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Domestic Crude Production Holds Strong; OPEC-Plus Advisers Stick With Output Cuts

Domestic Crude Production Holds Strong; OPEC-Plus Advisers Stick With Output Cuts

U.S. oil producers remained active through January, with output last week holding at a pandemic-era high as it did across the month and in late 2022. The U.S. Energy Information Administration (EIA) said Wednesday production for the period ended Jan. 27 stood at 12.2 million b/d – on par with the prior week and the…

February 1, 2023
Matador Snagging More Permian Acreage in $1.6B-Plus Deal to Buy Advance Energy

Matador Snagging More Permian Acreage in $1.6B-Plus Deal to Buy Advance Energy

Matador Resources Co. has bolted on its largest deal yet in the Permian Basin in an agreement to acquire Advance Energy Partners Holdings LLC, with assets in New Mexico and West Texas.  The independent is providing an initial cash payment of  $1.6 billion, with an additional $7.5 million total paid monthly in 2023 if the…

January 25, 2023
Domestic Crude Inventories Decline, While Global Consumption Rising

Domestic Crude Inventories Decline, While Global Consumption Rising

U.S. crude inventories fell by 7.06 million bbl for the week ending Friday (Aug. 12), a much larger draw than expected, the Energy Information Administration (EIA) said. In the weekly petroleum report issued on Wednesday, EIA said the inventory declined compared to a build of 5.5 million bbl in the previous week. The American Petroleum…

August 17, 2022
U.S. Crude Production Flat Amid Global Supply Worries; OPEC-Plus on Deck

U.S. Crude Production Flat Amid Global Supply Worries; OPEC-Plus on Deck

American oil producers were active by 2022 standards last week. However, total output held flat for the third straight period and remained far below pre-pandemic levels, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ending April 29 totaled 11.9 million b/d, according to EIA. That was on par with the high…

May 4, 2022
Earnings Season to Shed Light on Ability of E&Ps to Profit on High Natural Gas, Oil Prices

Earnings Season to Shed Light on Ability of E&Ps to Profit on High Natural Gas, Oil Prices

Lofty energy prices, driven by steady demand and global supply shocks imposed by Russia’s invasion of Ukraine, present U.S. exploration and production (E&P) companies both profit opportunity and potential hazard. As the first quarter E&P earning season gets in full swing over the coming weeks, markets are expected to focus on whether companies are able…

April 25, 2022
Energy Execs Forecast Stronger Henry Hub and WTI Prices in 2022, Along with Higher Costs

Energy Execs Forecast Stronger Henry Hub and WTI Prices in 2022, Along with Higher Costs

Executives in the energy breadbasket of the country are forecasting Henry Hub natural gas prices to average $4.06/MMBtu at the end of 2022, according to the latest quarterly survey by the Federal Reserve Bank of Dallas. The Dallas Fed, as it is known, every three months surveys exploration and production (E&P) companies and oilfield services…

December 29, 2021
Against Backdrop of Omicron Worries, EIA Predicts $71 Brent for December

Against Backdrop of Omicron Worries, EIA Predicts $71 Brent for December

As the recent discovery of the Covid-19 Omicron variant has renewed concerns about a potential decline in consumption, Brent crude oil spot prices are set to average $71/bbl in December and $73 through the first quarter of 2022, according to updated projections from the Energy Information Administration (EIA). In an updated forecast published Tuesday as…

December 8, 2021
Oil, Gas Activity Accelerates as Prices Soar, Energy Companies Tell Kansas City Fed

Oil, Gas Activity Accelerates as Prices Soar, Energy Companies Tell Kansas City Fed

As oil and natural gas prices surged, drilling and energy business activity across the Federal Reserve Bank of Kansas City’s footprint hastened in the third quarter, results of a new survey show. The Kansas City Fed, as it is commonly known, said its quarterly Tenth District Energy Survey found that oil and gas firms collectively…

October 11, 2021
Decline at Oklahoma’s Cushing Hub Leads Downward Slide in U.S. Oil Stocks, EIA Says

Decline at Oklahoma’s Cushing Hub Leads Downward Slide in U.S. Oil Stocks, EIA Says

U.S. stockpiles of crude are down substantially this year amid rising demand and curtailed production, with inventories at the Cushing Hub in Oklahoma driving the downward trend. Stocks at Cushing totaled 32.9 million bbl for the week ended Sept. 10, down 42% from the start of the year, the U.S. Energy Information Administration (EIA) said…

September 21, 2021
Gulf Coast Refiners Facing Hit to Bottom Line After Deadly Mexico Blast; WTI Crude Prices Rise

Gulf Coast Refiners Facing Hit to Bottom Line After Deadly Mexico Blast; WTI Crude Prices Rise

Oil prices rose on Tuesday after a fire on a Petróleos Mexicanos (Pemex) processing platform in the Gulf of Mexico slashed 421,000 b/d from Mexico’s oil supply. West Texas Intermediate (WTI) for October settled at $67.54 on Tuesday, up $1.90 day/day. “Bottom pickers jumped into the void on the open on Sunday night, and then…

August 24, 2021
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