oil storage

With Oil Production Flat, U.S. Inventories Drop; OPEC-Plus to Ramp Up Output

With Oil Production Flat, U.S. Inventories Drop; OPEC-Plus to Ramp Up Output

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.…

June 2, 2022
EIA Predicts $103 Crude Later in 2022 as Low Inventories Create Recipe for Volatility

EIA Predicts $103 Crude Later in 2022 as Low Inventories Create Recipe for Volatility

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,…

May 11, 2022
U.S. Crude Production, Demand Edge Lower; Storage Supplies Increase

U.S. Crude Production, Demand Edge Lower; Storage Supplies Increase

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…

May 11, 2022
Cowboy Saddles Up for PRB Crude Offload Terminal

Cowboy Saddles Up for PRB Crude Offload Terminal

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…

March 11, 2022
Accelerating Inflation Presents Natural Gas, Oil Companies Potential for Profits and Pitfalls

Accelerating Inflation Presents Natural Gas, Oil Companies Potential for Profits and Pitfalls

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…

February 10, 2022
With Output and Imports Up, U.S. Oil Inventories Climb; Markets Anticipate OPEC, Allies’ Next Move

With Output and Imports Up, U.S. Oil Inventories Climb; Markets Anticipate OPEC, Allies’ Next Move

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…

November 24, 2021
U.S. Crude Inventories Mount as Prices Surge and Petroleum Demand Tapers

U.S. Crude Inventories Mount as Prices Surge and Petroleum Demand Tapers

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…

October 14, 2021
Brent Oil Prices Forecast to Advance, but E&Ps Still Prioritizing Bottom Line

Brent Oil Prices Forecast to Advance, but E&Ps Still Prioritizing Bottom Line

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…

October 7, 2021
U.S. Petroleum Demand Holds Strong, as Crude Production Flattens, EIA Says

U.S. Petroleum Demand Holds Strong, as Crude Production Flattens, EIA Says

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…

August 5, 2021
U.S. Crude Inventories Fall Further, Setting 2021 Low as Petroleum Demand Mounts

U.S. Crude Inventories Fall Further, Setting 2021 Low as Petroleum Demand Mounts

As both domestic and global demand for travel fuels derived from oil builds, domestic crude inventories dropped substantially for a third straight week, the U.S. Energy Information Administration (EIA) said Wednesday. Excluding those in the Strategic Petroleum Reserve, domestic oil inventories for the week ended July 2 decreased by 6.9 million bbl from the previous…

July 8, 2021
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