WTI Crude
58.69
Brent Crude
64.03
Natural Gas
3.08

Category: December 2017

Oil prices up slightly on pipeline outage support

NEW YORK (Reuters) - Oil prices rose almost 1 percent on Thursday as a pipeline outage in Britain continued to support prices despite forecasts showing global crude surplus in the beginning of next year. U.S. West Texas Intermediate futures settled up 44 cents, or 0.8 percent, to $57.04 a barrel. Brent crude futures settled at $62.44 a barrel, the same settlement as Wednesday. Prices have been supported by an outage on the Forties crude pipeline that was expected to last…

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Oil and gas to start 2018 in best shape since downturn, Woodmac says

Published in the company’s 2018 Upstream Outlook today, Wood Mackenzie claims that oil and gas firms are ‘in their best shape since the oil price collapsed’. The research and consultancy group also said that they believe upstream companies will now focus on showing how well they can adapt and thrive within a low cost environment. Angus Rodger, Woodmac upstream research director, said the big cuts are behind the sector and that capital expenditure will ‘grow slightly’ in the coming year…

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Going Local for Supplies Sparks New Frac Sand Boom in Texas

Sand prices are rebounding as fracking intensifies The industry is excavating dunes for frac sand, which is pumped into wells to crack open rocks and get oil and gas flowing. The deposits are in demand because they lie close by the hot Permian shale region, making them cheaper than sands carried in from older mines 1,000 miles away. Locally dug sand is influencing the economics of US oil production, helping shale supplies compete in world markets. It is also worrying…

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Fracking Our Way to Mideast Peace

Whatever you think of President Trump’s decision to recognize Jerusalem as Israel’s capital, it points to the most important strategic reality in the Middle East: Arab power has collapsed in the face of low oil prices and competition from American frackers. The devastating oil-price shocks of the 1970s, orchestrated by the Organization of the Petroleum Exporting Countries, nearly wrecked the world economy. CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER Written by Walter Russell Mead at The…

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Pioneer Natural Resources Gets Excellent Results in the Eagle Ford

For 2017, Pioneer has focused on a drilling program in Karnes, DeWitt and Live Oak counties that include 20 total wells. The company used this program to test longer laterals with wider spacing and higher intensity completions in the new wells. For the remainder of the year, Pioneer plans to increase its 2017 capital budget by $50 million. “Pioneer’s ramping up our 2017 drilling and completion program in the Eagle Ford. The plan is to complete and POP 20 wells during…

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Saudi energy minister expects everyone to stick with OPEC deal, doesn’t forsee an exit soon

Saudi Arabia fully expects OPEC members and allied producers to agree to an extension to supply cuts on Thursday. Ahead of an announcement over oil output policy later in the day, Saudi Energy Minister Khalid al-Falih told CNBC that OPEC's consensus was "almost complete," before adding he did not anticipate an exit to the deal in the first six months of 2018. OPEC, Russia and nine other producers are currently cutting production by around 1.8 million barrels per day until March. Industry analysts…

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The GOP Tax Bill Is A Big Win For U.S. Oil And Gas

The GOP tax overhaul passed both chambers of the U.S. Congress, although a lot remains to be done before a bill can reach the President’s desk. Still, there are a lot of changes in store for energy, and because much of the discrepancy between the two chambers is focused on some big-ticket tax items—and not energy—we can be reasonably confident about what to expect from the legislation in regard to the energy sector. On its face, the GOP tax proposal…

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Oil traders are focused on this OPEC—led meeting of major crude producers

Oil traders are eagerly awaiting a meeting of major oil producers Friday that will offer an update on the progress of OPEC-led production cuts and possible hints at extending the agreement to curb output. “The focus of the energy market is decidedly on Vienna right now as oil heavyweights from around the world gather for the meeting” Friday,” said Tyler Richey, co-editor of the Sevens Report. The OPEC/Non-OPEC Ministerial Monitoring Committee, or JMMC, comprised of OPEC members Algeria, Kuwait and…

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