• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 2 hours Is the oil & gas industry on the way out?
  • 2 hours In a Nutshell...
  • 4 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 2 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 4 mins Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days Where is Alberta, Canada headed?
  • 2 days Putin Paid Militants to Kill US Troops
  • 10 hours Why Oil could hit $100
  • 2 days The Coal Industry May Never Recover From The Pandemic
  • 3 days A Real Reality Check on "Green Hydrogen"
  • 2 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days Why Wind is pitiful for most regions on earth
Tom Kool

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

More Info

Premium Content

WTI Tops $60 On Gulf Of Mexico Shut-Ins

Oil prices rose this week, pushed higher by geopolitical tension and the tropical storm in the Gulf Coast.

Friday, 12th July 2019

Roughly 30% of Gulf of Mexico production shut in. Tropical Storm Barry, which could yet turn into a hurricane, forced the shuttering of about 30 percent of the oil production in the Gulf of Mexico. About 44 percent of natural gas output was also closed down.

IEA and OPEC see surplus next year. The IEA and OPEC issued dueling Oil Market Reports this week, both forecasting a renewed supply surplus in 2020. While the figures vary just a bit, both see non-OPEC supply (mostly U.S. shale) continuing to grow at a torrid pace, outstripping demand growth. As a result, the “call on OPEC” falls next year, which raises the question about whether or not OPEC+ will need to cut output by even more than currently.

Shale industry slowing down. Top shale drillers are dialing back their growth plans in the face of production problems, financial stress and investor scrutiny. Bloomberg details a few of the production downgrades. For instance, EOG Resources (NYSE: EOG) cut its 2019 growth plans by 3 percent. “You’re having to spend more and more every year to grow at a faster rate,” Noah Barrett, an energy analyst at Janus Henderson, told Bloomberg. “Companies…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News