Oil

U.S. exploration and production (E&P) companies are completing wells at record rates, outpacing new wells by nearly 250 a month, according to Raymond James & Associates Inc. Analyst John Freeman in a note to clients Monday said the domestic count of drilled but uncompleted wells, aka DUCs, has dropped by nearly 3,300 from nearly 9,000…

Increased activity in the Permian Basin and Eagle Ford Shale helped push the U.S. rig count nine units higher to 512 during the week ended Friday (Sept. 17), according to the latest data from Baker Hughes Co. (BKR). A 10-rig increase in oil-directed drilling offset a one-rig decline in natural gas-directed rigs in the United…

Global oil demand in 2022 is gathering pace to exceed pre-pandemic levels, the Organization of the Petroleum Exporting Countries (OPEC) said Monday. In its Monthly Oil Market Report, the cartel said the Covid-19 Delta variant put a crimp in forecasts for the second half of 2021. However, economic growth worldwide in 2021 and 2022 remains…

Fitch Ratings Inc. has substantially raised its Henry Hub and European natural gas price assumptions through 2022, citing “strong year-to-date prices, recovering demand and supply challenges.” “U.S. gas prices have…benefited from heightened weather-driven demand, as well as U.S. dry and associated gas production discipline,” the credit ratings analysts said, adding that liquefied natural gas (LNG)…

Ida came in like the major hurricane she was, temporarily reversing the course of the Mississippi River and shutting down nearly all of the natural gas and oil produced in the Gulf Mexico (GOM). The aftermath also is looking to be long and difficult as thousands of people may be without power into the fall.…

Associated natural gas production from U.S. onshore oil plays fell in 2020, marking the first year/year decline in output since 2016, the Energy Information Administration (EIA) said in a research note published Monday. Production of associated gas from the Permian and Anadarko basins, as well as from the Bakken, Eagle Ford and Niobrara shales, fell…

Natural gas and oil production is predicted to increase in September month/month in the seven key producing regions of the Lower 48, according to the Energy Information Administration (EIA).  The EIA’s monthly Drilling Productivity Report (DPR), issued on Monday, highlights forecast activity in the Anadarko, Appalachia and Permian basins, Bakken, Eagle Ford and Haynesville shales,…

The U.S. natural gas rig count dropped one unit to 102 for the week ended Friday (Aug. 13), while a surge in the oil patch drove a sharp increase in the combined domestic drilling tally, according to the latest figures from Baker Hughes Co. (BKR). Ten oil-directed rigs were added in the United States for…

The United States gained three drilling rigs for the week ending Friday (Aug. 6), all working in the Lower 48, according to Baker Hughes Co. (BKR).  There were 491 active rigs total in the U.S. onshore and Gulf of Mexico (GOM), compared with 247 for the same period of 2020. The weekly rig tally is…