Oil prices

The rebound in oil prices since the lows of April is expected to slow and future gains will depend on a variety of factors including the strength of oil demand and a global economic recovery as the world still wrestles with the Covid-19 pandemic, according to Moody’s Investors Service. Moody’s expects constrained oil supply to…

The Covid-19 pandemic’s crushing impact to energy demand and prices has led the Organization of the Petroleum Exporting Countries, aka OPEC, to again reduce its forecast for oil into 2020. The International Energy Agency (IEA) on Tuesday also reduced for the second consecutive month its outlook for oil demand. IEA also warned that Covid-19 may…

Oil and natural gas market conditions heading into September are not trending in an optimistic direction for the U.S. industry, with the continued presence of Covid-19 cases casting a pall over energy demand, according to Haynes and Boone LLP. In an updated Oil Patch Bankruptcy Monitor report published Monday, the Dallas-based law firm said the…

Northern Oil and Gas Inc., which up to now has kept its focus on the Williston Basin, said it has acquired a working interest in Permian Basin acreage operated by EOG Resources Inc. On the deal, Northern revised higher its third quarter production guidance to 25,000-30,000 boe/d. Minnetonka, MN-based Northern said it expects production from…

The market disruption from Covid-19 is forecast to unsettle long-term energy consumption patterns and heighten price volatility, with better financed operators ready to pounce on distressed Lower 48 assets, according to Moody’s Investors Service. An extended oil price slump partly sparked by the pandemic, “will amplify disparities between stronger and weaker” exploration and production (E&P)…

Barring higher U.S. oil prices, about 150 more energy operators could face Chapter 11 bankruptcy filings through 2022, a new analysis by Rystad Energy indicated. The pandemic has burdened the upstream industry, hitting debt-ridden operators particularly hard, analysts noted. West Texas Intermediate (WTI) oil has risen above $40/bbl, but exploration and production (E&P) companies and…

Houston-based Covenant Testing Technologies LLC said Tuesday it is combining with Stuart Pressure Control to provide well flow and pressure control for operators across the Lower 48. The tie-up is designed to expand services for exploration and production companies in the Permian and Denver-Julesburg basins, as well as the Eagle Ford and Haynesville shales. “In…

North Dakota’s oil production remains depressed, but output is expected to exceed 1 million b/d in the coming months, according to the Department of Mineral Resources (DMR). During a webinar to discuss the latest statistics, DMR Director Lynn Helms said he expects rising oil prices should lead to more shut-in wells being brought online in…

Nearly all of the curtailed U.S. onshore oil volumes shut-in as Covid-19 hampered demand are set to return by the end of the third quarter amid stronger oil prices and a generally brighter market outlook, according to a new analysis by Rystad Energy. The Oslo-based consultancy analyzed the curtailment reactivation schedules of 25 publicly traded…