WTI Crude
47.54
Brent Crude
50.14
Natural Gas
3.08

Category: April 2017

Golden Pass LNG cleared to export

The Golden Pass LNG terminal on the Texas Gulf Coast was cleared by the Department of Energy Tuesday to begin exporting up to 2.21 billion cubic feet of gas per day. Located outside Sabine Pass, the Golden Pass terminal was built to import LNG from abroad in 2009. But following the boom in domestic gas production through hydraulic fracturing and horizontal drilling, Golden Pass, a joint venture between Qatar Petroleum, ExxonMobil and ConocoPhillips, shifted gears. The approval adds to a growing list…

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Kinder: Permian gas line interest significant

Houston, 25 April (Argus) — Bids for capacity on Kinder Morgan's proposed Gulf Coast Express pipeline significantly exceeded the planned capacity 1.7 Bcf/d (48mn m³/d), potentially leading to a larger project that would connect west Texas natural gas supplies to the Gulf coast. The US infrastructure company is still evaluating the bids received during a non-binding open season that closed late last week. Based on the level of interest, Kinder Morgan could increase the size of the pipeline, the company…

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$73 billion in mergers and acquisitions last quarter

The first quarter of 2017 set a record with $73 billion in announced U.S. oil and gas mergers and acquisitions, nearly triple the same period last year, according to a recent report from the London consulting firm PricewaterhouseCoopers. More companies also prepared last quarter to go public, signaling a potential increase in initial public offerings this quarter. The year started “at a blistering pace,” said Doug Meier, the firm’s U.S. oil and gas deals leader. Companies announced deals worth $49…

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Oilfield equipment rentals on the rise

CUERO - Business started to pick up for Polly and Kirk Laging, owners of Certified Oilfield Rentals Inc., in November. The Cuero-based business rents surface oil field equipment all over Texas including on-site offices and living quarters, water and septic systems, light plants, generators, cooling trailers, trash trailers and more. This time last year, about 30 percent of their rental equipment was on drilling sites, and now close to 70 percent of equipment is rented. "We're on a steady increase…

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Oil dips on doubts over OPEC’s ability to reduce inventories

Oil eased on Tuesday, paring earlier gains, as doubts about OPEC's ability to reduce global crude inventories put the price on track for its six fall in seven days. Brent crude LCOc1 was down 3 cents at $51.57 a barrel by 1411 GMT, down from a session high at $51.92, while U.S. crude futures CLc1 were down 13 cents at $49.10 a barrel. Brent has fallen by almost 10 percent since late 2016, despite efforts led by the Organization of…

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Oil service costs could rise 15 percent this year, Wood Mac says

As crude prices stabilize and drilling rigs dig into shale plays again, oil field service costs are beginning to rise back up. That could squeeze drillers’ margins later this year. Energy research firm Wood Mackenzie believes oil field service costs could jump 15 percent this year overall, with prices for some equipment and services possibly rising as high as 40 percent, it said in a recent report. Though oil field service companies aren’t likely to charge the same prices they…

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Oil Prices Mixed in Choppy Trade, Rising US Production Weighs

Oil prices ended mixed on Thursday after a seesaw trading session, as investors weighed rising U.S. production against geopolitical uncertainties and comments from leading Gulf oil producers that an extension to OPEC-led supply cuts was likely. The benchmark U.S. crude contract, West Texas Intermediate futures, settled down 17 cents for a fourth straight day of losses, to $50.27 a barrel. Brent futures posted modest gains, however, ending up 6 cents to $52.99 a barrel. OPEC members Saudi Arabia and Kuwait…

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Dakota Access Pipeline Already Changing Oil Industry

Philadelphia Energy Solutions Inc, the largest refiner on the U.S. East Coast, will not be taking any rail deliveries of North Dakota's Bakken crude oil in June, a source familiar with delivery schedules said on Tuesday - a sign that the impending start of the Dakota Access Pipeline is upending trade flows. At its peak, PES would have routinely taken about 3 miles' worth of trains filled with Bakken oil each day. But after the $3.8 billion Dakota Access Pipeline…

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Exxon, Saudis pick South Texas site for world’s largest ethylene plant

Petroleum giant Exxon Mobil Corp. says it wants to build the world's largest ethylene cracker plant in San Patricio County in South Texas. Exxon, with project partner Saudi Arabia Basic Industries Corp, ended months of speculation by announcing Tuesday it plans to build the $10 billion plant near Portland in the Corpus Christi area. Other sites in Victoria and two Louisiana parishes were scouted. Company officials said the 1,300-acre parcel at Farm-to-Market Road 2986 and U.S. Highway 181 stood out. Its…

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Bullish Oil Bets Gain on Signs OPEC Cuts to Outdo U.S. Boom

OPEC is finally making some headway in its race against the tide of surging U.S. supplies, and speculators are giving the group greater credence. Hedge funds boosted bets on higher West Texas Intermediate crude prices a second week as futures topped $53 a barrel for the first time in a month, U.S. Commodity Futures Trading Commission data show. While more OPEC members are seen ready to extend output cuts, U.S. crude stockpiles dropped from a record. Fuel supplies are shrinking…

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