv region).

Twice-rejected U.S. LNG exporter gives Oregon project another shot

The developer of a liquefied natural gas export terminal in Oregon that has already twice been denied permits by U.S. regulators is giving it another shot.

Scorching-hot American Midwest burns the most Canadian gas since May

The U.S. Midwest is sizzling and it’s taking all the natural gas it can get from Western Canada to keep cool.

Russia remains open to longer output cuts with OPEC, but mulls exit plan

Russia signaled that it would be willing to prolong the production cuts it agreed with OPEC beyond the first quarter of next year if needed, while also making clear its commitment to the deal wasn’t open ended.

Oil treads water as OPEC prolongs decision to extend, deepen output cuts

Oil barely moved after an OPEC gathering concluded with no decision on an extension or deepening of supply cuts.

OPEC and Russia stay focused on cuts as oil market improves

OPEC and Russia said they were about halfway toward clearing a global oil glut and urged fellow producers to stay focused and finish the job.

ExxonMobil's coastal facilities ramp up to normal operations

ExxonMobil said today that its Baytown and Beaumont refineries have begun producing fuels at reduced rates and that crude oil and refined product pipelines in the Gulf and other regions of Texas have restarted as recovery continues from Hurricane Harvey.

Mohawk Energy to release new domestic distribution system

Mohawk Energy, a developer of expandable tubular technology, has announced the release of its OnePatch system for domestic distribution on the RigUp Oilfield Marketplace.

Oil near $50 as traders gauge OPEC's mixed signals

Oil hovered close to $50 a barrel amid conflicting signals from OPEC ministers about whether an extension of supply limits is on the table for the cartel’s meeting on Friday.

OPEC keeps oil market guessing over further production cuts

Ministers from OPEC and its allies look set to keep everyone waiting longer for confirmation of further action to rebalance the oil market, sending conflicting signals on whether they’ll discuss extending or deepening supply cuts in Vienna on Friday.

API lauds effort to strengthen U.S. energy infrastructure, create jobs

API has welcomed the introduction of bipartisan legislation that would increase certainty, transparency, and efficiency in the permitting process for natural gas pipelines at the Federal Energy Regulatory Commission (FERC). S. 1844, the Coordinating Interagency Review of Natural Gas Infrastructure Act of 2017, was introduced by Sens. Inhofe, R-Okla., and King, I-Maine.

Anasuria FPSO reaches safety milestone, awarded Order of Distinction

The Anasuria FPSO has been recognized by the Royal Society for the Prevention of Accidents (RoSPA) once again.

Trump orders sanctions on companies dealing with North Korea

President Donald Trump Thursday ordered new sanctions on individuals, companies and banks doing business with North Korea as the U.S. increases pressure on Pyongyang for its weapons programs.

Kuwait GDP seen contracting 0.5% in 2017 after oil output cut

Economists now see Kuwait’s economy contracting by 0.5 percent this year after the gulf nation reduced its crude oil production to 2.7 MMbpd, in line with the agreed OPEC target.

Oil above $50 as fuel-stockpile drop counters crude-supply gain

Oil held above $50 a barrel as a decline in U.S. fuel inventories countered a bigger-than-forecast increase in crude stockpiles.

Oil traders empty key crude storage hub as global demand booms

Oil traders are emptying one of the world’s largest crude storage facilities, located near the southernmost tip of Africa, as the physical market tightens amid booming demand and OPEC production cuts.