Oil prices

Covid-19’s impact on demand has tossed aside forecasts for the oil and gas industry, but there’s still a solid future for the fossil-fueled world, the chief of National Oilwell Varco Inc. (NOV) said Tuesday. During a conference call to discuss second quarter performance, CEO Clay Williams said the downturn from the coronavirus is unlike anything…

It’s now a waiting game for the Dakota Access Pipeline (DAPL) after both sides in the oil pipeline’s ongoing legal battle have had their say regarding the motion to stay a lower court’s order to temporarily shut and empty the system. In a filing Thursday (July 23) in the U.S. Court of Appeals for the…

Permian Basin pure-play Ring Energy Inc., which in late April curtailed nearly all of its Delaware sub-basin output, is ramping up, with production now approaching 9,000 boe/d net. In an update late Wednesday, the Midland, TX-based independent said it began flowing oil again in early June when commodity prices were improving and price differentials were…

A spike in coronavirus cases in some parts of the world was again pressuring commodity prices Monday as concerns over energy demand persisted. Oil moved lower as the week got underway, but gained slightly with the Brent September contract finishing at $43.28/bbl. In the United States, natural gas prices failed to rally last week even…

After declining by 20% this spring in part on the Covid-19 pandemic, Canadian oil and natural gas liquids production will only achieve partial recovery into the first half of 2021, according to the U.S. Energy Information Administration (EIA). The Covid-19 pandemic and unstable commodity prices lopped 1.1 million b/d off 2019 supplies of 5.5 million…

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, has agreed to ease coordinated oil production cuts to 7.7 million b/d from the August-December period from the May-July amount of 9.7 million b/d. The decision announced Wednesday to start turning the taps back on comes amid a tightening of the global supply/demand…

Global oilfield operator Forum Energy Technologies Inc. said Tuesday second quarter revenue is projected to plunge 37-40% sequentially because of the sharp decline in U.S. oil and gas drilling. The Houston-based operator expects quarterly revenue to be $110-115 million, down by as much as 40% from the first three months of this year. Free cash…

The decline in the U.S. oil and natural gas rig count may be close to a bottom, and the current commodity strip could allow activity to grind higher, according to Raymond James & Associates Inc. Analysts Praveen Narra and Kirk Presley Sr. in a note to clients said most of the pain of the downturn…

Deflating oil and natural gas production from seven of the most prolific U.S. onshore unconventional plays is expected to continue in August, according to the Energy Information Administration (EIA).  Total oil production from the Anadarko, Appalachian and Permian basins, and the Bakken, Eagle Ford, Haynesville and Niobrara formations is expected to decline to 7.49 million…