Oil & Gas Prices

Below 100 Bcf Withdrawal Takes Gas Prices Lower

Feb 1, 2018 Natural gas storage inventories decreased by 99 Bcf for the week ending Jan. 26, according to the EIA’s weekly report. The draw was slightly below expectations. Natural gas prices declined today with the March contract trading at $2.86 per MMBtu at the time of writing. Today’s storage withdrawal parallels last year’s draw of 87 Bcf and the

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Service Companies Encouraged by Pickup in Business

Joel Parshall, JPT Features Editor | 30 January 2018 Source: Schlumberger After more than 3 years of painful cutbacks and retrenchment, the major oilfield service companies are seeing encouraging signs of business recovery. Schlumberger, Halliburton, and Baker Hughes, a GE Company (BHGE), have reported improved financial results for 2017 and the year’s fourth quarter and have expressed favorable outlooks for

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Another Outlook for Industry Predicts Healthy 2018

Joel Parshall, JPT Features Editor | 29 January 2018 Higher oil prices and the adjustments made by the industry in response to the long downturn of the past several years provide some optimism for a better year to come. Source: Deloitte. The global oil industry appears poised for stronger performance in 2018, having benefited from the financial discipline and cost-cutting

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Research forecasts oil and gas capex and R&D spending boosts in 2018, but industry still promises to keep a cap on costs

Oslo, 25 January 2018: Senior oil and gas sector professionals expect a step change in the industry’s capex, opex and R&D spending levels in 2018, as new research from DNV GL, the technical advisor to the oil and gas industry, confirms confidence in the industry has doubled. Published: 25 January 2018 Author: Neil James Slater Keywords: Oil & Gas After

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EIA Reports 10th Consecutive Inventory Draw, Oil Prices Trading at 3-Year Highs

Jan 24, 2018 | Oil and Gas Industry US crude oil stocks decreased by 1.1 MMBbl last week. Gasoline and distillate inventories increased by 3.1 MMBbl and 0.6 MMBbl, respectively. Yesterday afternoon, API reported a crude oil build of 4.8 MMBbl while reporting a gasoline build of 4.1 MMBbl and distillate draw of 1.3 MMBbl. Analysts, on the contrary, were

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How Big Data, AI And Other Tech Trends Are Disrupting The Oil Industry

Julian Mitchell, CONTRIBUTOR Jan 22, 2018 11:00 AM 1,682 Photo courtesy of McKinsey Crude oil prices hit record highs back in 2008, reaching upwards of $150 per barrel, boosting production and inspiring a gold rush amongst investors who banked on the trajectory of a perceivably promising industry. Yet, the reality plaguing global powerhouses like Exxon Mobil, Shell and BP proved the

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The Week Ahead for Crude Oil, Gas and NGLs Markets 1/22/2018

CRUDE OIL US crude oil inventories decreased by 6.9 MMBbl, according to the weekly EIA report. Gasoline inventories increased 3.9 MMBbl, while distillates decreased 3.9 MMBbl. Total petroleum inventories posted a sizable withdrawal of 13.8 MMBbl. US production was estimated to be up 258 MBbl/d, recovering from the previous week’s losses from the cold weather freeze-offs. Imports decreased 292 MBbl/d from the

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Banker: All ‘Going Right’ With Delaware Play

Joel Parshall, JPT Features Editor | 15 January 2018 Topics: Petroleum economics/production forecasting shale oil unconventional The Permian Basin has been the center of United States unconventional oil activity in the last several years, and the center of that play is now shifting to the Delaware subbasin. Jeff Sieler, a managing director in the global energy group at Citigroup Investment

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Oil and Gas Industry poised for stronger performance in 2018

04 January 2018 The global oil industry appears poised for stronger performance in 2018, having benefited from the financial discipline and cost-cutting innovation driven by several years of low oil prices and looking ahead to somewhat more stable market conditions. While oil prices have recently risen above $60/bbl, likely reflecting a number of short-term supply disruptions and concerns over Middle

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PETROLEUM DEMAND LAST MONTH HIGHEST FOR NOVEMBER SINCE 2007 (INCLUDES MONTHLY STATISTICAL REPORT)

WASHINGTON, December 15, 2017 – Total petroleum deliveries in November rose to 19.9 million barrels per day. This was the strongest November monthly demand since 2007.  Cumulatively through the first 11 months of the 2017, total domestic petroleum deliveries rose by 0.9 percent, which exceeded demand growth in 2016 despite higher prices. “With sustained strength in the U.S. and global

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The Market Awaits OPEC Decision

US crude oil stocks decreased by 3.4 MMBbl last week. Gasoline and distillate stocks increased by 3.6 MMBbl/d and 2.7 MMBbl/d respectively. Yesterday afternoon, API had reported a crude oil build of 1.8 MMBbl, alongside a gasoline withdrawal of 1.5 MMBbl and distillate build of 2.7 MMBbl. Analysts, on the contrary were expecting a crude withdrawal of 3.2 MMBbl. The most

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Total Petroleum Stocks Unchanged From Week Prior

US crude oil stocks decreased by 1.9 MMBbl last week. Gasoline stocks remain unchanged, while distillate inventories increased by 0.3 MMBbl. Yesterday afternoon, API had reported a crude oil withdrawal of 6.4 MMBbl, alongside a gasoline build of 0.9 MMBbl and distillate withdrawal of 1.7 MMBbl. Analysts, were expecting a more modest crude withdrawal of 2.1 MMBbl.The most important number

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