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What the Recent Oil Rig Count Says About U.S. Production

U.S. rig count appears to be stabilizing, according to a recent Goldman Sachsreport. Horizontal rig counts in the Permian Basin declined by four, its second consecutive weekly decline and the third time in the past nine weeks that producers took down activity in the region, according to Goldman analyst Huan Wei… Click here for remainder of […]

By August 16, 2017 0 Comments Read More →

Oil edges up on bets on falling U.S. crude stocks

Oil prices edged up on Wednesday, lifted by hopes U.S. crude inventories declined for a seventh straight week, although markets were still restrained by excess supply. The U.S. government’s Energy Information Administration was due to release stocks data on Wednesday after industry group the American Petroleum Institute said on Tuesday it believed crude inventories fell […]

By August 16, 2017 0 Comments Read More →

Natural Gas Heads for Middle East Doldrums

Conventional wisdom says that Middle East natural gas demand will continue to surge. In the 10 years through 2016, consumption rose by 25 billion cubic feet a day — much more than in both the U.S., despite its shale boom, and China. BP Plc’s 2017 energy outlook sees demand rising from 47 Bcf a day […]

By August 16, 2017 0 Comments Read More →

Fracking boom: US shale oil output to top 6 million barrels a day in August and September

A floor hand for Raven Drilling, works on an oil rig drilling into the Bakken shale formation outside Watford City, North Dakota. U.S. shale drillers will keep posting strong gains in August and September, with production from shale regions topping 6 million barrels a day, the Department of Energy projected. The department’s Energy Information Administration […]

By August 15, 2017 0 Comments Read More →

America’s Shale Natural Gas Production Is Taking Off — Sort Of

America’s shale gas production is about to surge 12 percent. Sort of. The Energy Department issued a report Monday estimating that the nation’s prolific shale formations will yield 59.4 billion cubic feet a day in September, a massive jump from the roughly 53 billion projected for August. The difference: The agency began including the more than […]

By August 15, 2017 0 Comments Read More →

U.S. Oil Drillers Keep Pressure on OPEC With Record Shale Output

Oil output from major U.S. shale plays is poised to reach a fresh record next month, further complicating OPEC’s efforts to support prices. The gain is being led by the oil-rich Permian basin of Texas and New Mexico, where production has risen steadily over the past two years. The Energy Information Administration projects Permian output to […]

By August 15, 2017 0 Comments Read More →

Oil slips on strong dollar, OPEC and China weigh

Oil prices slipped on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world’s second-largest consumer. Benchmark Brent crude LCOc1 was down 30 cents at $50.43 a barrel by 1050 GMT. U.S. light crude CLc1 was 20 cents lower at $47.39. Chinese […]

By August 15, 2017 0 Comments Read More →

Nabors acquiring Tesco for $215 million

Nabors Industries said Monday it will buy Houston-based Tesco Corp. in an all-stock deal that values Tesco at more than $215 million as Nabors bids to enhance its strengths in drilling and well construction. The all-stock deal buys Tesco at a 19 percent premium from its closing share price Friday, which was less than half […]

By August 15, 2017 0 Comments Read More →

Baker Hughes data show a rise in the weekly U.S. oil-rig count

Baker Hughes BHGE, -0.03% on Friday reported that the number of active U.S. rigs drilling for oil climbed by 3 to 768 rigs this week. However, the total active U.S. rig count, which includes oil and natural-gas rigs, fell by 5 to 949, according to Baker Hughes. September West Texas Intermediate crude CLU7, +0.37% was […]

By August 14, 2017 0 Comments Read More →

Oil prices slip on Chinese demand concerns, rising U.S. activity

Oil prices fell on Monday as a slowdown in Chinese refining raised concerns about demand in the world’s second-biggest consumer, while an increase in U.S. drilling capacity could deepen a global supply glut. Chinese refineries processed 10.71 million barrels per day (bpd) in July, National Bureau of Statistics data showed, down around 500,000 bpd from […]

By August 14, 2017 0 Comments Read More →