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Energy / Crude Oil

Oil, Gas Activity in U.S. Holds Steady

May 17, 2024 at 12:08 | Julianne Geiger

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total…

SPR Levels Remain Low

May 17, 2024 at 08:55 | Robert Rapier

Over the past week, multiple stories have appeared in the media with headline phrases like “The U.S. is refilling the Strategic Petroleum Reserves.”…

Two Sectors Driving the Future of Oil Demand

May 16, 2024 at 13:20 | Rystad Energy

Oil demand will rise further in the medium term, according to Rystad Energy research and modeling, as low-carbon alternatives are not yet sufficiently developed or economically competitive to offset the…

Asian Refiners Diversify Away from Middle Eastern Oil

May 16, 2024 at 10:40 | Irina Slav

Asian refiners are reducing their intake of Middle Eastern oil in favor of crude from the United States and Brazil. The move comes amid shrinking margins and rising Saudi oil…

Banks Remain Financially Committed to Oil Despite Transition Shift

May 16, 2024 at 09:37 | Irina Slav

There is no large international bank without a net-zero plan. These plans invariably include curbs in lending to the oil and gas industry. Yet despite these plans. Most of the…

Could Renewable Diesel Crush Oil Demand?

May 16, 2024 at 09:07 | ZeroHedge

By John Kingston of FreightWaves With the benchmark diesel price used for most fuel surcharges down for the fifth week in a row,…

Traders Ditch Bullish Bets on Oil

May 15, 2024 at 12:42 | Tsvetana Paraskova

A continuously fading war risk premium and signs that regional oil markets look well supplied prompted traders to slash last week their bullish bets on crude oil at the fastest…

Iraq Looks To Finish Phase 1 of CSSP Oil Megaproject by 2028

May 15, 2024 at 10:58 | Simon Watkins

Perhaps more than any other single factor, the Common Seawater Supply Project (CSSP) is critical in enabling Iraq to dramatically increase its crude oil production. It was delayed for over…

Oil Ticks Higher on Inventory Draw

May 15, 2024 at 09:35 | Irina Slav

Crude oil prices recovered somewhat after the Energy Information Administration reported an inventory decline of 2.5 million barrels for the week to May 10. This inventory change 

Russia Discovers Massive Oil and Gas Reserves in British Antarctic Territory

May 13, 2024 at 09:50 | City A.M

Russia has found huge oil and gas reserves in British Antarctic territory, potentially leading to drilling in the protected region. The reserves uncovered…

OPEC Signals Lasting OPEC+ Alliance in Oil Market Management

May 10, 2024 at 10:12 | Tsvetana Paraskova

OPEC is preparing to replace the ‘call on OPEC’ forecast of global demand for the cartel’s crude oil with ‘call on OPEC+ crude’ in its closely-watched monthly oil market report,…

Canada's Oil and Gas Industry Soars to New Heights

May 09, 2024 at 10:05 | Haley Zaremba

As Canada’s oil and natural gas production hit record high levels, the country is taking pains to amplify its status as a global oil and natural gas superpower. One part…

Trans Mountain Expansion: A Game-Changer for Canadian Oil Prices

May 09, 2024 at 08:27 | Tsvetana Paraskova

The Trans Mountain Expansion Project, now finally completed after years of delays, is expanding access to markets for Canadian oil producers and is set to boost the price of Canada’s…

Oil Stabilizes on Small Crude Draw

May 08, 2024 at 09:36 | Irina Slav

Crude oil prices recovered lost territory today after the U.S. Energy Information Administration reported an inventory draw of 1.4 million barrels for the week to May 3. This…

Is China’s Oil Demand Set For A Major Bounce Back?

May 08, 2024 at 09:30 | Simon Watkins

Since the mid-1990s, China’s extraordinary economic expansion almost singlehandedly drove a supercycle in key commodities prices it required to power such growth, including oil and gas. In 2013, it became…

Can Utica Shale Really Compete With the Permian?

May 07, 2024 at 11:46 | Charles Kennedy

The Utica shale has for years been known as a gas-producing play. But this may be about to change as one company reports promising results from its oil well offensive…

Why the IEA is Wrong About Peak Oil Demand

May 06, 2024 at 09:40 | David Messler

It is fairly common nowadays to see relatively near-term estimates for a point at which demand for petroleum-based fuels begins to decline. The term often used to describe…

Will OPEC+ Extend Oil Production Cuts?

May 06, 2024 at 09:35 | ZeroHedge

By John Kemp, senior energy analyst at Reuters Saudi Arabia and its allies in OPEC? are likely to keep oil production unchanged for a further three…

U.S. Oil and Gas Production Continues to Shatter Records

May 03, 2024 at 10:22 | Robert Rapier

Last year marked a record for U.S. oil production with an average daily production of 12.93 million barrels per day (BPD). That record…

Developing Nations Look to Balance Oil and Gas Opportunity with Climate Concerns

May 03, 2024 at 10:19 | Felicity Bradstock

As the world focuses on transitioning to green, there are big questions about whether new oil and gas resources should be developed. On the one hand, new oil regions present…

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