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Major oil companies open their wallets in Gulf of Mexico bidding

Royal Dutch Shell plc, Chevron Corp and Exxon Mobil Corp signaled the oil industry’s return to the Gulf of Mexico’s deep waters with high bids in a government auction up 76 percent over a year ago. The auction of offshore oil and gas parcels received nearly $275 million in high bids, compared with $156.4 million […]

Kinder Morgan starts open season for Permian natural gas pipeline Save to read list

Kinder Morgan Texas Pipeline LLC (KMTP) – a subsidiary of Kinder Morgan, Inc. (KMI) – has recently announced the start of a non-binding open season for firm natural gas transportation service on its proposed Gulf Coast Express Pipeline project. This project aims to provide an outlet for increased natural gas production from the Permian Basin […]

OPEC Out Of Moves As Goldman Sachs Expects Another Oil Glut In 2018

Oil prices are heading down again on swelling U.S. crude oil inventories, with Brent dropping below $50 per barrel for the first time this year. The OPEC deal that has taken more than 1 million barrels per day of oil off the market has not succeeded in reversing this bearish trend for inventories. And with […]

Libya’s Oil Production Rebounds Back to Level Before Clashes

Libya’s oil production has climbed back to the level before clashes disrupted output three weeks ago and forced the OPEC nation’s two biggest oil ports to halt shipments. Output is 700,000 barrels a day and the target is 800,000 barrels a day before the end of April, Mustafa Sanalla, chairman of state-run National Oil Corp., […]

Crude Oil Prices Rebound From Support, Selling Interest Persists

Oil prices were able to recover from support levels on Wednesday with a significant move higher later in the US session, but there was still selling interest on rallies with an underlying paring of long positions. The latest Energy Information Administration (EIA) data recorded an increase in inventories of 4.95 million barrels compared with an expected […]

Oil Prices Fall as Crude Stocks Hit New Record

Oil prices slid to four-month lows on a U.S. government report that showed U.S. crude oil inventories rose to a new record last week. According to the Energy Information Administration, crude stocks hit 533.1 million barrels after surging 5 million barrels in the week to March 17, nearly double analysts’ expectations for a 2.8 million-barrel […]

U.S. oil exports increased, spread across the globe in 2016, EIA says

U.S. oil exports climbed 12 percent last year even as domestic output dropped, bringing the nation’s overseas shipments to an average of more than half a million barrels a day, the Energy Department said Wednesday. Exporters sent crude shipments to more than two dozen countries in South America, Europe, Africa and Asia after the federal […]

Oil prices slide on bulging U.S. crude inventories

Oil prices slipped back towards three-month lows on Wednesday after data showed U.S. crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June. A deal between the Organization of the Petroleum Exporting Countries and some non-OPEC producers to reduce output by 1.8 million barrels per day (bpd) in the […]

Saudi Arabia ‘Losing Its Grip’ On Global Oil Supply

Saudi Arabia is increasingly unable to control the global oil supply because of rising energy production in the U.S., Russia and Iran. “Saudi Arabia is under extraordinary pressure both internally and externally,” Dr. Jean-Marc Rickli, a risk analyst at the Geneva Centre for Security Policy, told The Wall Street Journal. The world’s biggest crude exporter is […]

Oil’s Bad Timing Pressures Drillers as Banks Review Loans

How U.S. Inventories Are Offsetting OPEC Production Cuts The rally in global oil prices has stalled at the worst possible time for explorers, just as banks reassess credit lines crucial to their growth. This year’s reviews, due to start next month, will arrive with the industry nursing a nasty case of whiplash. Spot prices surged […]