Daily News

Oil pressured by high U.S. crude exports; drop in crude stocks prevent bigger fall

Oil prices dipped lower on Friday as investor concerns about high U.S. crude exports outweighed an unexpected drop in oil inventories in the world’s biggest fuel consumer. U.S. West Texas Intermediate (WTI) crude futures were at $62.74 a barrel at 0750 GMT, down 3 cents from their last settlement. Brent crude futures were down 2 […]

By February 23, 2018 0 Comments Read More →

US shale investors still waiting on payoff from oil boom

U.S. oil production has topped 10 million barrels per day, approaching a record set in 1970, but many investors in the companies driving the shale oil revolution are still waiting for their payday. Shale producers have raised and spent billions of dollars to produce more oil and gas, ending decades of declining output and redrawing […]

By February 23, 2018 0 Comments Read More →

Oil slips to $66 a barrel as U.S. output offsets OPEC curbs

Oil slipped to $66 a barrel on Friday, under pressure from concerns that rising U.S. oil output and exports will offset OPEC-led attempts to erode stockpiles with output curbs. U.S. oil production last week was steady at 10.27 million barrels per day, a record level if confirmed by monthly figures. Crude exports jumped to more […]

By February 23, 2018 0 Comments Read More →

Oil prices move higher after Libyan oil field evacuated

A mixed report on total U.S. petroleum inventories and word of labor-related issues in OPEC-member Libya helped lift oil prices early Thursday. Crude oil prices have been moving in volatile territory since pulling back from multi-year highs from early January. A selloff in the equities market spilled over into commodities and some analysts have wondered […]

By February 23, 2018 0 Comments Read More →

Oil falls as stronger dollar eclipses U.S. inventory drop

EIA’s recently released Annual Energy Outlook 2018 (AEO2018) Reference case projects that U.S. tight oil production will generally increase through the early 2040s, when it will surpass 8.2 million barrels per day (b/d) and account for nearly 70% of total U.S. production. Tight oil production made up 54% of the U.S total in 2017. Development […]

By February 22, 2018 0 Comments Read More →

OPEC balancing act depends on over-performance

Compliance with the OPEC-led effort to balance the market with production cuts was supported by “several over-performing countries,” a committee said. The Organization of Petroleum Exporting Countries, with support from non-member states like Russia, are in year two of an effort to drain a surplus from the five-year average of crude oil inventories held by […]

By February 22, 2018 0 Comments Read More →

Apache Corp. looks beyond U.S., but bets heavy on shale

From the Permian shale basin in Texas, to emerging potential in Egypt, U.S. energy company Apache Corp. said it expects to see an active 2018. Apache ended 2017 with $1.7 billion in cash on hand, a 21 percent improvement from the year prior. That was supported, however, by about $1.4 billion in the sale of […]

By February 22, 2018 0 Comments Read More →

Continental Resources posts record for Bakken shale production

Net production from the Bakken shale reservoir in North Dakota set an all-time high for the company in the fourth quarter, Continental Resources said. Continental is one of the more active U.S. shale players, with its average of six rigs in the Bakken shale planned this year representing about 10 percent of the total active […]

By February 22, 2018 0 Comments Read More →

Foes blast Trump on offshore drilling; industry pushes back

Environmental activists, business groups and a retired U.S. Navy admiral in Virginia blasted the Trump Administration’s offshore drilling plan Wednesday, claiming that it would interfere with military training near the world’s largest Navy base and imperil the coast’s tourism and fishing industries. The group converged near a hotel conference room in Richmond, the Virginia capital, […]

By February 22, 2018 0 Comments Read More →

Oil prices mixed despite OPEC chatter on long-term coordination

Chatter from OPEC wasn’t enough to offset a slowdown in the OECD economies in the fourth quarter, leaving crude oil prices mixed in early Tuesday trading. Crude oil prices gained some ground Monday in a trading session lightened by the U.S. federal holiday. The price for Brent crude oil, the global benchmark, has fallen from […]

By February 21, 2018 0 Comments Read More →