Friday, November 8, 2024
Growth - oil & gas 360

Get Your Natural Gas in Texas For A Dime, Prices Fall to Record Low

From Reuters Next-day natural gas prices for Wednesday at the Waha hub in West Texas plunged to a record low due to an equipment failure in New Mexico that stranded gas in the Permian basin. Spot prices at the Waha hub collapsed to an average of just 12 cents per million British thermal units (mmBtu) for Wednesday. That fell below

Oil Majors Rush to Dominate U.S. Shale as Independents Scale Back

From Reuters In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles. Workers at its Remuda lease near Carlsbad – part of a staff of 5,000 spread across New Mexico and Texas – are drilling wells, operating fleets of hydraulic

Brazil Expects Petrobras Reserves Payout Above $18 Billion

From Bloomberg Petrobras is expected to receive more than $18 billion from a mixture of government and private sources as payment for oil reserves, people familiar with the matter said, potentially resolving a dispute that has dragged on since 2013. Brazil’s government anticipates that companies seeking to join in deep-water oil projects would need to pay Petrobras more than $9 billion,

U.S. Refiners Look to Get in on Shale Oil Export Boom

From Bloomberg U.S. refiners aren’t just buying crude to turn into gasoline and diesel — they’re competing with producers and traders to export it. Marathon Petroleum Corp. and Phillips 66 — two of the three biggest U.S. independent fuelmakers — are getting in on the shale export boom. Both are part owners of existing pipelines and new ones being built from the Permian

Weekly Oil Storage: Massive Draw

The EIA released its weekly Petroleum Status Report today, outlining how national oil and refined product stocks have changed in the last week. Crude oil stocks fell by 9,589 MBBL last week to 439,483 MBBL from 449,072 MBBL. This is 3% above the 428,306 MBBL that was in storage at this point last year, and is 1% below the five-year