U.S. NatGas Prices Near 25-year Low as Glut Weighs
In the shale field that helped launch the U.S. natural gas boom a decade ago, Chesapeake Energy Corp this month set aside its last drilling rig. The problem for the once No. 2 U.S. gas producer was not a lack of gas, but too much of it.A long, steady increase in U.S.
For Big Oil, Reserve Size Matters Less Than Ever
Oil and gas reserves life falls below 12 years, lowest level in at least 20 years. A decade ago, the news that the world's top oil and gas companies had less than 12 years of production left in their reserves might have caused a panicked sell-off in their shares.
Financial Oil Trading Booms, Especially in U.S.
WTI front-month trading volumes far higher than for Brent; boost comes as U.S. shale drillers hedge oil production. Financial oil trading is booming, hitting records this year, with volumes in U.S. contracts outpacing growth elsewhere on the back of the U.S. shale oil boom.
Russian Oil Industry Pipe Maker TMK Prepares for U.S. Spin-off
TMK, Russia's largest maker of steel pipes for the oil and gas industry, is preparing its U.S. subsidiary IPSCO Tubulars for an initial public offering (IPO) of shares. The announcement comes amid concerns among some Russian officials about a potential expansion of U.S.
Oil Surplus or Scarcity? Shale Makes it Hard to Predict
Goldman Sachs sees large oil surplus in two years, but the forecast is at odds with most predictions of looming shortage. The shale oil boom has transformed the U.S. and global energy sector to such an extent that it has upended traditional…
Vitol Says US Assets May Have Become Too Pricey
Trading house Vitol believes physical oil assets in the United States may have become a bit too pricey, potentially cooling appetite for them among trading houses that once viewed the U.S. oil industry as a prime acquisition target. Two years ago, as the U.S.
Oil Extends Gains After Big U.S. Crude Stock Draw
Oil prices rose more than 1.5 percent on Thursday after U.S. industry data showed a large drawdown in crude stocks, reflecting the impact of an Atlantic storm. U.S. crude stocks fell by 12.1 million barrels last week, data from the American…
$50 Crude Stirs Signs of Life in West Texas
As crude prices plummeted last summer, Steve Pruett, chief executive of a small west Texas oilfield developer, idled a drilling rig, opting to pay $21,000 a day to store it rather than dig more wells and risk bigger losses. Now as oil prices rise again…
Is It Time for the US to Dump Saudi Arabia?
After the recent execution of Shi'ite cleric Nimr al-Nimr by Saudi Arabia, the Middle East once again risks devolving into sectarian chaos. A mob torched the Saudi Embassy in Tehran, prompting Saudi Arabia and a number of its Sunni allies to break diplomatic relations with Iran.
Oil Near 11-year Lows on Supply, Demand
Saudi budget signals no change to oil policy; Iran on track to raise supply in 2016. Oil prices steadied not far off their 11-year lows on Tuesday, under pressure from slowing global demand and abundant supplies, with Saudi Arabia signalling…
"Peak Demand" Could Spell End of $100 Oil
As oil supplies are abundant, demand could hit apex; shift to cleaner energy to hit oil consumption. Just as the energy industry has brushed aside concerns that the world could run out of oil, industry executives now say they believe it is demand…
U.S. Shale Oil Needs $80 to Grow
U.S. oil production growth will stop this month and begin to decline early next year due to low oil prices, the former head of oil firm EOG Resources, Mark Papa, said on Tuesday. Papa, now a partner at U.S. energy investment firm Riverstone Holdings LLC…
Oil Down on Global Economy Warnings
U.S. Fed decides against rate rise; Brent set for first weekly gain in three weeks. Oil prices edged lower on Friday after the U.S. central bank warned on the health of the global economy and bearish signs persisted that the world's…
OPEC Sees Oil Prices Returning to $80/Barrel by 2020
OPEC forecasters expect oil prices will rise by no more than $5 a barrel a year to reach $80 by 2020, with a slowing in rival non-OPEC production growth not enough to absorb the current oil glut, according to OPEC sources. The sources…
Oil Train Risks Impact U.S. School Kids
Thousands of U.S. schools sit along rail corridors used to carry toxic substances such as crude oil and would be at risk in the event of a derailment, an environmental group said on Tuesday as it called for a temporary halt on oil trains. ForestEthics said its analysis of U.S.
GS Caltex Buys Rare West African Crude Cargo
GS Caltex to buy 920,000 barrels of West African crude; first West African shipment in almost a year. South Korea's GS Caltex Corp is set to receive its first shipment of West African crude in almost a year as the country looks to diversify supply away from the Middle East.
Conoco to OPEC: Tight Oil Here to Stay
The U.S. tight-oil boom is here to stay despite low crude prices as technological breakthroughs will allow steep reductions in costs, the head of U.S. firm ConocoPhillips told a seminar organised by oil-producing group OPEC. "Innovations have already led to a U.S. energy renaissance.
Top Trading Houses Weigh in on Energy
Top executives from the world's largest trading houses discuss trends in commodities trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. Said Trafigura had recently increased its exposure to Russia but in line with U.S. and EU sanctions.
OPEC: Cheap Oil to Soon Impact U.S. Output
U.S. oil output could start to take a hit by late 2015, OPEC said on Monday, suggesting the exporter group will have to wait beyond its next meeting in June to see if the oil price collapse is beginning to dent the shale oil boom. The…
Oil Majors Fail to Replace Falling Output
Oil groups produced much more than they found last year; Oil and gas output fell in 2014, echoes trend over past decade. Big oil companies had a poor record of finding and producing oil and gas last year, according to figures out in…
