All publications by tag «OIL»
API - Led by gasoline and seasonal demand for heating fuels, U.S. petroleum demand hit 20.3 million barrels per day (MBD) in February. Demand was up by more than a million barrels per day from February of last year, nearing record highs not seen for more than a decade.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.
REUTERS - The country churned out 30.37 million tonnes of crude in the first two months of the year, according to data from he National Bureau of Statistics, equivalent to 3.76 million barrels per day (bpd) and on a par with the weakest level in data stretching back to June, 2011.
EIA - Venezuela’s crude oil production has been on a downward trend for two decades, but it has experienced significant decreases over the past two years. Crude oil production in Venezuela decreased from 2.3 million barrels per day (b/d) in January 2016 to 1.6 million b/d in January 2018. A combination of relatively low global crude oil prices and the mismanagement of Venezuela’s oil industry has led to these accelerated declines in production.
EIA - Crude oil production from the major US onshore regions is forecast to increase 131,000 b/d month-over-month in April from 6,823 to 6,954 thousand barrels/day , gas production to increase 969 million cubic feet/day from 65,150 to 66,119 million cubic feet/day .
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.10 a barrel at 0407 GMT, up 6 cents, or 0.1 percent. Brent crude futures LCOc1 were at $65.58 per barrel, up 9 cents, or 0.1 percent, from their previous close.
API - “The oil and natural gas industry is a major contributor to the American economy and helps meet America’s constantly increasing energy needs. We support more than 10.3 million U.S. jobs and contribute $1.3 trillion to the U.S. economy - benefits that are felt across the country,” said API Director of Upstream and Industry Operations Erik Milito.
EIA - Brent global benchmark crude oil price will increase throughout the projection period but will remain lower than prices during 2010–2014 in real dollar terms. For this reason, future investment growth in higher-cost resources is expected to be lower than in recent history. Global production of tight oil will increase by 3.3 million b/d, offshore deepwater by 2.7 million b/d, and oil sands by 1.4 million b/d between 2017 and 2040. Total production increases from these sources makes up nearly half of the long-term global liquids supply growth through 2040.
REUTERS - “The stability in oil prices is a net positive. If energy companies can demonstrate to investors that they can generate cash flow in the current oil price environment, they can go public,” said Grant Kernaghan, Citigroup’s managing director of Canadian investment banking. “The recent volatility hasn’t resulted in markets shutting down,” he added, suggesting equity markets were still open despite a 10-session period up to Feb. 8 when the S&P 500 dropped over 10 percent.
BAKER HUGHES A GE - U.S. Rig Count is up 3 rigs from last week to 984, with oil rigs down 4 to 796, gas rigs up 7 to 188. Canada Rig Count is down 29 rigs from last week to 273, with oil rigs down 15 to 196 and gas rigs down 14 to 77.