enery prices

Focus Said Shifting to Energy Affordability Amid Soaring Prices, Double Standards

Focus Said Shifting to Energy Affordability Amid Soaring Prices, Double Standards

Since Russia’s unprovoked invasion of Ukraine, countries around the world are shifting their priorities toward energy affordability, according to a group of experts who spoke in New York City on Wednesday. The last 10 months have brought the issues of energy security, climate change and affordability “into contention,” according to Fahad Alajlan, president of Saudi…

October 12, 2022
Higher Oil, Natural Gas Prices Push Alberta Budget into Surplus

Higher Oil, Natural Gas Prices Push Alberta Budget into Surplus

A six-year streak of provincial budget deficits in Alberta ended in 2021 thanks to higher oil and natural gas prices that drove a five-fold increase by government royalties, according to an annual treasury review. In the Alberta provincial treasury annual review for the year ended March 31, 2022, Finance Minister Jason Nixon reported record royalties…

July 1, 2022
Diamondback to Hold Permian Oil Output Flat as Prices Strengthen

Diamondback to Hold Permian Oil Output Flat as Prices Strengthen

Diamondback Energy Inc. is aiming to keep oil production flat in the Permian Basin this year, part of a larger trend among Lower 48 exploration and production (E&P) firms to ensure healthy shareholder returns amid a bullish price cycle. “We are at the beginning of an incredible period of value creation for the industry, and…

February 25, 2022
Continental Execs Tout Multi-Basin Approach, Production Restraint Amid High Oil and Gas Prices

Continental Execs Tout Multi-Basin Approach, Production Restraint Amid High Oil and Gas Prices

Continental Resources Inc.’s recent expansions into the Powder River and Permian basins have given it the inventory and optionality needed to capitalize on strong oil and natural gas prices, management said.  In a conference call to discuss fourth quarter and full-year 2021 earnings, CEO Bill Berry said that “as an unhedged oil producer, we were…

February 18, 2022
ICE Reports Fresh Records for Asian, European Natural Gas Futures Trades

ICE Reports Fresh Records for Asian, European Natural Gas Futures Trades

Intercontinental Exchange Inc. (ICE) has reported fresh records for Asian natural gas futures in August, with Japan-Korea Marker (JKM) volumes surpassing 100,000 lots traded during the month. ICE said JKM futures reached 106,529 lots traded, close to double August 2020 volumes. In addition, open interest ended the month at a record 114,531 lots. The news…

September 27, 2021
Magellan, Enterprise and ICE to Launch Houston Oil Futures Contract

Magellan, Enterprise and ICE to Launch Houston Oil Futures Contract

A new oil futures contract is coming to the Gulf Coast. Magellan Midstream Partners L.P., Enterprise Products Partners LP and Intercontinental Exchange Inc. (ICE) said Monday they would partner to create a contract for the physical delivery of crude in the Houston area. The companies said the Midland WTI American Gulf Coast contract (ICE: HOU)…

June 21, 2021
Oil Market Seen Swinging from Oversupply to Deficit in 2021 on Vaccine Rollout, Boosting WTI Price

Oil Market Seen Swinging from Oversupply to Deficit in 2021 on Vaccine Rollout, Boosting WTI Price

The new year could see the global oil market swing from its current state of oversupply to some of the highest monthly supply deficits in years as the rollout of Covid-19 vaccines propels a recovery in demand, according to experts. Raymond James & Associates Inc. analysts said Monday they expect “hefty” crude oil inventory draws…

January 4, 2021
Shell Eyeing $15-22B in 2Q Impairments from Covid-19’s Crushing Impact to Demand, Prices

Shell Eyeing $15-22B in 2Q Impairments from Covid-19’s Crushing Impact to Demand, Prices

Royal Dutch Shell plc expects to impair up to $22 billion in the value of its global natural gas and oil assets for the second quarter, citing the challenges from Covid-19 that have slammed commodity prices and energy demand. The supermajor said it was adapting “to ensure the business remains resilient.” A revised forecast for…

June 30, 2020
U.S. Drops Three Natural Gas Rigs as Upstream Activity Continues Search for Bottom

U.S. Drops Three Natural Gas Rigs as Upstream Activity Continues Search for Bottom

The U.S. natural gas rig count fell three units to 75 as upstream activity continued on its recent downward trajectory during the week ending Friday, the latest Baker Hughes Co. (BKR) data show.

June 19, 2020
Continental Bringing Back Some Curtailed Oil Production in July as Oil Prices Strengthen

Continental Bringing Back Some Curtailed Oil Production in July as Oil Prices Strengthen

After curtailing output by 70% in May in response to a pandemic-driven market downturn, Continental Resources Inc. said Thursday it would bring some production back in July, although about 50% of output is to remain offline.

June 19, 2020
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