Oil

Enbridge Inc. served notice Tuesday that Canadian oil would continue to flow across the Straits of Mackinac regardless of an order by Michigan’s executive branch to shut down the 540,000 b/d Line 5 in mid-May. Gov. Gretchen Whitmer and Attorney General Dana Nessel have no power to enforce their notice issued in November that the…

The U.S. economy’s reopening amid the Covid-19 pandemic jump-started the oil and natural gas midstream recovery in the second half of 2020. But, the recent rise in oil prices could spur renewed activity in a handful of basins, benefiting some operators in the year ahead. A Raymond James & Associates Inc. team, led by analysts…

A two-year trend of rising proved reserves of oil and natural gas in the United States hit a snag in 2019 as prices declined, according to the Energy Information Administration (EIA). Proved reserves of oil increased 367 million bbl in 2019, while proved reserves of lease condensate produced from gas wells dropped 313 million bbl,…

A two-year trend of rising proved reserves of natural gas and oil in the United States ground to a halt amid a decline in prices in 2019, according to the Energy Information Administration (EIA). Natural gas proved reserves decreased 1.9% year/year in 2019 to 494.9 Tcf from 504.5 Tcf. This is the first annual decrease…

The North American oil and natural gas midstream sector is certainly not “out of the woods,” but 2021 could look relatively “normal” in 2021, according to Raymond James & Associates Inc. Though driven largely by supply, the Raymond James team remains bullish on the price outlook across the hydrocarbon spectrum. The analysts said the demand-pull…

Global exploration operators are ready to get back to business in oil and natural gas onshore and offshore, with the international players likely to shell out more funds this year than their Lower 48 compadres. Energy analysts in recent weeks have begun offering their takes on the likely pace of activity and potential capital expenditures…

U.S. crude oil stocks declined by 8 million bbl during the week ended Jan. 1, although demand for petroleum products also fell sharply for the period, according to updated statistics published Wednesday by the Energy Information Administration (EIA). EIA said in its latest Weekly Petroleum Status Report that domestic crude inventories, excluding the Strategic Petroleum…

A multiyear effort by the Trump administration to promote oil and gas exploration and production (E&P) on federal lands in Alaska continues to advance as his presidency winds to a close. U.S. District Court Judge Sharon Gleason in Alaska ruled Tuesday that an oil and gas lease sale for tracts within the Alaska National Wildlife…

Failure to revive a mothballed production project prompted Calgary-based Suncor Energy Inc. to announce Tuesday a C$425 million ($319 million) write down on its 27.5% share of an oilfield offshore of Newfoundland. Suncor said majority owner Husky Energy Inc. stranded a 200 million bbl White Rose field addition by suspending construction when the Covid-19 virus…