U.S. average gasoline price falls below $2.00 per gallon for first time since 2009

Source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update Based on EIA’s weekly survey of gasoline prices, the U.S. average retail price for regular gasoline fell to $1.996 per gallon (gal) on January 11, falling below $2.00/gal for the first time since March 23, 2009. The U.S. average retail regular gasoline price had last …

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 …

E&P Stocks: The ‘Bottom Of The Barrel’ Club

Summary Since mid-2014, E&P stocks have suffered extreme punishment in the market. Many companies’ prices make them penny stocks, and many more have debt levels which make their equity contribution minimal. The author identifies a group of 33 E&P stocks which the market appears to believe are the “Bottom of the Barrel.” Market capitalizations, debt …

Auction of Marginal Oil and Gas Fields May Begin in February

The much-awaited auction of 69 marginal oil and gas fields, which would usher in  the revenue-sharing model of contracts, is likely to commence in February. Confirming the contours of the  new contract are being finalised, a senior petroleum ministry official told FE, “The exact date of auction would be decided at the highest level of …

Report: Downturn will fundamentally reshape services industry

Oil field services companies slogging through the worst downturn in decades can no longer rely on their traditional oil bust playbook of cutting costs, laying off people and offering deep discounts. Instead, the industry will have to reshape the way it does business to meet the evolving needs of oil companies clamoring for cheaper and …