WTI Crude
50.43
Brent Crude
56.58
Natural Gas
2.96

News

Two Big Words Show Why U.S. Oil May Finally Be Turning a Corner

Oil futures in New York have been stuck in glut mode, but that may be starting to change for the first time in years as backwardation, one of those big words used by traders, begins to replace contango. After prices collapsed in 2014, West Texas Intermediate gradually started selling at a discount to its longer-dated futures. That’s what contango means. This occurs when buyers are willing to pay more for future deliveries as a way to limit their storage costs.…

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Eagle Ford Earns its Place as U.S.’s No. 2 Oil Basin

While it has been recently eclipsed by the Permian, the Eagle Ford in South Texas remains one of the most important shale basins in the world. According to the EIA, the basin will produce 1,280 MBOPD in September, making it the second-largest oil-producing basin in the U.S. Despite temporary interference from Hurricane Harvey there are currently 71 rigs active in the basin, making the Eagle Ford second in drilling activity as well. Just like any other area of Texas, these…

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Oil dips on rising US crude inventories and production

Oil markets dipped on Thursday, weighed down by rising U.S. crude inventories and production as well as a stronger dollar, which potentially hampers fuel consumption in countries that use other currencies at home. Brent crude futures, the international benchmark for oil prices,were at $56.13 a barrel at 0134 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $50.68 per barrel, down 1 cent from the last settlement. Traders said…

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Oil markets firm on rising refinery demand, falling US rig count

Oil prices dipped early on Monday but remained near multi-month highs reached late last week as the count of U.S. rigs drilling for new production fell and refineries continued to start up after having been knocked out by Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were at $49.83 barrel at 0021 GMT, 6 cents below their last settlement, but still close to the more than three month high of over $50 per barrel briefly reached late last week.…

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US Haynesville gas production hits 4-year high

Natural gas producers in the US Southeast are beginning to yield dividends from a bid to reverse declining production in one of the region's seemingly forgotten shale plays. Recent data from the Haynesville of Arkansas, Louisiana and Texas show production there at its highest since mid-2013. As output continues to rebound from a record low in August 2016, production from the Haynesville is already up by nearly 15%, Platts Analytics data shows. That spectacular turnaround comes amid a rapid expansion…

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Oil stable on lower Saudi exports, but rising US shale output caps market

Oil markets were stable on Tuesday, supported by a fall in Saudi Arabian crude exports but capped by an expected rise in U.S. shale output. U.S. West Texas Intermediate (WTI) crude futures were at $50.00 per barrel at 0043 GMT, 9 cents, or 0.2 percent, above their last settlement. WTI has been loitering around $50 per barrel since late last week, supported by rising demand from the restart of many refineries knocked out by Hurricane Harvey, but prevented from breaking…

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The Most Bullish Oil Report This Year

Despite the huge uncertainties related to the two massive hurricanes that hit the U.S., the global oil market looks tighter than it has in a long time, according to a new report from the International Energy Agency. Global oil supply fell in August for the first time in four months, the IEA said, a result of a dip in OPEC’s oil production, combined with refinery maintenance and sizable outages from Hurricane Harvey. World oil supply fell by 720,000 barrels per…

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Oil holds gains, buoyed by hopes for robust demand

Oil prices on Thursday held most of their gains of around 2 percent from the previous session, buoyed after the International Energy Agency raised its forecast for growth in global oil demand. London Brent crude for November delivery was down 11 cents at $55.05 a barrel by 0035 GMT, after settling Wednesday up 89 cents, or 1.6 percent. NYMEX crude for October delivery was down 4 cents at $49.26, after ending the last session up $1.07, or 2.2 percent. CLICK…

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An Undervalued New Player in the Energy Industry

If they gave out grades for corporate names, “ Baker Hughes, a GE Company BHGE 3.08% ” would get a D-minus. In terms of recent financial performance, neither of the parties to the merger completed two months ago deserved more than a gentleman’s C. But the company’s grade should go higher over the next few years as new management, a solid balance sheet and strong business lines combine to boost Baker Hughes BHGE 3.08% (we’ll drop the last part) ahead…

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Gasoline prices falling, shortages ending

Gasoline prices are starting to fall after peaking late last week as temporary shortages caused by Hurricane Harvey begin to ease. Texas fueling stations are mostly replenished with gasoline now - although some pockets of outages remain in Houston, Dallas and San Antonio, according the GasBuddy.com., a website that tracks gasoline prices and refining activity. The Houston average for a gallon of regular unleaded gasoline on Monday is $2.48, which is down from a high of $2.50 Thursday and Friday,…

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