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Exxon Mobil Expands With Permian Basin Terminal Acquisition

It seems like Exxon Mobil Corp. (NYSE: XOM) is located in just about every major oil and gas effort around the planet. After all, it is the largest American oil and gas company by far. Now Exxon is acquiring a crude oil terminal that will serve the growing Delaware Basin located within the Permian Basin. […]

Oil company proposes Arctic drilling from artificial island

America within a few years could be extracting oil from federal waters in the Arctic Ocean, but it won’t be from a remote drilling platform. Federal regulators are taking comments on a draft environmental statement for the Liberty Project, a proposal by a subsidiary of Houston-based Hilcorp to create an artificial gravel island that would […]

U.S. Import And Export Prices Increase More Than Expected In September

U.S. import and export prices both increased by more than anticipated in the month of September, according to a report released by the Labor Department on Tuesday. The report said import prices climbed by 0.7 percent in September after rising by 0.6 percent in August. Economists had expected import prices to increase by 0.5 percent. […]

Risk premium may be waning for oil prices

Disruptions to U.S. oil production from Hurricane Nate may support a risk-fueled rally in oil prices Tuesday, but concerns about global outages may be fading. Crude oil prices soared during the Monday session as tensions boiled over in the northern provinces of Iraq. Iraqi and Kurdish forces are sparring over control of the so-called disputed […]

Daily on Energy: Thank Mexico for natural gas exports

The U.S. is exporting 4 billion cubic feet per day to Mexico, Chris McGill, head of the trade group’s analysis arm, told reporters Tuesday morning as he discussed the outlook for the winter heating season. On top of the demand from Mexico, shipments of liquefied natural gas to Asia and elsewhere are at “more than […]

BHP Billiton exiting U.S. shale

Australian mining and energy giant BHP Billiton said it was on course to leave U.S. shale behind, but kept production expectations for next year unchanged. The Australian company said Wednesday its U.S. operated rig count increased from five to nine, while its divestment streak continued. In August, CEO Andrew Mackenzie said the company determined that […]

Geopolitical risk adds big premium to oil prices Monday

Geopolitical issues and concerns added a considerable risk premium to the price of oil on Monday as fighting erupted in the north of OPEC-member Iraq. Much of the oil production and distribution centers in Iraq are near the southern port city of Basra, though traders have focused on operations in the north since the Kurdish […]

US shale oil output will grow by another 81,000 barrels a day in November, Dept of Energy forecasts

The Department of Energy is predicting another strong month of oil growth from the nation’s shale fields in November. American drillers are poised to increase output in several shale oil and gas regions by another 81,000 barrels a day next month, according to the department’s Energy Information Administration. Total output for November in the areas […]

Oil prices could see prolonged rally on Iraqi and Kurdish tensions, expert says

Intensifying tensions between Iraqi and Kurdish forces in the oil-rich region of Kirkuk could prompt a sustained rally in oil prices, an analyst told CNBC on Monday. State TV reported Monday that Iraq’s central government had taken control of some areas in Iraq’s Kirkuk province “without fighting.” However, Kurdish Rudaw TV said Iraqi and Kurdish forces had […]

Gas prices: Why you’ll keep paying less at the pump this year

You’ll probably keep paying less for gas despite new tensions in the Middle East driving up the price of oil. American drivers have paid lower prices at the pump for five straight weeks, and the cost of filling up could soon slide back to levels last seen before Hurricanes Harvey and Irma. The fall is […]