WTI Crude
58.69
Brent Crude
64.03
Natural Gas
3.08

Category: August 2017

Crude oil and natural gas production in Texas and Oklahoma’s Anadarko Region is growing

The Anadarko Region, which was recently added to EIA’s Drilling Productivity Report (DPR), accounted for 437,000 barrels per day (b/d) of crude oil production and 4.9 billion cubic feet per day (Bcf/d) of natural gas production in July 2017. Production in the region has increased in 2017, and the region accounted for 13% of all new wells drilled in the country in July 2017. With the inclusion of the Anadarko Region, the DPR now covers about 87% of all active…

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Port Houston’s freeze puts tons of commodities in limbo off Texas coast

Many of the ships calling on Houston continued to anchor offshore Wednesday, waiting to find out when they can resume operations at the city's strategically located port. Josh Brogan, vice president at global management consulting firm A.T. Kearney, said shippers and manufacturers are taking a “wait and see” approach before making any significant changes to their delivery plans. “You haven’t really seen shippers or manufacturers deciding to shift operations to New Orleans or anything,” Brogan said. “There are a lot…

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Harvey Damage Shuts Main Fuel Line From Texas to New York

The main pipeline carrying fuel from Texas to the East Coast is temporarily shutting down because of refinery outages related to Hurricane Harvey, the company that runs the pipeline said Wednesday night, dealing a potentially major blow to the already storm-ravaged U.S. fuel system. Colonial Pipeline Co., the biggest fuel transporter in the United States, said in a brief statement that "storm-related refinery shut-downs and the impact to Colonial's facilities" west of Lake Charles, Louisiana, had led it to close…

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Hurricane Harvey Impacts Crude Oil And Gasoline: What You Need To Know

As we support the residents of Eastern Texas who are persevering through the aftermath of Hurricane Harvey and continued flooding, many are asking what the storm means for that region’s most notable products: crude oil and gasoline. The effect on energy commodities does not compare to the devastation to the lives of millions, but oil and gasoline are integral to modern lives. The analysis is best broken into three parts: crude oil production, transportation and storage of oil and gasoline.…

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10 refineries close as Harvey drenches Texas energy hub

Rain and flooding are continuing to wreak havoc on Houston and the surrounding area, and the rain is forecast to continue through the week. The devastating storm's full impact on the region's oil and gas infrastructure won't be known until coming days.  Ten oil refinery plants in the Houston area and Corpus Christi are shutting down because of the storm, according to a report released Sunday by S&P Global Platts. They normally have the capacity to refine about 2 million…

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South Texas oil and gas drillers’ shares drop as Harvey forces field closures

Oil and gas producers focused on drilling a major shale field in South Texas saw their shares sink on Monday as Tropical Storm Harvey blew through the region. Drillers in the Eagle Ford region ceased operations and pulled crews as Harvey caused devastating flooding and brought high winds along the Gulf Coast over the weekend. Several refineries in the area were also closed, removing about 25 percent of Gulf Coast refining capacity, according to S&P Global Platts. "Given the enormous level…

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Texas sees Mexico as important gas export market

The state economy for Texas is capitalizing on cross-border movements of natural gas to Mexico, a director at a state energy regulator said. Texas Secretary of State Rolando Pablos served as the moderator of a bilateral energy forum that counted members of a Mexican energy trade association and Mexico Energy Regulatory Commissioner Guillermo Garcia Alcocer among its panelists. The panel came one month after Mexico's government held its first auction to access capacity to natural gas infrastructure as part of…

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Saudi Aramco IPO Sparks Rush to Privatize in Middle East

Saudi Arabia’s plan to list Saudi Arabian Oil Co. is sending other Middle Eastern nations rushing to raise capital on equity markets, potentially privatizing swaths of the state-run energy industry for the first time. Three years of lower energy prices have pushed regional governments dependent on oil revenue to tap public markets as a way of plugging holes in their budgets. Gulf nations are also looking to this tactic to diversify their economies. Many governments have already issued bonds. Now,…

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Texas’ oil industry ramps up, makes more money despite low prices

The oil and gas industry in Texas continues to ramp up drilling in 2017 despite continued low oil prices and faltering production cuts from OPEC countries, according to a Texas economist. “It’s clearly in a state of recovery from a very nasty two year downturn,” Amarillo-based oil economist Karr Ingham said from Houston. Ingham’s Texas Petro Index — which uses variables such as the number of active oil drilling rigs, employment in the oil and gas industry and other measures…

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Most new Permian oil likely to be exported from Houston, Corpus Christi

Most of the new crude oil produced in West Texas' Permian Basin during the next few years will be shipped from Gulf Coast ports to growing nations in Asia and other regions, according to analytics firm IHS Markit. So while domestic oil consumption is rising only slightly, the foreign demand for U.S. oil is booming, spurred by the 2015 end to a decades-old ban on crude exports. The U.S. today ships out almost 1 million barrels of oil each day…

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