Oil prices

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
Devon Touts Permian Production but Overall Expense Control Even as Oil Nears $100

Devon Touts Permian Production but Overall Expense Control Even as Oil Nears $100

Devon Energy Corp. grew production in the Permian Basin in 2021 and expects to further ramp up in the prolific oil and natural gas region amid lofty crude prices this year. However, executives said they will hold the line on overall output in 2022, as uncertainty about long-term global energy needs outshine current surges in…

February 17, 2022
U.S. Oil Prices Reach Highest Level Since 2014 as Economy Weathers Omicron, Demand Climbs

U.S. Oil Prices Reach Highest Level Since 2014 as Economy Weathers Omicron, Demand Climbs

Benchmark U.S. crude prices reached a seven-year on Friday and capped a seventh-consecutive week of gains against a backdrop of mounting demand, economic momentum and global supply uncertainty. West Texas Intermediate (WTI) oil eclipsed $92/bbl, the highest level since October 2014 and up more than 20% this year – after rebounding 40% in 2021. Brent…

February 4, 2022
Supercycle Underway for Natural Gas, Oil Markets, Says Schlumberger CEO

Supercycle Underway for Natural Gas, Oil Markets, Says Schlumberger CEO

A steady recovery in global energy demand, combined with tighter natural gas and oil supplies,  are creating favorable conditions for activity in the year ahead, Schlumberger Ltd. CEO Olivier Le Peuch said Friday. The largest oilfield services (OFS) company in the world unveiled its strong fourth quarter results, with Le Peuch detailing the outlook and…

January 21, 2022
With Demand Strong and Worst Omicron Fears Eased, a Path Clears for $100 Oil in 2022

With Demand Strong and Worst Omicron Fears Eased, a Path Clears for $100 Oil in 2022

With global benchmark oil prices already hovering around $80/bbl on strong demand early in the year — despite a surge in coronavirus cases — analysts said consumption could reach record levels this year and potentially drive the cost of crude into the triple digits.

January 11, 2022
U.S., Global Oil Prices Poised to Extend Rebound into New Year

U.S., Global Oil Prices Poised to Extend Rebound into New Year

Despite a November lull imposed by the Omicron variant of the coronavirus, crude prices in the United States and globally were positioned Thursday to finish 2021 up more than 50% on the year, led upward by mounting demand for travel fuels and heating oil that outshined modestly increased production levels. West Texas Intermediate (WTI) oil…

December 30, 2021
Texas, Louisiana and New Mexico Energy Execs Optimistic on ‘22 Natural Gas, Oil Prices

Texas, Louisiana and New Mexico Energy Execs Optimistic on ‘22 Natural Gas, Oil Prices

Executives in the energy breadbasket of the country are forecasting Henry Hub natural gas prices to average $4.06/MMBtu at the end of 2022, according to the latest quarterly survey by the Federal Reserve Bank of Dallas. The Dallas Fed, as it is known, every three months surveys exploration and production (E&P) companies and oilfield services…

December 30, 2021