Oil prices

Oil, Gas Activity Accelerates as Prices Soar, Energy Companies Tell Kansas City Fed

Oil, Gas Activity Accelerates as Prices Soar, Energy Companies Tell Kansas City Fed

As oil and natural gas prices surged, drilling and energy business activity across the Federal Reserve Bank of Kansas City’s footprint hastened in the third quarter, results of a new survey show. The Kansas City Fed, as it is commonly known, said its quarterly Tenth District Energy Survey found that oil and gas firms collectively…

October 11, 2021
Brent Oil Prices Forecast to Advance, but E&Ps Still Prioritizing Bottom Line

Brent Oil Prices Forecast to Advance, but E&Ps Still Prioritizing Bottom Line

A continued recovery in global oil demand should lead to higher prices going forward, but growth in output may be restrained in 2022 as producers continue to prioritize the balance sheet, Moody’s Investors Service said Thursday. Other analysts also expect to see oil prices climb, as mobility throttles higher and economies recover from the deep…

October 7, 2021
OPEC-Plus in Driver’s Seat As Global Energy Crisis Intensifies

OPEC-Plus in Driver’s Seat As Global Energy Crisis Intensifies

Energy shortages and price spikes suggest the world needs more oil to meet global needs in the near term. Just how much more – and how quickly – remains a moving target. With Lower 48 producers hesitant to boost output in the pandemic’s wake, the Organization of the Petroleum Exporting Countries (OPEC) and its allies,…

October 6, 2021
OPEC-Plus Holds Line on Oil Production Targets Even as Demand, Prices Jump

OPEC-Plus Holds Line on Oil Production Targets Even as Demand, Prices Jump

Citing rising global energy needs, the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Monday affirmed a plan to increase crude production through November. The cartel stopped short of further boosting output levels, however, a decision that fueled supply concerns and sent oil futures to seven-year highs. OPEC, led by Saudi Arabia,…

October 4, 2021
October Natural Gas Futures Skyrocket Ahead of Expiration, Reach New 2021 High

October Natural Gas Futures Skyrocket Ahead of Expiration, Reach New 2021 High

Natural gas futures sailed higher on Monday, rallying for a third straight session ahead of prompt month expiration and amid a potential global energy supply crunch. The October Nymex contract spiked 56.6 cents day/day and settled at $5.706/MMBtu. October rolls off the board as the prompt month at the close of trading Tuesday. November jumped…

September 27, 2021
Decline at Oklahoma’s Cushing Hub Leads Downward Slide in U.S. Oil Stocks, EIA Says

Decline at Oklahoma’s Cushing Hub Leads Downward Slide in U.S. Oil Stocks, EIA Says

U.S. stockpiles of crude are down substantially this year amid rising demand and curtailed production, with inventories at the Cushing Hub in Oklahoma driving the downward trend. Stocks at Cushing totaled 32.9 million bbl for the week ended Sept. 10, down 42% from the start of the year, the U.S. Energy Information Administration (EIA) said…

September 21, 2021
Crude Futures Climb in Wake of Ida’s Destruction; Production, Pipeline and Refining Uncertainty Persists

Crude Futures Climb in Wake of Ida’s Destruction; Production, Pipeline and Refining Uncertainty Persists

Oil and natural gas companies scrambled on Monday to determine the extent of damage to refineries, pipelines and offshore platforms in the immediate aftermath of the former Hurricane Ida, which made landfall in Louisiana packing winds near 150 mph. Ida battered Louisiana Sunday night as a Category 4 hurricane, delivering storm surges and flooding rains.…

August 30, 2021
Pandemic’s Buoyancy Raises New Concerns About U.S. Natural Gas, Oil Demand

Pandemic’s Buoyancy Raises New Concerns About U.S. Natural Gas, Oil Demand

The economic impact of the Covid-19 Delta variant already threatens demand for oil and could dampen consumption of U.S. natural gas, particularly exports to Asia, if new restrictions imposed to slow the virus’ spread in China drag deep into 2021. In the United States, overall case totals and hospitalizations remain lower than the highs reached…

August 23, 2021
Bakken Oil, Natural Gas Production Yet to Awaken from Covid Slumber

Bakken Oil, Natural Gas Production Yet to Awaken from Covid Slumber

New data has shown that oil and natural gas production in North Dakota’s Bakken Shale fell in June from May, as Department of Mineral Resources director Lynn Helms said output was struggling following last year’s pandemic. “The Covid-19 pandemic sort of put the industry to sleep, and it is struggling somewhat to wake up,” Helms…

August 20, 2021
Strong Week for Eagle Ford, Williston Sends U.S. Rig Count Sharply Higher

Strong Week for Eagle Ford, Williston Sends U.S. Rig Count Sharply Higher

The Eagle Ford Shale and Williston Basin led a surge in U.S. onshore drilling activity during the week ended Friday as the domestic rig count rose nine units to an even 500, according to the latest figures from Baker Hughes Co. (BKR). Ten oil-directed rigs were added in the United States for the week, offsetting…

August 13, 2021
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