Oil prices

U.S. Midstreamers Eyeing Potential Gains in Permian, Beyond, but Need Oil Prices to Cooperate

U.S. Midstreamers Eyeing Potential Gains in Permian, Beyond, but Need Oil Prices to Cooperate

The U.S. economy’s reopening amid the Covid-19 pandemic jump-started the oil and natural gas midstream recovery in the second half of 2020. But, the recent rise in oil prices could spur renewed activity in a handful of basins, benefiting some operators in the year ahead. A Raymond James & Associates Inc. team, led by analysts…

January 12, 2021
Midcontinent Execs See ‘Substantial’ Jump in Drilling When Oil Averages $56, Natural Gas at $3.28

Midcontinent Execs See ‘Substantial’ Jump in Drilling When Oil Averages $56, Natural Gas at $3.28

Oil and natural gas activity in the Midcontinent expanded moderately in the final three months of 2020, but it still lagged year-ago levels, according to a survey by the Federal Reserve Bank of Kansas City. Energy operators also said they need West Texas Intermediate (WTI) oil to average $56/bbl “for a substantial increase in drilling…

January 11, 2021
Markets Shrug Off Weather Worries, Push Up February Natural Gas Futures

Markets Shrug Off Weather Worries, Push Up February Natural Gas Futures

Natural gas futures slipped early on Monday following forecasts for mild weather and diminished heating demand. However, they rebounded in afternoon trading and finished in the green amid anticipation of a late-month surge in frigid temperatures. The February Nymex gas futures contract settled at $2.747/MMBtu, up 4.7 cents day/day after falling more than 10 cents…

January 11, 2021
Dallas Fed Survey Finds ‘Signs of Improvement,’ Optimism in 2021 for U.S. Oil, Gas Sector

Dallas Fed Survey Finds ‘Signs of Improvement,’ Optimism in 2021 for U.S. Oil, Gas Sector

U.S. energy executives remain wary about the outlook for the oil and natural gas markets this year, and are relying on moderate commodity prices as they finesse their 2021 capital spending plans, according to a recent survey by the Federal Reserve Bank of Dallas. The Dallas Fed, as it is better known, every quarter surveys…

January 7, 2021
Saudis Agree to Slash Oil Production, Sending WTI Above $50 For First Time Since Early 2020

Saudis Agree to Slash Oil Production, Sending WTI Above $50 For First Time Since Early 2020

Saudi Arabia on Tuesday announced it would cut oil production by a stunning 1 million b/d in February and March, sending crude prices to a 10-month high. The news came at the conclusion of the latest monthly meeting of the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus. Saudi Arabia leads the…

January 5, 2021
Workforce in Texas Upstream Energy Sector Contracts in November After Two Months of Growth

Workforce in Texas Upstream Energy Sector Contracts in November After Two Months of Growth

The number of total jobs in Texas’ upstream sector dipped in November after showing positive gains in October and November, driven principally by layoffs in the services sector.  The Texas Independent Producers & Royalty Owners Association (TIPRO) reported new government data showing that the sector experienced a decline of 2,300 jobs in November compared to…

December 24, 2020
U.S. E&P Bankruptcies Offsetting Lower 48 Growth, with Big Losses Forecast in Oil Output

U.S. E&P Bankruptcies Offsetting Lower 48 Growth, with Big Losses Forecast in Oil Output

The voluntary bankruptcies by U.S. exploration operators have continued to mount, with Lower 48 oil production by the insolvent companies set to decrease from current volumes by around 25%, or 200,000 b/d, at the end of 2021, according to a Rystad Energy analysis. “Operated oil production from the recent Chapter 11 filings is heavily weighted…

December 18, 2020
U.S. Crude Oil Inventory Declines; Weekly Demand Increases But Remains Modest, EIA Says

U.S. Crude Oil Inventory Declines; Weekly Demand Increases But Remains Modest, EIA Says

After jumping a week earlier, domestic oil inventories dropped during the week ended Dec. 11, the U.S. Energy Information Administration (EIA) said Wednesday.   EIA said in its Weekly Petroleum Status Report that U.S. commercial crude oil inventories — excluding those in the Strategic Petroleum Reserve — decreased by 3.1 million bbl from the prior week.…

December 17, 2020
‘Smelling Salts’ Awaken Natural Gas Futures After ‘Quite Strong’ EIA Report; Cash Mixed

‘Smelling Salts’ Awaken Natural Gas Futures After ‘Quite Strong’ EIA Report; Cash Mixed

Natural gas bulls were on parade Thursday as the stars aligned to offer support for struggling futures prices. Thanks to lower production, a “quite strong” storage withdrawal, cooler-trending weather outlooks and solid export demand, the January Nymex futures contract settled 11.1 cents higher at $2.553. February jumped 11.4 cents to $2.570. Spot gas prices continued…

December 10, 2020
November Showed More Job Gains for U.S. OFS Sector, but Uncertainty Still Prevails

November Showed More Job Gains for U.S. OFS Sector, but Uncertainty Still Prevails

Oilfield equipment and services jobs in the United States climbed slightly in November for the third month in a row, but it’s still a tough slog with pandemic-related job losses down by nearly 92,000, according to a new analysis. The Petroleum Equipment & Services Association (PESA) said the domestic oilfield services (OFS) and equipment sectors…

December 10, 2020
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