WTI Crude
49.34
Brent Crude
52.25
Natural Gas
2.80

News

Texas sees Mexico as important gas export market

The state economy for Texas is capitalizing on cross-border movements of natural gas to Mexico, a director at a state energy regulator said. Texas Secretary of State Rolando Pablos served as the moderator of a bilateral energy forum that counted members of a Mexican energy trade association and Mexico Energy Regulatory Commissioner Guillermo Garcia Alcocer among its panelists. The panel came one month after Mexico's government held its first auction to access capacity to natural gas infrastructure as part of…

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Saudi Aramco IPO Sparks Rush to Privatize in Middle East

Saudi Arabia’s plan to list Saudi Arabian Oil Co. is sending other Middle Eastern nations rushing to raise capital on equity markets, potentially privatizing swaths of the state-run energy industry for the first time. Three years of lower energy prices have pushed regional governments dependent on oil revenue to tap public markets as a way of plugging holes in their budgets. Gulf nations are also looking to this tactic to diversify their economies. Many governments have already issued bonds. Now,…

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Texas’ oil industry ramps up, makes more money despite low prices

The oil and gas industry in Texas continues to ramp up drilling in 2017 despite continued low oil prices and faltering production cuts from OPEC countries, according to a Texas economist. “It’s clearly in a state of recovery from a very nasty two year downturn,” Amarillo-based oil economist Karr Ingham said from Houston. Ingham’s Texas Petro Index — which uses variables such as the number of active oil drilling rigs, employment in the oil and gas industry and other measures…

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Old Oil Is New Again

From California’s Central Valley to the Native American lands of Oklahoma, more small- and mid-sized oil firms—many backed by private equity—are forgoing expensive shale drilling projects and opting for old-school wells instead. As crude prices languish under $50 a barrel, and with increasing costs for land, labor and infrastructure, some shale fracking operations are starting to look expensive. That has some investors turning to conventional drilling to make a profit. Tapping shale involves fracking, drilling horizontal wells that extend for…

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Most new Permian oil likely to be exported from Houston, Corpus Christi

Most of the new crude oil produced in West Texas' Permian Basin during the next few years will be shipped from Gulf Coast ports to growing nations in Asia and other regions, according to analytics firm IHS Markit. So while domestic oil consumption is rising only slightly, the foreign demand for U.S. oil is booming, spurred by the 2015 end to a decades-old ban on crude exports. The U.S. today ships out almost 1 million barrels of oil each day…

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Oil prices edge up on signs of gradually tightening market

Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States. Brent crude futures, the international benchmark for oil prices,were at $51.83 per barrel at 0340 GMT, up 17 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.53 a barrel, up 16 cents, or 0.3 percent. "U.S. crude oil stocks have been falling consistently in recent weeks. If the downtrend in oil inventories is…

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Average US gas prices jump 8 cents thanks to crude costs

The average price of a gallon of regular-grade gasoline jumped 8 cents nationally over the past three weeks, to $2.40. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the spike results from higher crude oil prices. The current price is 23 cents above where it was a year ago, but well below where it was in mid-August of 2015, 2014, and 2013. Gas in San Francisco was the most expensive in the contiguous United States at an…

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Trump’s push for natural gas exports opposed by manufacturers

President Donald Trump’s effort to boost U.S. energy is facing push back from manufacturers who say exporting more natural gas may undercut his “America First” jobs focus. The Industrial Energy Consumers of America asked the administration Wednesday for a moratorium on U.S. approvals for liquefied natural gas projects. The trade association, which represents U.S. manufacturers that depend on cheap energy to fuel their factories, sent a letter to Energy Secretary Rick Perry Wednesday. It’s "inconsistent with President Trump’s fair trade…

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What Will Happen to Experienced Oil, Gas Workers?

Nearly one-third of respondents to Rigzone’s worker exodus survey are highly experienced (having more than 20 years of oil and gas experience). This group of industry professionals has been quite vocal about how they feel about leaving the industry – either voluntarily or involuntarily. Some have decided to leave the industry due to disappointing job opportunities or an uncertain future with volatile commodity prices. Several have gone as far as to swear off the industry altogether and warn newcomers against…

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More than 100 Oil, Gas Job Cuts Coming in Texas

Three companies plan on laying off part of its workforce in the fall. According to three separate letters sent to the Texas Workforce Commission (TWC), 105 Texas workers will be laid off. Rowan Companies, Inc., a subsidiary of Rowan Companies plc, is laying off 85 workers assigned to the Rowan EXL III (UDW drillship) due to the termination of a drilling contract. The rig is currently working for Arena Offshore in the Gulf of Mexico near Lake Charles, Louisiana with…

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