WTI Crude
58.69
Brent Crude
64.03
Natural Gas
3.08

Category: November 2017

U.S. to Dominate Oil Markets After Biggest Boom in World History

The U.S. will be a dominant force in global oil and gas markets for many years to come as the shale boom becomes the biggest supply surge in history, the International Energy Agency predicted.  By 2025, the growth in American oil production will equal that achieved by Saudi Arabia at the height of its expansion, and increases in natural gas will surpass those of the former Soviet Union, the agency said in its annual World Energy Outlook. The boom will turn the U.S.,…

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Survey shows half of oil and gas firms confident for the first time in four years

ABERDEEN -- Contractor confidence in the UK Continental Shelf (UKCS) has risen with almost half being more confident about their prospects for the first time since 2013, according to an industry report released today (Thursday, Nov. 30th). The findings of the 27th Oil and Gas survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and KPMG, reveal that 49% of contractors surveyed are more optimistic about their activities in the current year,…

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Foreign markets want Texas oil, say experts

Texas crude oil is being shipped worldwide at ever higher rates as foreign markets get used to the taste of light sweet crude. More than 70 percent of the crude oil moved into Port Corpus Christi in October was exported said Jarl Pedersen, the Port’s chief commercial officer, who was speaking at the Hart Energy’s DUG Eagle Ford Conference held earlier this month at the Convention Center in San Antonio. CLICK HERE TO READ THE ENTIRE ARTICLE BY THE PUBLISHER…

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US crude slips 46 cents, settling at $56.09, as market grows edgy ahead of OPEC’s decision on output cut deal

Money managers added to U.S. crude position, but cut Brent positions. The market expects the OPEC production cuts to extend production cuts, though doubts loom. The U.S. rig count was unchanged at 738 in the week to Nov. 17 Oil prices slipped on Monday as traders took a cautious approach ahead of an OPEC meeting next week, where an extension of current price-supporting curbs on crude output are due to be discussed. U.S. West Texas Intermediate (WTI) crude futures finished Monday's…

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The Eagle Ford Shale is back, kind of

It isn’t the boom days when oil trucks created big-city traffic jams on gravel roads and a night at a mediocre hotel cost $300. But the Eagle Ford Shale is back from the bust - sort of - at a level that’s admittedly more middle-aged, less teenager. The 400-mile South Texas oil field, which sweeps from Laredo to College Station, has produced around 2.5 billion to 2.6 billion barrels since the first wells were drilled in late 2008, said Allen…

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US crude rises 41 cents, settling at $56.83, as traders await OPEC’s decision on output cuts

Oil rose on Tuesday, supported by expectations of an extension next week to OPEC output cuts, but prices remained under pressure from signs of higher output in the United States. "Geopolitical tensions in the Middle East and a deteriorating macroeconomic picture in Venezuela will remain supportive of oil prices in the run-up to the November OPEC meeting," said Abhishek Kumar, Senior Energy Analyst at Interfax Energys Global Gas Analytics in London. "However, persistently high oil production in the United States…

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More natural gas will flow between Corpus Christi, Permian Basin

Call it the natural gas superhighway. The company behind an ambitious pipeline that would link Corpus Christi and the Permian Basin is already planning to move more natural gas than it said it would just two months ago. Construction began Tuesday on the first phase of what's being called the EPIC NGL Pipeline project. The 650-mile pipeline is expected to be finished in early 2019, and would serve multiple points in the Delaware and Midland basins. CLICK HERE TO READ THE ENTIRE ARTICLE BY THE PUBLISHER…

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US leads world in oil and gas production, IEA says

International energy markets are set for "major upheaval" as the US cements its status as the world's largest oil and gas producer, while China overtakes it as the biggest oil consumer. The predictions come from the International Energy Agency's annual energy forecast . It believes that global energy demand will rise 30% by 2040, driven by higher consumption in India. At the same time, the renewable energy sources will become more important. The IEA, which tracks the energy for 29 countries, said…

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Saudi Aramco IPO to take place in 2018, Gulf oil minister says

Oman's Mohammed bin Hamad al-Rumhi was pressed for a definitive answer regarding his expectations over Saudi Aramco's potential IPO next year. He replied: "If CNBC says yes, then I say yes" The initial public offering (IPO) for the world's largest energy company is expected take place in the second half of 2018 Saudi Aramco's plan to take a portion of its business public next year will go ahead as scheduled in 2018, Oman's oil minister told CNBC Monday. At an…

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Tell us what you think: Where will oil finish the year?

U.S. West Texas Intermediate has traded near its highest levels since 2015 Morgan Stanley raised its forecast for WTI to $56 a barrel from $48 for the last quarter of the year Oil has risen more than 8 percent so far this year to trade near its highest levels since 2015. U.S. West Texas Intermediate and Brent have edged up in recent months on investor confidence over the impact of OPEC-led production cuts on diminishing the supply glut in global markets. Even though data…

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