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 …
Petro River Oil (OTC:PTRC) just announced it made a significant oil discovery. While most oil and gas industry headlines are focusing on the ability to make a profit with oil trading at near rock bottom prices, why is a discovery important? Previously announced oil discoveries in Alaska by Spanish oil company Repsol SA (BME:REP) and …
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 …
The oil price has remained stable this morning, coming off the back of a week of wild swings. International benchmark Brent crude this morning is up by around two per cent at $33.08, however US West Texas Intermediate jumped by over over four per cent to $32.84, up from under $30 at the close of …
America is pumping so much oil that it’s running out of places to keep it all. The U.S. now has nearly 503 million barrels of commercial crude oil stockpiled, the Energy Information Administration said on Wednesday. It’s the highest level of supply for this time of the year in at least 80 years. The …
America is wasting little time getting back into the oil exporting business. Just weeks after Congress lifted a 40-year ban on exporting oil, the first shipments of the black stuff left U.S. ports for Europe. The first freely-traded shipments of U.S. crude are symbolic of the country’s newfound role as a leading producer of oil. …
HOUSTON — Texas manufacturing slowed the most in 11 years this month amid crashing crude prices and a rising dollar, the Dallas Fed said Monday, as previously reported signs of a sharp incoming slowdown finally materialized. The Federal Reserve Bank of Dallas’ previous gloomy forecasts for new orders and other growth indexes came true in …
“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 …
Summary Market close to December 2008 lows. Term structure. Refining spreads. Quality/location spreads. Divergence with XLE. It has been a rough year for the energy markets in 2015. Crude oil opened in January of this year at over $50 per barrel on the active month NYMEX crude oil futures contract. There was some wild volatility …
Lawmakers in Washington are pushing a tax break for oil refiners as part of a compromise allowing unfettered crude-oil exports for the first time in 40 years. Sen. Tom Carper, D-Del., proposed a tax credit of up to $3 a barrel to independent refiners that would be harmed if Congress abolishes U.S. crude-export restrictions. A …