The world of crude oil is buzzing right now, as OPEC is currently meeting in Vienna, with a goal of reaching an agreement over production levels within the next 6 months. Oil prices dropped over 3 percent on Thursday as OPEC agreed to cut production. However, the cartel is waiting to decide on the actual […]
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On October 3rd The oil market intraday highs were as follow:Crude Oil – 76.92RBOB Gasoline – 2.1464ULSD Diesel – 2.4541
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As we approach the holidays, here are a few things oil and gas companies are juggling:
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With the Iran sanctions looming, international oil markets are looking for alternative crude suppliers. The United States and the European Union (EU) as well as many others, have initially turned to Saudi Arabia. However, there is uncertainty of the Saudi’s ability to fill in the production gaps given the recent turmoil over a murdered Saudi […]
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Crude prices have been surging the last few weeks with the expected loss of Iranian supply beginning November 4th. With that, the U.S. has been ramping up pressure on OPEC to increase production in an attempt to lower oil prices.
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Yesterday, oil prices rallied towards their highest levels this year after the Department of Energy (DOE) reported a weekly drop in US crude oil inventories. Also, the prospect of losing Iranian supply added to concerns over the delicate balance between consumption and production.
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Oil well drilling in the United States has increased dramatically in the last five years. The increase in drilling activity has had a direct impact on petroleum pricing. Rig counts are an indicator for the potential supply picture of the oil and gas industry. A sharp increase in the number of drilling rigs domestically, would […]
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Earlier this week the EIA stated that oil terminals on the Texas Gulf Coast exported more crude oil than they imported in April of this year; surpassing imports by 15,000 bpd. A month later, the spread between imports and exports in Texas widened to 470,000 bpd which contributed to the U.S.’ record setting crude oil […]
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The oil market is rallying today primarily because of a sizable crude oil draw reported by the DOE, a softening dollar, and bullish OPEC comments.
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Early in 2018, United States crude oil production was around 9.492 million barrels per day. Since that time, U.S. crude output has remained above the 10 million barrel a day mark and currently stands around 10.7 million over the last month. The rapid increase in U.S. production is due to the thriving shale industry. However, […]
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