Oil prices soft as inventories rise #OilmanNEWS Alex Mills Contributors Oil and Gas News Upstream 

Oil Prices Soft as Inventories Rise

More negative news for the crude oil exploration-and-production industry in the United States this week as prices dipped again, inventories rose again, and the drilling rig count declined again. Oil prices on the New York Mercantile Exchange (NYMEX) closed at $54.91 on Wednesday down $8.76 (14 percent) from a year ago. Oil stocks rose 5 million barrels during the week… Read More
Oil industry giants organize to reduce emissions #OilmanNEWS Alex Mills Contributors Oil and Gas News Upstream 

Oil Industry Giants Organize to Reduce Emissions

Thirteen international oil and gas companies have committed $1 billion to reduce greenhouse gas emissions. The organization, called the Oil and Gas Climate Initiative (OGCI), will support the goals of the Paris Agreement, which will include unlocking large-scale investments in carbon capture, use and storage (CCUS) and supporting new taxes and economic incentive aimed at reducing emissions. The OGCI member… Read More
Exploration slows as financial situation tightens #OilmanNEWS Alex Mills Contributors Oil and Gas News 

Exploration Slows as Financial Situation Tightens

The financial community has developed a negative opinion about the profitability of oil and gas wildcatters who primarily operate as producers of oil and natural gas from shale. A recent story in The Wall Street Journal started this way: “Horrific. Terrible. Abysmal. The worst. Those are terms equity analysts are using to describe investors’ attitude toward energy stocks.” In addition… Read More
Gasoline, Electricity Prices Expected to Decline #OilmanNEWS Alex Mills Contributors Oil and Gas News 

Gasoline, Electricity Prices Expected to Decline

Consumers can expect a slight decline in energy prices the remainder of this year and into 2020, according to projections from the U.S. Energy Information Administration (EIA). Gasoline and electricity prices will follow declining prices for crude and natural gas. West Texas Intermediate is expected to average $56.26 in 2019 down from $65.06 ($9.80) in 2018, and decline another $1.83… Read More
Reviews forecast increased consumption, soft prices #OilmanNEWS Alex Mills Contributors Oil and Gas News 

Reviews Forecast Increased Consumption, Soft Prices

Two new studies were released this week with one concluding that world energy consumption will grow by about 50 percent during the next 30 years, and another study said there is trouble on the horizon for the oil and gas industry. The first study, the International Energy Outlook conducted by the Energy Information Administration at the U.S. Department of Energy… Read More
Oil supplies ample after attack on Saudi oil facility #OilmanNEWS Alex Mills Contributors Oil and Gas News 

Oil Supplies Ample After Attack on Saudi Oil Facility

The attack on an oil processing facility in Saudi Arabia last week has raised new questions about the reliability and security of oil supplies in the future. The attack on the Saudi Aramco Abqaiq oil processing facility, the world’s largest crude oil processing stabilization plant, occurred on Sept. 14, and originally took out approximately 5 million barrels per day (b/d)… Read More
Some investors have lost confidence in oil #OilmanNEWS Alex Mills Contributors Oil and Gas News 

Some Investors Have Lost Confidence in Oil

The oil industry has been through some tough times during the last four decades, but recent allegations that fossil fuels are linked to environmental catastrophes, and the lack of fiscal performance have oil companies facing a new storm the size of Hurricane Dorian. Politicians expressed outrage in the 1970s when prices rose alleging oil companies were making “obscene profits.” Washington… Read More
Federal energy report indicates more secure supplies #OilmanNEWS Alex Mills Contributors Oil and Gas News 

Federal Energy Report Indicates More Secure Supplies

The Energy Information Administration at the U.S. Department of Energy announced last week that petroleum and natural gas production in the U.S. set a record in 2018. This week EIA released energy consumption figures revealing it set a record last year, too. “Energy consumption in the United States reached a record high of more than 101 quadrillion British thermal units… Read More
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