WTI Crude
56.67
Brent Crude
62.03
Natural Gas
3.03

News

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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Land rush! US oil drillers pack into the Permian Basin, but only the strong will survive

There's a land rush on in the Lone Star State. Oil exploration and production companies have piled into the Permian — a rich formation beneath Texas and New Mexico — because they can produce crude there more cheaply than in many other U.S. basins. Those low break-even costs for drillers are top of mind, with U.S. crude oil trading near $50 a barrel, about half the price it fetched at the peak of 2014. CLICK HERE TO READ THE ENTIRE…

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OPEC Says Oil Demand Will Grow Past 2040

OPEC doesn’t expect global demand for oil to peak before 2040, the cartel said Tuesday, though it predicted long-term demand growth would soon slow. The Organization of the Petroleum Exporting Countries’ forecast lends the cartel’s voice to a debate in the oil industry over how soon demand for crude oil will decelerate. For decades, petroleum consumption has grown almost every year, but big-oil companies and industry experts are planning for when crude demand begins to decline thanks to gains in…

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Houston economy could add some 70,000 jobs next year: forecast

Houston's economy can take a punch – or two. By several measures, the oil bust that began three years ago and ended late last year was the worst downturn of its kind in history. Yet Houston's economy only suffered a mild recession; the region face nothing like the kind of ruinous depression that followed the collapse of oil prices in the mid-1980s. The historic flood waters of Hurricane Harvey cost Houston thousands of jobs, left an $87 billion hole in…

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Gasoline prices surge nationally as crude hits two-year high

Gasoline costs surged nationwide for the first time in nearly eight weeks after oil prices hit a two-year high. Oil prices were already on the rise, but jumped higher after an anti-corruption purge in Saudi Arabia seen as an attempt to consolidate power around the crown prince led to the arrests of several other princes and ministers. Crown Prince Mohammad bin Salman, 32, has expressed support for extending oil production cuts amongst the Organization of the Petroleum Exporting Countries. The…

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