Oil prices

Lofty oil and natural gas prices played outsized roles in fueling spikes in inflation this year. November proved no exception, with price increases reaching a pace last recorded nearly four decades ago. The U.S. Bureau of Labor Statistics (BLS) said Friday the consumer price index surged 6.8% in November from the same month a year…

Mounting output from the Organization of the Petroleum Exporting Countries (OPEC) and its allies and lofty global natural gas prices are widening the spread between sweet and sour crude prices, the U.S. Energy Information Administration (EIA) said Friday. While crude prices have recently come off 2021 highs in large part because of coronavirus resurgence concerns,…

Russia, Saudi Arabia and other top oil producing countries plan to keep pumping more crude into early 2022, despite worries about the coronavirus Omicron variant and the potential for easing demand. The Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies, collectively known as OPEC-plus, said Thursday they would boost production by…

Intercontinental Exchange Inc. (ICE) said Tuesday it would rename its Permian West Texas Intermediate (WTI) contract as part of a previously announced plan for the physical delivery of crude in the Houston area. It is to be rebranded as ICE Midland WTI American Gulf Coast (Midland WTI AGC). Currently, the ICE Permian WTI futures contract…

Banks that lend to natural gas and oil producers have substantially raised their price expectations for both commodities, according to the latest biannual Energy Bank Price Deck Survey conducted by Haynes and Boone LLP. The law firm conducts spring and fall editions of the survey each year to capture the expectations of energy banks for…

Pioneer Natural Resources Co. CEO Scott Sheffield foresees continued tightening in the oil market over the next few years as spare capacity is drawn down and producers continue prioritizing returns over volumes. During a recent conference call to discuss third quarter earnings for the Permian Basin pure-play, Sheffield predicted that spare production capacity within the…

After averaging $84/bbl in October, Brent crude oil spot prices are on track to remain near current levels through the end of 2021, according to updated forecasting from the Energy Information Administration (EIA). The agency said in its latest Short-Term Energy Outlook (STEO), published Tuesday, that it expects Brent crude spot prices to average $82…

Diamondback Energy Inc. does not plan to grow its Permian Basin oil production next year despite the bullish outlook for prices, management said Tuesday. CEO Travis Stice told analysts during the third quarter 2021 earnings call that, “In order to initiate a moderate growth plan, we would need to see material changes to global oil…

Precision Drilling Corp., an oilfield services behemoth whose reach extends across Canada, the United States and into international markets, is seeing “ the most promising backdrop for our business that we have experienced in almost a decade,” CEO Kevin Neveu said Thursday.  The bullish views have led the Calgary-based operator to pump up its capital…