Lower oil prices set to slow 2018 growth in U.S. crude production, says EIA

Lower prices for oil this year and next are likely to prompt a slowdown in U.S. crude production next year, but domestic output is still expected to reach an annual record in 2018, according to a report from the U.S. Energy Information Administration released Tuesday. The report provided some additional support for oil prices Tuesday, with …

Has This Small Cap Oil Company Unlocked Exploration Risk?

There is no sure-fire method to eliminate risk in searching for oil. 21st century technology has yet to provide a perfect solution however, it is rapidly expanding the way in which companies identify oil and gas reserves.  In light of the global surge in shale fracking or unconventional exploration these technological advancements are also addressing …

US crude oil in storage had a huge spike last week

US crude oil inventories surged last week by the biggest amount since last April. Data from the Energy Information Administration showed that inventories jumped by 10.4 million barrels, much more than the forecast for 3.604 million according to Investing.com. On Tuesday, the American Petroleum Institute’s data also showed a big build, by 9.9 million barrels, which …

Oklahoma production data shocks oil market

“Shocking” data from Oklahoma may be moving the oil market this week as much as the shouting between Saudi Arabia and Iran, WSJ‘s Nicole Friedman reports. First, data released Thursday showed that while U.S. oil production is falling, overall output is higher than previously reported; new reporting methodology prompted the EIA to revise its production data higher for …