Industry Trends ///
Heavy Western Canadian Select crude fell to a record low as several oil producers shut in production and some demand the Alberta government intervene to mandate across-the-board cuts.
Crude oil and natural gas prices are moving in opposite directions, with traders in both markets spooked by inventories.
A Cheniere LNG manager climbs metal steps under a blazing sun until he’s standing atop a 180-ft-high tank in Corpus Christi, Texas. It’s big enough, he proudly points out, to hold a jumbo jet placed diagonally.
Oil companies have pushed through draconian cost cuts during the recent industry slump, but they’re not done yet.
Natural gas soared the most in nine years as forecasts for lingering U.S. cold spurred concern that supplies may not be adequate to meet demand over the winter.
For more than a year, the world’s biggest oil companies have been saying that by keeping a tight rein on spending today, they’ll be fortified against the next crude-price collapse. What they didn’t expect was for that caution to pay off so soon.
OPEC sees demand for its own crude falling even faster than expected in 2019 as a slowing global economy crimps demand and rival supplies surge.
OPEC members are considering cutting production, but in the group’s Middle East heartland producers are spending billions to add output capacity for the long term.
The well-heeled, buttoned-down world of international oil now has competition from cowboy boots and jeans.
Natural gas production in the U.S. Federal Gulf of Mexico (GOM) has been declining for almost two decades. EIA expects nine new natural gas production projects to start in 2018 and another seven to start in 2019.
Oil notched its longest losing streak in four years as expanding U.S. stockpiles overshadowed supply concerns from the Persian Gulf to Latin America.
Russia’s oil industry is feeling the pressure of a possible return of production caps. In fact, by sacrificing a fraction of output, the companies could see their stocks rise.
U.S. sanctions on Iran won’t necessarily translate into a global shortage of oil, according to Nigerian Petroleum Minister Emmanuel Ibe Kachikwu.
President Donald Trump said the “fragile” global oil market was a key reason his administration decided to extend waivers this week to eight countries allowing them to continue importing Iranian oil in violation of new U.S. sanctions.
Colorado oil producers rise as voters reject drilling limits
The oil fields of West Texas don’t sit still for long.
Spirit of Colorado, an independent expenditure committee tasked with defending Colorado’s economic well-being, tonight delighted in the defeat of Proposition 112, the job-killing “setbacks” measure, which would have ended oil and gas development in Colorado.
Today, Nov. 6, voters across the United States have gone to the polls to elect a wide assortment of federal, state and local officials. Given the potential for shifts in balances-of-power, much is at stake on a variety of issues and policies, including those affecting oil and gas.
The world’s biggest public energy company doesn’t worry about size when it comes to potential deal-making.
Oil prices are likely to be “biased to the upside” for the rest of the year as demand from refineries rises in November and December, according to Citigroup.