Daily News

Offshore to beat onshore in shale investments, analysts say

Offshore shale spending will outgrow spending onshore in 2019, analysts at energy research company Rystad Energy predict. With oil hovering around $50 per barrel, spending on land rigs, fracking and other services for the shale industry will likely stay flat in 2019, analysts project, but the offshore market is expected to grow. While the offshore […]

Why Saudi Arabia Can Never Be The King Of Solar

The often-used phrase “becoming all things to all people” may work well in many contexts but in the energy patch, particularly with Saudi Arabia, it’s falling flat. The de facto OPEC leader and world’s largest oil exporter and third largest oil producer has been pledging many things lately, including going long on more gas investment […]

Oil tumbles on increased U.S. output and persisting trade fears

Oil prices fell by 2 percent on Thursday after U.S. crude production neared an unprecedented 12 million barrels per day (bpd) and concern grew over weakening demand, particularly in light of the trade dispute between the United States and China. Brent crude oil futures LCOc1 were down $1.08 at $60.24 a barrel by 1310 GMT, […]

U.S. Import Prices Slump Amid Continued Nosedive In Fuel Prices

Reflecting a continued nosedive in fuel prices, the Labor Department released a report on Wednesday showing another significant decrease in U.S. import prices in the month of December. The Labor Department said import prices fell by 1.0 percent in December after tumbling by a revised 1.9 percent in November. Economists had expected import prices to […]

EIA expects relatively flat natural gas prices, continued record production through 2020

EIA’s January 2019 Short-Term Energy Outlook (STEO) expects several U.S. natural gas market trends from 2018 to continue into 2019 and 2020, including relatively stable Henry Hub natural gas prices and increasing natural gas production and exports. According to the STEO, total U.S. natural gas consumption is expected to increase slightly through 2020, with increases in the […]

EIA sees fuel prices below 2018 average for the next two years

The United States average retail gasoline prices will be lower this year and in 2020 compared with 2018, but will be higher than they are now because of impacts from mandated lower sulfur in maritime fuel. The EIA forecasts regular retail gasoline prices will average $2.47 per gallon in 2019, which is a 10.5 percent increase from […]

Oil sinks on China slowdown fears; natural gas surges 5%

Oil futures declined sharply Thursday, tracking lower moves in most global equity benchmarks, as fear of a China-led demand slowdown gripped investors. West Texas Intermediate crude for February delivery CLG9, -1.62%  fell $1.16, or 2.2%, to $51.15 a barrel on the New York Mercantile Exchange, a day after posting a modest gain in the previous session. March Brent […]

Oil edges down on worries over global economy, supply glut

Oil prices edged down on Wednesday having climbed about 3 percent in the previous session, with worries about the global economy and forecasts of swelling U.S. production hurting sentiment. Brent crude oil futures LCOc1 were at $60.37 per barrel at 1215 GMT, down 27 cents or 0.45 percent. West Texas Intermediate crude futures CLc1 were […]

EIA forecasts world crude oil prices to rise gradually, averaging $65 per barrel in 2020

EIA’s January Short-Term Energy Outlook forecasts that world benchmark Brent crude oil will average $61 per barrel (b) in 2019 and $65/b in 2020, an increase from the end of 2018, but overall it will remain lower than the 2018 average of $71/b. U.S. benchmark West Texas Intermediate (WTI) crude oil prices were $8/b lower than Brent […]

U.S. ‘Tough Line’ On Iran Depends On Crude Prices

The U.S. government is planning on taking a tougher line on Iran in the months ahead, redoubling its efforts to cut Iran’s oil exports down to zero. Brian Hook, the State Department’s special representative for Iran, boasted earlier this week about the U.S.’ success in curtailing Iran’s oil exports to date. In an interview with […]