Crude oil prices today moved higher after the Energy Information Administration reported an inventory draw of 600,000 barrels for the week to December 18. This compared with a draw of 3.1 million barrels estimated for the previous week and an inventory build of 2.7 million barrels for the week to December 18, as estimated by […]
More than 40 oil and gas companies in the United States filed for bankruptcy protection in the first eleven months of this year, according to Haynes & Boone’s latest report. Their cumulative debt load is $24.732 billion. And yet, things in the U.S. oil patch may not be as bad as the number of bankruptcies […]
It’s been a tough year for energy pipelines that carry oil and gas from source points to distribution and export terminals. In recent weeks, along with a general rally in energy-related stocks, the worst seems to have passed for the key pipeline companies upon which we rely for energy distribution in this country. Energy Transfer, […]
The growing oil boom in the offshore Guyana-Suriname Basin continues to gain pace. After making a series of spectacular discoveries in offshore Guyana energy supermajor ExxonMobil announced that with partner Malaysia’s Petronas it has made a promising discovery off Suriname. The discovery was made in offshore Suriname Block 52, which neighbors Block 58 where Apache […]
Oil prices were little changed on Wednesday afternoon despite a massive inventory build reported earlier in the day by the Energy Information Administration. The EIA had reported a crude oil build of 15.189 million barrels for the week, sending U.S. oil inventories to 503.2 million barrels, or 11% above the five-week average for this time […]
The oil markets have staged a dramatic rally since early November, with WTI breaking out of a range between the high $30’s and low $40’s for the first time since early this year. In this article, we will take a look at a couple of key drivers for this breakout, and see if it will […]
Crude oil prices hesitated today after the Energy Information Administration reported an oil inventory draw of 700,000 barrels for the week to November 27 but a sizeable build in gasoline inventories. At 488 million barrels, crude oil inventories are still above the five-year average for the season, by about 7 percent. A day before the […]
Despite the surge in coronavirus cases in recent weeks, crude oil demand in the United States could be on track to increase in the coming months as inventories have been steadily declining since their peak levels in the summer. Total U.S. stocks of gasoline and diesel are still trending above their five-year averages, but the […]
In late April this year, Wet Texas Intermediate nosedived below zero, sending the market into a frenzy. The frenzy ended a day later when WTI rebounded to positive territory. Now, the Commodity Futures Trading Commission has issued a report on the unprecedented event. Still, it has failed to answer many questions. The report identified three […]
Progress in vaccine development and expectations that OPEC+ will decide in less than two weeks to roll over the current cuts for three months instead of easing them from January 2021 give bulls hopes that the oil market will regain some semblance of a balance next year, pushing prices higher. Currently, the general consensus among […]
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