WTI Crude
61.54
Brent Crude
64.33
Natural Gas
2.58

News Page 2

‘Relentless’ growth could see the US topple Russia, Saudi Arabia as world’s largest oil producer, IEA says

"This year promises to be a record-setting one for the U.S.," the IEA said in its closely-watched report published Friday The latest monthly report from the IEA comes at a time when crude futures have climbed to highs not seen since the early days of a slump in December 2014 One of the main beneficiaries of OPEC-led production cuts is the producers' major competitor, U.S. shale oil. U.S. oil producers are staging a dramatic comeback amid a recovering oil price…

READ MORE

Oil rises 1.8% to $65.61, setting new 3-year closing high after 10th straight drop in US crude stockpiles

U.S. crude prices topped $65 a barrel for the first time in more than three years on Wednesday after government data showed the tenth straight weekly drop in U.S. stockpiles of crude oil. U.S. West Texas Intermediate crude futures ended Wednesday's session up $1.14, or 1.8 percent, at $65.61 a barrel. The settlement marked the highest closing level since Dec. 5, 2014. International benchmark Brent crude rose 59 cents, or 0.8 percent, to $70.55 by 2:28 p.m. ET. The contract also touched a…

READ MORE

More oil and gas firms expect to hike capital spending in 2018: survey

LONDON (Reuters) - More global oil and gas firms expect to increase capital spending this year as confidence picks up after crude prices climbed above $70 a barrel in January for the first time in the three years, according to a survey by DNV. DNV, a technical adviser to energy industry sector, reported that 66 percent of the 813 senior oil and gas professionals surveyed said their company would maintain or increase capital spending this year, compared to 39 percent…

READ MORE

OPEC Drives Oil Prices Back Up

The EIA is predicting that fossil fuel production in the United States will hit record levels in both 2018 and 2019, and as oil prices inch higher, Saudis look to wrangle in slipping OPEC compliance. The EIA forecasts that U.S. fossil fuel production will hit record levels in both 2018 and 2019, averaging 73 quadrillion BTUs and 75 quadrillion BTUs, respectively. This surging level of energy production is largely the result of soaring oil and gas output. Natural gas production is expected…

READ MORE

For Oil And Gas, The Government Shutdown Is A Near Non-Event

Given that the nation's news media are focused about 23 out of every 24 hours each day on breathless reports about the "shutdown" of some small percentage of the federal government, some of you may be wondering how this "shutdown" is going to impact the oil and gas industry. The short answer to that question is "not much." A longer and more detailed answer follows. Upstream operating companies are going to continue to drill and frac and produce oil and…

READ MORE

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…

READ MORE

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…

READ MORE

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…

READ MORE

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…

READ MORE

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…

READ MORE