Chevron and ExxonMobil highlighted an aggressive strategy for drilling in the Permian Basin over the next five years to their investors this week. Exxon is aiming to increase production to 1 million barrels per day while Chevron is targeting an additional 900,000 barrels per day, all by the end of 2024. The presentations from both […]
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WTI oil prices rose Monday morning to $56.94/barrel due to a barrage of bullish headlines which puts this year’s oil rally north of 22% and climbing.
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The CNOOC, China National Offshore Oil Corporation, has made a significant gas discovery in the central North Sea. The CNOOC, joined by Joint Venture (JV) partners Total and Edison, estimate the find to potentially 250 million barrels of oil. Glengorm, potentially the biggest find since 2008, sits 118 miles east of Aberdeen, Scotland close to […]
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After a sharp rally to begin the year, oil prices have been trading in a tight range over the past two weeks and are waiting for their next cue to determine price direction.
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During the lengthiest government shutdown in United States history, prioritizing fossil fuel development continues to take precedence for the Trump Administration. An estimated 800,000 federal workers went without paychecks however the administration has still found ways of moving forward for “energy dominance.”
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British Petroleum (BP) has announced the discovery of two new oilfields in the Gulf of Mexico and has approved a $1.3 billion expansion of its Atlantis three oil field. The new expansion will include eight new wells to the existing offshore oil and gas platforms and they are speculating that it will increase production by […]
Read MoreThe U.S. and China conclude their two-day trade talks in Beijing today with President Trump tweeting this morning “Talks with China are going very well!” This tweet and word that China had their top trade official, Liu He, attend the talks early this week have boosted equity and oil markets along with it as February […]
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The oil patch rallied today after starting off the day in the red as news hit this afternoon that Saudi Arabia will be targeting the United States with sharp oil export cuts in January.
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Let’s call today the Turkey Turn up rather than the dead cat bounce. Oil complex up slightly today after taking a huge turn down yesterday with WTI settling at $53.43/barrel, its lowest level since October 2017. Oil prices fell amid concerns about rising global supply and growing fear of a global synchronized economic slowdown.
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Reuters reported Monday that Saudi Energy Minister Khalid al-Falih said OPEC and its allies will need to cut around 1 million barrels per day from October’s production levels beginning next year to overcome the crude oil oversupply situation. This comes a week after the U.S. granted waivers to its allies to purchase Iranian oil which helped perpetuate […]
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