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Article Archive | Page 7

Oil Prices Climb On Strong Fuel Demand

Jul 09, 2021 at 12:35

Oil prices rose on Friday morning, fueled by strong U.S. fuel consumption data, but held back by continued uncertainty about the OPEC+ deal.

U.S. Rig Count Rises In Volatile Week For Oil

Jul 09, 2021 at 12:18

The number of oil and gas rigs in the United States is up 4 this week, according to Baker Hughes, with the total rig count at 479, up 221 from…

EIA Sees Brent Prices Averaging $69 This Year

Jul 09, 2021 at 10:53

Brent Crude spot prices are set to average $68.78 per barrel this year, the U.S. Energy Information Administration (EIA) said in its latest monthly outlook, significantly raising its oil price…

Tesla Berlin Gigafactory Faces Another Setback

Jul 09, 2021 at 09:01

After missing the July 1 opening date, Tesla’s first European Gigafactory outside Berlin faces more setbacks as the local environmental authority is investigating the EV manufacturer for tanks it had…

UBS: Oil Demand To Return To Pre-Covid Levels By Q1 2022

Jul 09, 2021 at 08:51

Crude oil demand will rebound to pre-pandemic levels by the first quarter of 2022, according to Wayne Gordon, executive director of commodities and forex at UBS Global Wealth Management. Speaking…

U.S. Shale On Track For One Of Its Best Years Ever

Jul 08, 2021 at 12:11

After seven consecutive weeks of gains, oil prices have gone into reverse gear once again, thanks mainly to the latest OPEC+ spat that left everyone wondering what to…

The Small Exploration Company That Shocked The Oil Industry

Jul 08, 2021 at 17:42

A small Canadian oil explorer may have shocked the industry this year when it published initial results that pointed to the potential of a giant oil discovery in Namibia’s Kavango…

OPEC's Spat Isn’t Even About Oil

Jul 08, 2021 at 12:07

The UAE took oil market watchers by surprise this month when it dug its heels in and refused to agree to an extension of the current OPEC+ production…

High Oil Prices Could Derail America’s Economic Recovery

Jul 08, 2021 at 12:04

Way back in March, a veritable eternity ago if you measure by the daily news cycle, Oilprice reported that high oil prices were coming down the pike, and…

New Coal Plants Are Popping Up All Over Asia

Jul 08, 2021 at 12:05

Just five Asian countries are now producing the vast majority of the region’s coal, with little intention of reining in production as several companies invest in new coal…

Oil Theft Runs Rampant In Africa’s Top Oil Producer

Jul 08, 2021 at 11:39

OPEC member Nigeria is losing billions of U.S. dollars every year to oil theft and sabotage, which continue to plague the oil sector in Africa’s top crude producer…

The Mega-Challenge Of Creating A Global Hydrogen Market

Jul 08, 2021 at 11:34

Hydrogen has become a buzzword that has stirred the energy industry. Although some fossil fuel-dependent countries feel threatened, others see opportunities. And while skeptics first dismissed it as…

Will $70 Oil Tempt U.S. Producers To Open The Taps?

Jul 08, 2021 at 11:50

U.S. crude oil production is not expected to pick up a significant growth pace at least until the end of this year, the Energy Information Administration (EIA) said in its…

OPEC Agreement At Risk As UAE Prepares To Open The Taps

Jul 08, 2021 at 11:29

In a relatively rare example of disagreement — or, at least, such public disagreement — usually close allies Saudi Arabia and the United Arab Emirates (UAE) have failed…

Oil Prices Rise As EIA Data Beats Expectations

Jul 08, 2021 at 10:08

Crude oil prices rose higher today after the Energy Information Administration reported an inventory draw of 6.9 million barrels for the week to July 2. This compared with a…

Oil Continues To Slide As OPEC Stays Silent

Jul 08, 2021 at 09:48

Oil prices fell for a third day in a row early on Thursday as uncertainty coming from the OPEC+ deadlock and fears of COVID variants spreading fast weighed on the…

Poor Hedging Could Cost U.S. Shale $20 Billion

Jul 08, 2021 at 08:46

U.S. shale oil producers have suffered billions in losses from hedging their output at lower than current prices, the Financial Times reported today, citing data from IHS Markit. According…

Oil Prices Still Have Room To Run

Jul 07, 2021 at 12:05

At mid-year 2021 we find that we are in an unsettled state with respect to crude supplies. Of the three largest contributors to global supply, the U.S.A., Russia,…

Bezos, Branson and Musk Scrambling For Supply Of This Rare Gas

Jul 07, 2021 at 17:35

We’ve had supply scares for this gas before; but this time around, it coincides with the depletion of the US federal reserve and soaring demand from some of the biggest…

The Real Reason OPEC Talks Broke Down

Jul 07, 2021 at 11:56

Major cracks appear to be forming in the OPEC+ alliance. After several years of unprecedented cooperation between OPEC members and non-OPEC producers, the growing regional economic and power…

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