oil storage

U.S. crude production held even for a third consecutive week as global supply concerns intensified amid sanctions against Russia’s energy complex, the U.S. Energy Information Administration (EIA) said Thursday. EIA said oil inventories for the week ended May 27, excluding those in the Strategic Petroleum Reserve, dropped by 5.1 million bbl from the previous week.…

Brent crude oil prices are on track to average $107/bbl in the second quarter and $103 in the second half of this year, with low inventories creating the potential for “significant price volatility,” according to the latest projections from the Energy Information Administration (EIA). Brent spot prices averaged $105 in April, a $13 sequential decrease,…

After reaching 2022 highs in April, U.S. oil producers posted a modest decline in activity last week, while demand also ticked down amid high prices, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the period ended May 6 totaled 11.8 million b/d, according to EIA’s latest Weekly Petroleum Status Report. That was down…

Cowboy Midstream LLC is set to bring online a crude oil truck offload facility in the Powder River Basin (PRB) next month. The Casper, WY-based midstream provider began construction on the Ross Road Terminal in October. The terminal is being built along Cowboy’s Powell Lateral II Pipeline, to which the terminal would be connected.  The…

Soaring energy prices – driven most recently by spikes in crude – helped drive the U.S. inflation rate to a 40-year high in January, creating both opportunity and risk for oil and natural gas companies. The U.S. Bureau of Labor Statistics (BLS) said Thursday the consumer price index (CPI) jumped 7.5% in January from the…

Domestic crude stocks increased for the fourth time in five weeks as upticks in imports and production more than offset rising demand, the U.S. Energy Information Administration (EIA) said Wednesday. EIA said oil inventories for the week ended Nov. 19, excluding those in the Strategic Petroleum Reserve (SPR), increased by 1.0 million bbl from the…

Domestic oil stocks increased for a third consecutive week as demand for petroleum products, including gasoline and jet fuel, declined in tandem with soaring prices.   The U.S. Energy Information Administration (EIA) said Thursday oil inventories for the week ended Oct. 8, excluding those in the Strategic Petroleum Reserve, increased by 6.1 million bbl from the…

A continued recovery in global oil demand should lead to higher prices going forward, but growth in output may be restrained in 2022 as producers continue to prioritize the balance sheet, Moody’s Investors Service said Thursday. Other analysts also expect to see oil prices climb, as mobility throttles higher and economies recover from the deep…

Demand for U.S. petroleum increased last week, while production held well below pre-pandemic levels and continued a summer-long trend, the U.S. Energy Information Administration (EIA) said Wednesday.  Meanwhile, U.S. commercial oil inventories in the week ended July 30 — excluding those in the Strategic Petroleum Reserve – increased by 3.6 million bbl from the previous…