(Oil & Gas 360) – “The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function.” (F. Scott Fitzgerald). That ability appears to be paying off these days for Elon Musk, who, according to Forbes Magazine, is the world’s richest person at nearly a quarter
(Oil Price) – Peak oil has been a hot topic lately. Usually, it’s about demand and whether it would peak before 2030 or well after that. Sometimes, however, it’s about supply—and investment. Sometimes, it’s about whether U.S. shale has a future. The Wall Street Journal recently posed this question in an article about an oil county in New Mexico, where some are preparing
(Yahoo Finance) – NEW YORK – U.S. oil refiners’ third quarter profits are expected to fall from last year on weakening margins as fuel demand softened and new refining capacity came online, energy analysts said. Refiners have come off favorable pricing and strong demand after the pandemic and Russia’s invasion of Ukraine boosted margins to record levels. U.S. gasoline and diesel
(Oil Price) – More than 50 members of Congress have signed a letter calling on the U.S. government to toughen sanctions on Russian oil and questioning an exception granted to U.S.-based oil-services company Schlumberger (SLB) that has allowed it to continue operating in the country. Representatives Lloyd Doggett (Democrat-Texas) and Jake Auchincloss (Democrat-Massachusetts) said they and 50 other members of Congress sent the
(World Oil) – Namibia’s next wave of offshore oil drilling is set to begin with the arrival of a rig near an existing discovery made by Galp Energia SGPS S.A. Saipem SpA’s Santorini drillship showing a destination of “Mopane,” the name of the find made by Galp, arrived at the site of the field early on Wednesday, according to ship
(Yahoo Finance) – LONDON – Top British North Sea producer Harbour Energy wants to sell stakes in North Sea oilfields and is reviving plans for a U.S. listing, sources said, as more firms scale back investments ahead of new tax increases on the sector. The Labour government, which was elected in July, wants to use the revenue from oil and gas
Weekly Crude Oil Storage as of October 18, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.5 million barrels from the previous week. At 426.0 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
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