Oil prices

EIA Predicts $103 Crude Later in 2022 as Low Inventories Create Recipe for Volatility

EIA Predicts $103 Crude Later in 2022 as Low Inventories Create Recipe for Volatility

Brent crude oil prices are on track to average $107/bbl in the second quarter and $103 in the second half of this year, with low inventories creating the potential for “significant price volatility,” according to the latest projections from the Energy Information Administration (EIA). Brent spot prices averaged $105 in April, a $13 sequential decrease,…

May 11, 2022
Earnings Season to Shed Light on Ability of E&Ps to Profit on High Natural Gas, Oil Prices

Earnings Season to Shed Light on Ability of E&Ps to Profit on High Natural Gas, Oil Prices

Lofty energy prices, driven by steady demand and global supply shocks imposed by Russia’s invasion of Ukraine, present U.S. exploration and production (E&P) companies both profit opportunity and potential hazard. As the first quarter E&P earning season gets in full swing over the coming weeks, markets are expected to focus on whether companies are able…

April 25, 2022
For E&P 1Q Results, All Eyes on Ability to Capitalize on Robust Natural Gas, Oil Prices

For E&P 1Q Results, All Eyes on Ability to Capitalize on Robust Natural Gas, Oil Prices

Lofty energy prices, driven by steady demand and global supply shocks imposed by Russia’s invasion of Ukraine, present U.S. exploration and production (E&P) companies both profit opportunity and potential hazard. As the first quarter E&P earning season gets in full swing over the coming weeks, markets are expected to focus on whether companies are able…

April 22, 2022
U.S. Oil Production Holds at 2022 High; IEA Says Covid Cuts Global Demand Outlook

U.S. Oil Production Holds at 2022 High; IEA Says Covid Cuts Global Demand Outlook

Demand for petroleum products dropped last week amid lofty prices while U.S. producers held output at the highest level so far in 2022, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. production for the week ended April 8 held even with the prior week at 11.8 million b/d — after hovering around 11.6 million…

April 14, 2022
Tight Oil Supply, Russian Invasion Blamed for High Pump Prices, E&P Execs Tell Congress

Tight Oil Supply, Russian Invasion Blamed for High Pump Prices, E&P Execs Tell Congress

U.S. oil and natural gas producers don’t set global commodity prices, nor are they attempting to gouge consumers, executives of the leading domestic explorers told Congress last Wednesday. Top executives of BP America Inc., Chevron Corp., Devon Energy Corp., ExxonMobil, Pioneer Natural Resources Co. and Shell USA Inc. discussed the reasons for sustained high prices…

April 11, 2022
Mexico Fuel Subsidies Seen Cutting into Oil Export Revenues

Mexico Fuel Subsidies Seen Cutting into Oil Export Revenues

Mexico President Andrés Manuel López Obrador’s pledge to subsidize gasoline prices could partially negate the windfall of high oil prices for state oil company Petróleos Mexicanos (Pemex), according to a new analysis by Fitch Ratings Inc.  Pemex “will benefit from higher oil prices although these pose risks to federal government revenue, since the government has…

April 1, 2022
With U.S. Output Flat and War in Ukraine Stoking Fresh Global Supply Worries, Oil Prices Surge

With U.S. Output Flat and War in Ukraine Stoking Fresh Global Supply Worries, Oil Prices Surge

U.S. crude production was flat last week, as it has been throughout 2022, even as the Russia-Ukraine conflict drags on and global supply worries intensify. Output for the week ended March 18 held at 11.6 million b/d, even with the prior week and a month earlier, the U.S. Energy Information Administration (EIA) said Wednesday. American…

March 23, 2022
As Ukraine War Intensifies, Pressure Mounts on Biden to Ban Imports of Russian Oil

As Ukraine War Intensifies, Pressure Mounts on Biden to Ban Imports of Russian Oil

President Biden faced increasing pressure on Monday to ban imports of oil from Russia following its invasion of Ukraine and the deepening turmoil in eastern Europe. The U.S. president is reportedly considering such a move but carefully weighing it against the likely impact it would have on global crude prices and, by extension, the cost…

March 7, 2022
Global Oil, Natural Gas Prices Fall as Sanctions on Russia Fail to Bite Energy Exports

Global Oil, Natural Gas Prices Fall as Sanctions on Russia Fail to Bite Energy Exports

Global oil and natural gas prices tumbled Friday as sanctions imposed by the United States and its allies excluded Russian energy exports.  After surging by roughly 50% this week, the rally in European natural gas prices stopped Friday.  British and Dutch futures were down across the curve as Russian natural gas deliveries to Europe increased.…

February 25, 2022
Even at $150 Oil, Pioneer Natural to Maintain 0-5% Production Growth, CEO Says

Even at $150 Oil, Pioneer Natural to Maintain 0-5% Production Growth, CEO Says

Pioneer Natural Resources Co. will limit its net annual oil production growth to 0-5% even if the oil price hits $150, a possibility that CEO Scott Sheffield is not ruling out. “I’m getting more and more confident about the long-term oil strip being much higher than we had expected,” Sheffield told analysts on Thursday during…

February 18, 2022
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