WTI Crude
58.69
Brent Crude
64.03
Natural Gas
3.08

Category: October 2017

U.S. rig count declines by 4 this week to 909; Texas gains 5; Oklahoma up 1

HOUSTON (AP) -- The number of rigs exploring for oil and natural gas in the U.S. declined by four this week to 909. That's up from the 557 rigs that were active a year ago. Houston oilfield services company Baker Hughes said Friday that 737 rigs sought oil and 172 explored for natural gas this week. Among major oil- and gas-producing states, Texas gained five rigs and Oklahoma and Wyoming each increased by one. Louisiana lost three rigs, North Dakota…

READ MORE

Oil prices near two-year highs as supply cuts bite

LONDON (Reuters) - Oil prices steadied on Tuesday after a week of gains as the prospect of increasing U.S. exports dampened bullish sentiment that has driven Brent to more than two-year highs above $60 per barrel. CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER Written by Christopher Johnson at Reuters [formidable id="19"]

READ MORE

Oil Prices Slip On Higher US Crude Inventories

Oil steadied on Oct. 26, pressured by an unexpected increase in U.S. crude inventories, high U.S. production and exports, but was supported near multi-month highs by tighter crude markets. Brent crude was unchanged at $58.44 a barrel (bbl) by 5:10 a.m. CST (10:10 GMT). The global benchmark is not far below its 26-month high of $59.49 hit in late September. U.S. West Texas Intermediate light crude was 10 cents higher at $52.28. Markets have been supported by comments from Saudi…

READ MORE

Oil and gas megadeals taper off as US shale drillers target smaller land deals

American oil and gas producers and investors are still striking a lot of deals, but they're now focusing on smaller mergers and acquisitions, extending a trend that began in the first half of 2017, a new report says. The pattern in dealmaking shows that oil and gas drillers are now focused on getting better results from their wells, following a period of giant deals to acquire land and rival companies. That earlier wave of megadeals came as producers bought up acreage in…

READ MORE

Trump Admin Announces Largest Oil And Gas Lease Sale In U.S. History

ers in the Gulf of Mexico and is scheduled to take place in March 2018. “In today’s low-price energy environment, providing the offshore industry access to the maximum amount of opportunities possible is part of our strategy to spur local and regional economic dynamism and job creation and a pillar of President Trump’s plan to make the United States energy dominant,” Secretary Zinke said. “And the economic terms proposed for this sale include a range of incentives to encourage diligent…

READ MORE

Oil steady, supported by Iraq disruptions and drop in U.S. rigs

NEW YORK (Reuters) - Oil prices were little changed on Monday as supply disruptions in Iraq dented exports by OPEC’s second-largest producer and U.S. drilling rates showed a slowdown. Oil exports from southern Iraq have fallen by 110,000 barrels per day this month, according to shipping data and an industry source, adding to the drop in flows caused by a shortfall from the northern Kirkuk fields. Brent crude LCOc1 settled at $57.37 a barrel, down 38 cents. U.S. West Texas…

READ MORE

Oil rises towards $58 on Saudi comments, forecast of U.S. stocks drop

LONDON (Reuters) - Brent oil rose towards $58 a barrel on Tuesday after top exporter Saudi Arabia said it was determined to end a supply glut, while prices also drew support from forecasts of a further drop in U.S. crude inventories. The Saudi energy minister said the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. The oil market has been concerned…

READ MORE

Oil prices drop on rising US crude inventories

Oil prices eased on Thursday as U.S. fuel inventories rose despite efforts by OPEC to cut production and tighten the market. U.S. West Texas Intermediate (WTI) crude futures were trading at $51.08 per barrel at 0014 GMT, down 22 cents, or 0.4 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $56.65, down 29 cents, or 0.5 percent, from the previous close. Starting this year, the Organization of the Petroleum Exporting Countries (OPEC)…

READ MORE

North Dakota oil production continues to rise

North Dakota's oil production rose 3.5 percent in August, hitting the highest monthly mark since early 2016. North Dakota, the nation's second largest oil producer, pumped out 1.085 million barrels of crude per day in August, compared with 1.048 million per day during the previous month, according to data released Tuesday by North Dakota's Department of Mineral Resources. The state's output generally has been rising in 2017, after dropping below 1 million barrels per day for a few months in…

READ MORE

U.S. Now Exporting as Much Oil as Some Gulf Countries

U.S. crude exports are blasting through records, approaching a level that is almost as much as Kuwait sends abroad. U.S. crude exports surged to a record 1.984 million barrels a day last week– an increase of close to 500,000 barrels a day from the previous week’s level, which was also a record. The export rate is more than twice as high as it was a month ago. Until these last two weeks, the most that had ever been shipped from…

READ MORE