WTI Crude
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2.96

Category: September 2016

Crude inventories fall again; gasoline stockpiles rise

Click HERE to Read the Article by the Publisher. Crude oil stockpiles fell for the fourth consecutive week, declining by nearly 2 million barrels last week, the Energy Department reported Wednesday. Gasoline inventories, however, rose 2 million barrel last week.  Both crude and gasoline stockpiles remain at historically high levels. Demand, meanwhile, remains strong. Over the past month, average gasoline consumption reached 9.4 million barrels a day, up nearly 4 percent compared to the same period a year ago. Demand…

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Oil futures surge after OPEC agrees on need for output cap

Written by Myra P. Saefong Click HERE to Read the Article by the Publisher. Oil futures settled with a bang on Wednesday, hitting their highest level in about three weeks, following news that the Organization of the Petroleum Exporting Countries had agreed on the need to cap crude production. Members of the oil group were considering a production limit of between 32.5 million and 33 million barrels a day, according to The Wall Street Journal, citing sources familiar with the…

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Texas energy companies tell Dallas Fed business is good, 2017 might be better

Written by Jeffrey Weiss Click HERE to Read the Article by the Publisher. The Dallas Federal Reserve Bank released its quarterly Energy Report today. It's the result of a survey of 154 Texas energy businesses taken  Sept. 14-22. Of the respondents, 70 were E&P firms and 84 were O&G support services firms. The broadest measure, the business activity index, shows a pretty good boost. It sat at 13.8 last quarter. The new number is 26.7. Here are some of the specific…

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Two Years Into Oil Slump, U.S. Shale Firms Are Ready to Pump More

Written by Lynn Cook and Bradley Olson Click HERE to Read the Article by the Publisher. When oil prices began to plunge two years ago due to a global glut of crude, experts predicted U.S. shale producers would be the losers of the resulting shakeout. But the American companies that revolutionized the oil and gas business with hydraulic fracturing and horizontal drilling are surviving the carnage largely unbowed. Though the collapse in prices caused a wave of bankruptcies, total U.S. oil…

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U.S. oil companies eye Mexico despite challenges, low prices

Written by Rye Druzin Click HERE to Read the Article by the Publisher. Mexico’s energy reforms continue to move forward and American oil companies still see opportunity there despite low crude prices and major logistical issues facing the country. “It’s a challenge though, managing expectations,” cautioned Carlos Garcia, the president of San Antonio-based advising firm Frontera Energy, said at a forum on the topic Friday hosted by the AEM Bi-National Energy Committee in Eagle Pass. “People look at Mexico and…

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4 questions to consider after OPEC announces it might cut oil production

Written by Jeffrey Weiss Click HERE to Read the Article by the Publisher. Reports that OPEC has reached a deal today that would cut oil production have come as somewhat of a shock to the market and sent oil prices soaring. As recently as yesterday, many news outlets were reporting there wasn't a deal. And maybe there would never be a deal. But OPEC leader Saudi Arabia has apparently put aside its disagreements with Iran for the time being.  Sources say OPEC  has agreed to…

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OPEC Agrees to First Oil Output Cut in Eight Years

Written by Grant Smith, Angelina Rascouet, Wael Mahdi Click HERE to Read the Article by the Publisher. OPEC agreed to the outline of a deal that will cut production for the first time in eight years, surprising traders who had expected a continuation of the pump-at-will policy the group adopted in 2014 at the instigation of Saudi Arabia. Oil jumped more than 5 percent in New York after ministers said the group agreed to limit production to a range of 32.5…

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Fracking expected to begin next year

Written by Mexico Daily News Click HERE to Read the Article by the Publisher. Energy Secretary says shale field auctions could be held in March Fracking in the shale oil fields of Mexico could begin next year, the Energy Secretary said at a meeting yesterday in Houston, Texas. Pedro Joaquín Coldwell was speaking to energy company executives and others at Rice University when he advised that “everything will be ready by March” to begin auctions for the untapped fields. The…

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Demand for sand is about to blast higher

Written by: Mike D. Smith and David Hunn Click HERE to Read Article From Publisher Is sand the next hot commodity? Analysts are predicting that as the oil and gas industry recovers, and drillers return to the shale formations in Texas and other states, the demand for sand is set to explode. Sand is a key component of hydraulic fracturing, used to keep fissures in shale rock open so oil and natural gas can escape. In another sign that piles…

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Oil Firm Spending Seen Up in 2017 for First Time Since 2014

Written by Dan Murtaugh Click HERE to Read the Article by the Publisher. The oil industry may be ready to open its wallet after two years of slashing investments. Companies will spend 2.5 percent more on capital expenditure next year than they did this year, the first yearly growth in such spending since 2014, BMI Research said in a Sept. 22 report. Spending will increase by another 7 percent to 14 percent in 2018. It will remain well below the…

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