Valero Energy Profit Beats Estimates
Independent U.S. refiner Valero Energy Corp reported better-than-expected quarterly profit on Thursday, benefiting from easy access to cheap light crude from the country's prolific shale oil basins.U.S. refiners have been revamping their processing units to make them compliant with the International Maritime Organization's (IMO) regulatory standards, which will enforce low-sulfur fuel regulations by next year.IMP 2020 is a standard for maritime fuel that takes effect on Jan.
Matrix Global Plans U.S. Crude Storage Deal
Matrix plans sweet crude storage futures at LOOP. Matrix Global Holdings is planning to start up an oil storage futures contract for low-sulphur crude oil that will enable companies to build up supplies for export cargoes, as Asia looks for more crude imports from the United States. The contract will give holders access to low-sulphur, or sweet, crude oil storage space at the Clovelly, Louisiana, terminal operated the Louisiana Offshore Oil Port (LOOP).
US Drillers Add Oil Rigs in a Record Streak but Pace Slows
U.S. energy firms added oil rigs for a record 19 weeks in a row as expectations of higher crude prices after an OPEC-led decision to extend current output curbs motivate producers to boost spending on new drilling. The pace of those additions, however, has slowed with the total added so far in May falling to the lowest since October due to soft oil prices. Drillers added two oil rigs in the week to May 26, bringing the total count up to 722, the most since April 2015, energy services firm Baker Hughes Inc said on Friday.
US Oil Rigs Cut for 13th Week in 14
U.S. energy firms this week cut oil rigs for the 13th week in the last 14, data showed on Friday, a sign drillers were still waiting for higher prices before returning to the well pad. On Friday, OPEC decided to keep production near record highs despite depressed prices, as a way to boost market share by forcing rivals to reduce output. Drillers removed 10 oil rigs in the week ended Dec. 4, bringing the total rig count down to 545…
Rig Count Drops for 11th week in Last 12
U.S. energy firms this week cut the number of oil rigs for an 11th week in the last 12, data showed on Friday, a sign drillers were still waiting for higher prices before returning to the well pad en masse. Drillers removed 10 oil rigs in the week ended Nov. 20, the biggest weekly decline since late October, bringing the total rig count down to 564, oil services company Baker Hughes Inc said in its closely followed report. That is about a third of the 1,574 oil rigs operating in same week a year ago.
US Oil Drillers Add Rigs for First Week in 11
U.S. energy firms this week added oil rigs for the first week in 11, data showed on Friday, despite continued weak crude prices. Drillers added 2 oil rigs in the week ended Nov. 13, bringing the total rig count up to 574, oil services company Baker Hughes Inc said in its closely followed report. That total is about a third of the 1,578 oil rigs operating in same week a year ago. Over the prior 10 weeks, drillers cut 103 oil rigs.
US Oil Rig Count Cut for 9th Week
U.S. energy firms cut oil rigs for a ninth week in a row this week, increasing the pace of reductions from recent weeks, data showed on Friday, a sign low prices continued to drive drillers away from the well pad. Drillers removed 16 oil rigs in the week ended Oct. 30, bringing the total rig count down to 578, the least since June 2010, oil services company Baker Hughes Inc said in its closely followed report. That is about a third of the 1,582 oil rigs operating in same week a year ago.
U.S. Oil Drillers Cut Rigs with Crude Price Decline
U.S. energy firms cut oil rigs for a second week in a row, data showed on Friday, a sign the latest price declines may be causing some drillers to put on hold their recently announced plans to return to the well pad. Drillers removed 10 rigs in the week ended Sept. 11 and 13 rigs in the week ended Sept. 4, bringing the total rig count down to 652, after adding rigs in six of the past eight weeks, oil services company Baker Hughes Inc said in its closely followed report. That was the biggest two-week decline since early May.
US Oil Drillers Cut Rigs as Crude Prices Collapse
U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs. The decline erases weeks of small gains and brings the total to the week ending Sept. 4 down to 662, the lowest since mid-July, oil services company Baker Hughes Inc said in its closely followed report on Friday. "Clearly the precipitous drop in oil prices has hit capital expenditures for new drilling in the U.S.
US Oil Drillers Add Rigs Despite Crude Prices Collapse
U.S. energy firms added six oil rigs this week, continuing a recent trend of increases, even after U.S. crude oil prices plunged 25 percent from a recent high in June, data showed on Friday. That was a sign some drillers followed through on plans to add rigs announced in May and June when U.S. crude futures averaged $60 a barrel. U.S. crude futures so far this week however have traded around $45. The rig count gain this week was the third increase in a row…
US Oil Drillers Add Rigs Despite Crude Prices Collapse
U.S. oil producers added 21 oil rigs in the past week, the most in over a year, data showed on Friday, suggesting that drillers were moving more aggressively than expected, just before crude prices' latest dive down. Oil producers, who cut rigs in the face of falling prices late last year, began to add rigs back in the week ending July 2, oil services company Baker Hughes Inc said in its closely followed report. The latest addition comes amid a 21 percent collapse in U.S.
US Oil Rig Count Sees First Rise Since December
U.S. oil drilling this week increased for the first time after 29 weeks of declines, data showed on Thursday, the strongest sign yet that higher crude prices are coaxing producers back to the well pad. The oil rig count rise of 12 to 640 followed a six-month slump in activity that reduced the number of active rigs from a peak of 1,609 in October to a nearly five-year low last week, energy services firm Baker Hughes Inc said in its closely followed report. Drillers added rigs in all of the major U.S.
