OIL PRICES: $54
OGJ - Light, sweet crude oil prices for April dropped modestly Feb. 24 but still settled at about $54/bbl on Feb. 24 on the New York market despite a climbing US rig count. The US oil futures benchmark has traded at $50-55/bbl for weeks.
Meanwhile, Brent crude oil prices on the London market have been unable to break above the high $50s. Analysts said a steady increase in US oil production and rising number of US oil rigs working is putting a damper on any higher oil prices.
Prices gained support during 2017 after the Organization of Petroleum Exporting Countries started cutting production in January. Some non-OPEC producers also agreed to cut production.
The US drilling rig count increased 3 units during the week ended Feb. 24 following 5 weeks of double-digit gains, Baker Hughes Inc. said on Feb. 24. The overall US count stood at 754.
US oil-directed rigs gained 5 units to 602. Rigs targeting natural gas dropped 2 units to 151, up 70 since Aug. 26, 2016. One rig considered unclassified is actively drilling.
The crude oil contract for April delivery on the New York Mercantile Exchange dropped 46¢ on Feb. 24 to $53.99/bbl. The May contract was down 44¢ to $54.32/bbl.
The natural gas price for March settled at a rounded $2.63/MMbtu, up 1¢. The cash gas price at the Henry Hub in Cushing, Okla., closed at $2.49/MMbtu, down 11¢.
Heating oil for March declined nearly 2¢ to a rounded $1.64/gal. Reformulated gasoline stock for oxygenate blending for March fell 1¢ to a rounded $1.52/gal.
The Brent crude contract for April on London's ICE was down 59¢ to $55.99/bbl. The Brent May contract dropped 51¢ to $56.31/bbl. Gas oil for March closed at $494.50/tonne, down $5.50.
The average price for OPEC's basket of benchmark crudes on Feb. 24 was $53.61/bbl, down 34¢.
|November, 22, 11:35:00|
|November, 22, 11:30:00|
|November, 22, 11:25:00|
|November, 22, 11:20:00|
|November, 22, 11:15:00|
|November, 22, 11:10:00|
Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.
OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.
REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.
Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.