WTI Crude
63.06
Brent Crude
68.42
Natural Gas
3.18

News

New Mexico oil and gas lease sale nets $17M

The State Land Office has collected more than $17 million from its most recent oil and gas lease sale. New Mexico Land Commissioner Aubrey Dunn says 5 million barrels of oil are produced every month on state trust lands. He says the record-setting trends mean more money is flowing to public schools and other beneficiaries. He says January's sale brings fiscal year earnings-to-date to nearly $122 million, just shy of the $123 million record set in fiscal year 2012. Nearly…

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Oil, Gas Trends To Watch In 2018

As the oil and gas industry strengthens with eyes on rising commodity prices, costs and emerging technologies, there are certain trends developing for 2018 that the industry should also keep in mind. Will 2018 be the year for the digital revolution takeoff, transforming talk into lucrative plans to help drive growth? Will natural gas make strides toward becoming the dominant fuel of the future, replacing oil? How will U.S. shale perform with still struggling oilfield service companies and equipment manufacturers…

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Oil prices near three-year highs, supported by healthy demand

Ongoing OPEC/Russia led supply restraint has propped up crude Goldman Sachs sees upside to its oil price forecast Morgan Stanley, BoAML raise crude price forecast U.S. output has stalled due to icy North American weather But U.S. output is expected to break through 10 mln bpd soon (Adds Goldman Sachs comment, updates prices) SINGAPORE, Jan 16 (Reuters) - Brent crude prices consolidated recent gains at around $70 a barrel on Tuesday, a level not seen since 2014's dramatic oil market…

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The outlook for natural gas this year

In the previous post - Fear Will Drive Oil Prices In 2018 - I discussed the outlook for oil prices next year. In a nutshell, the price of oil will be influenced by crude oil inventories, which are going to be driven by the balance between OPEC's actions and U.S. shale oil production. Inventories also influence natural gas prices, but the drivers are different. On the natural gas demand-side, growth remains robust. Pipeline exports to Mexico are surging, exports of liquefied natural gas (LNG) have reached…

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Citi’s biggest wildcards for oil markets this year — and how likely they are to actually happen

Oil prices hit their highest levels since 2014 on Wednesday, showing that oil production cuts by major producers are working and demand remains robust. But there are plenty of wildcards that oil markets could confront in 2018, according to a Citi global commodities report published late Tuesday. Led by Edward Morse, global head of commodities at Citigroup, analysts looked at the possible events that could derail commodities markets in 2018. CLICK HERE TO READ THE FULL ARTICLE BY THE PUBLISHER Written…

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Oil prices ease from 3-year highs after Brent crude rockets above $70 a barrel

Brent Crude oil hit a more than three-year high on Thursday, breaking through the psychologically important $70 a barrel level for the first time since December 2014. Oil futures failed to hold the gains, selling off as the close of trading approached, with analysts warning that the market might have little room left to run. Brent, the international benchmark for oil prices, was last up 6 cents at $69.26 a barrel. It earlier spiked to $70.05 in morning trade, touching its…

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US crude rises 29 cents, settling at $61.73, as geopolitical tension offsets US output

Brent has risen by more than 10 percent since December. Oil has been supported by OPEC-led cuts, strong economic growth and tensions in OPEC-member Iran. Soaring U.S. crude production could undermine the rally. Oil prices were little changed on Monday, trading near their highest since May 2015, as political concerns in some OPEC nations offset projections for higher U.S. oil production. "Oil prices are finely balanced in today's trading session. Ongoing protests in Iran, together with recent detention of several…

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US shale oil will dominate the market in coming years, but the tables will turn, OPEC says

U.S. shale oil will drive global production growth in the years to come, OPEC forecasts. However, global shale oil will peak in 2025, and OPEC's output will then surge through 2040, the cartel projects in its annual World Oil Outlook. OPEC raised its medium-term forecast through 2022 by 2.2 million barrels a day. The American shale drillers that have upended the energy industry will capture much of the growth in oil demand in the coming years, OPECforecasts in a new report.…

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Oil could hit $80 per barrel by the end of 2018, says portfolio manager

It's not preposterous to expect oil prices to hit $80 per barrel by the end of 2018, said Yoon Chou Chong, head of Asian equities at Natixis Asset Management Production cuts and the need to maintain stability ahead of the widely-anticipated Saudi Aramco IPO will support oil prices, Chong said Asian stocks, in particular Chinese shares, also have room to gain further, he added This year could mark a comeback for commodities, with oil potentially hitting $80 per barrel, a…

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US on the cusp of enjoying ‘energy superpower’ status, analyst says

In recent years, America's unprecedented oil and gas boom has been driven by one factor above all others — and that's shale "The U.S. is emerging as, not only a military and economic superpower, but as an energy superpower," Martin Fraenkel, president at S&P Global Platts, told CNBC In November, the International Energy Agency projected a dramatic increase in shale production could transform the U.S. into the world's largest exporter of liquefied natural gas by the mid-2020s The U.S. is well-placed to…

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