Last year’s crash in oil prices and China’s rapid rebound from the first wave of the Covid-19 pandemic set the stage for a flurry of crude purchases. However, stockpiling has leveled off as oil prices rebounded and storage space runs out. SourceContinue Reading
Jennifer Granholm was confirmed as Secretary of Energy, putting the former Michigan Governor at the head of agency that will play a key role in implementing President Joe Biden’s ambitious climate agenda. SourceContinue Reading
In practical terms, the oil sands revision clipped Exxon’s future growth prospects until oil prices rise, costs slide or technological advances make it profitable to drill those fields. SourceContinue Reading
The oil futures curve is continuing to indicate tightness. The market is in a backwardation of almost $6 a barrel for the next 12 months, a structure that indicates scarce supplies. SourceContinue Reading
Occidental has long held more pipe space than it needs from the Permian, in the hope that its shale business would eventually grow big enough to make use of it. But last year’s oil-price crash, and, more recently, the winter freeze in Texas, caused the company to cut investment and production in an effort to...Continue Reading
The company will sell most of its non-operated upstream assets in the UK central and northern North Sea to NEO Energy, according to a statement Wednesday. NEO is an oil producer backed by Norwegian private equity firm HitecVision AS. SourceContinue Reading
Key players in the oil market have been talking up the rising prices in the coming months, with some even floating the prospect of $100 crude in the next year or two as the global economy recovers from the pandemic. SourceContinue Reading
“I’m still a strong believer that demand is going to come back strong, both on airlines and also driving around the world once we get herd immunity,” Pioneer Natural Resources CEO Scott Sheffield said on a conference call Feb. 24. SourceContinue Reading
Without Keystone XL, rail will become a more important way for Canadian oil to reach U.S. Gulf Coast refineries, which need the heavy crude to replace declining supplies from Mexico and Venezuela. And more rail traffic means greater derailment risk. SourceContinue Reading
