News

US natural gas production falls again in April – IHS Markit

US natural gas production falls again in April – IHS Markit

US monthly natural gas production declines second straight month, down 3% year-over-year Lower-48 US natural gas production averaged just 70.2 billion cubic feet per day (Bcf/d) during April 2017—the lowest level in two months—but higher than production levels at the start of the year, according to analysis from IHS Markit. Texas, which in the past […]

Halliburton CEO to retire in June, Jeff Miller to replace Lesar

Halliburton CEO to retire in June, Jeff Miller to replace Lesar

Halliburton CEO Dave Lesar to stay on as executive chairman Halliburton CEO Dave Lesar will retire on June 1, the oilfield service provider announced on Wednesday.  Lesar will be replaced by Jeff Miller, board member and Lesar’s longtime deputy. According to a Reuters report, Lesar will remain at Halliburton as executive chairman until December, 2018 […]

California electricity mix in 2017 has involved more renewables, less natural gas

California electricity mix in 2017 has involved more renewables, less natural gas

California averaged 38 inches of snow-water equivalent since first of the year So far in 2017, increased hydroelectric generation and solar power generation in California have contributed to lower natural gas-fired power generation in the California Independent System Operator (CAISO) region, the electric system operator for much of the state. In a late April update […]

Opinion: Oil inventories become more visible

Opinion: Oil inventories become more visible

High level of OECD oil inventories in Q1 may have masked a broader tightening in crude market By John Kemp LONDON, May 17 (Reuters) – Reported oil inventories have fallen much more slowly than OPEC anticipated at the beginning of the year, leading to scepticism about the effectiveness of the organisation’s production cuts. But the sluggish response may […]

Opinion: Saudi Arabia oil wealth is again a magnet for western leaders

Opinion: Saudi Arabia oil wealth is again a magnet for western leaders

Saudi Arabia welcomes Donald Trump this week By John Kemp LONDON, May 17 (Reuters) – Saudi Arabia has again become the favourite destination for western political leaders seeking to promote arms sales and encourage other exports to boost their economies at home. UK Prime Minister Theresa May visited last month to promote trade as the […]

US crude stocks draw down for sixth week: EIA

US crude stocks draw down for sixth week: EIA

US crude stocks down by 1.8 million barrels The United States Energy Information Administration reported that US crude stocks fell by 1.8 million barrels last week, not as high as the 2.4 million barrels anticipated, but enough to bolster oil prices on Wednesday. US crude futures rose to a high of $49.50/barrel before a modest […]

Iran could back extended OPEC cut: Sources

Iran could back extended OPEC cut: Sources

OPEC cut extension could go to March, 2018 On Tuesday, Reuters reported sources familiar with Iran say a proposal to extend the OPEC cut in production until March of 2018 is a good idea and OPEC’s third largest producer is likely to agree to an extension if there is a consensus amongst participants. “This statement shows […]

Iraq favours extending OPEC supply cut

Iraq favours extending OPEC supply cut

Russia, Saudi Arabia look to extend OPEC supply cut to March, 2018 On Tuesday, the prime minister of Iraq said his country is committed to reducing the global oil glut and will support an extension of the OPEC supply cut in line with any OPEC decision, according to a Reuters report. On May 25, OPEC […]

Venezuela supports extension of OPEC supply cut

Venezuela supports extension of OPEC supply cut

OPEC supply cut reduced production by 1.8 million b/d On Tuesday, Venezuela announced it will support a nine-month extension of the OPEC supply cut, an effort by members and non-cartel members to reduce the global oversupply of crude. Low oil prices had a staggering impact on Venezuela which relies on oil for 94 per cent […]

Petroleum product exports from Central Atlantic states unusually high in Feb.

Petroleum product exports from Central Atlantic states unusually high in Feb.

Decline in US gasoline consumption in Jan. and Feb. kept gasoline inventories high Exports of finished petroleum products from the Central Atlantic region of the United States (Petroleum Administration of Defense District, or PADD 1B) reached a record high in Feb. 2017, according to the US Energy Information Administration. Increased exports were driven by lower […]