Oil

Well completions in North America have nearly recovered to pre-pandemic levels, with hydraulic fracturing jobs reaching a 12-month high in March, according to Rystad Energy. Nowhere are completions climbing faster than in the Permian Basin, analysts said. The data is borne out by the rising rig count in West Texas and southeastern New Mexico. The…

Four major hurricanes are forecast to storm through the Atlantic Basin this year, with at least one likely making landfall on the U.S. coastline, according to meteorologists at Colorado State University (CSU). “We anticipate an above-average probability for major hurricanes making landfall along the continental United States coastline and in the Caribbean,” said CSU forecasters…

U.S. oil inventories shrunk for a second consecutive week despite a demand drop amid a gradual recovery in economic activity and mixed coronavirus vaccine rollouts. In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said Wednesday crude inventories for the week ended April 2 — excluding those in the Strategic Petroleum…

Global commodity trader Vitol said Tuesday its activity in the energy markets declined last year along with demand as the Covid-19 pandemic raged on.  The world’s top oil trader, and a dominant force in the still-developing liquefied natural gas (LNG) markets, saw both oil and LNG trading fall.  “The extraordinary market conditions in the initial…

U.S. oil inventories decreased for the first time in five weeks as demand rebounded, the U.S. Energy Information Administration (EIA) said Wednesday. In its Weekly Petroleum Status Report, EIA said crude inventories — excluding those in the Strategic Petroleum Reserve — fell by 900,000 bbl from the previous week. Still, at 501.8 million bbl, U.S.…

The Bureau of Land Management (BLM) plans to incorporate potential climate impacts into a revamped resource management plan (RMP) for oil and gas leasing in western Colorado that covers nearly one million acres. The U.S. District Court for the District of Colorado last week approved the Interior Department agency’s request to remand the 20-year RMP…

MMEX Resources Corp. said it plans to produce hydrogen and sequester carbon at one of its existing crude oil and distillation sites in West Texas, with an eye to expanding operations across the state. The Fort Stockton, TX-based operator focuses on acquiring, developing and financing oil and gas refining and infrastructure projects in Texas and…

Another round of healthy gains in the oil patch pushed the U.S. rig count six units higher to 417 for the week ended Friday (March 26), according to data from oilfield services provider Baker Hughes Co. (BKR). After adding nine rigs in the previous week, the domestic oil patch picked up an additional six rigs…

Domestic crude oil inventories increased by nearly 2 million bbl last week, the U.S. Energy Information Administration (EIA) said Wednesday, marking a fourth-straight week of swelling stocks amid lingering demand weakness. In its Weekly Petroleum Status Report (WPSR), EIA said overall demand in the week ended March 19 fell 1% week/week and was off 4%…