(Oil & Gas 360)- It was Thanksgiving Day 2014 when the U.S. oil industry was confronted with its biggest challenge in decades following Saudi Arabia’s attempt to leverage an oil glut of the time to preserve market share while squeezing American oil producers with their higher cost structure. The ploy worked…for a while. Not only did oil prices fall more
(Oil & Gas 360) – The Fast Jump In Natural Gas Prices Determining Who Gets It In A Market Viewed As Well Supplied Highlights Supply/Demand, Consensus-Beating Tight. While natural gas inventory declined 3 Bcf last week, 3,969 Bcf, 3rd highest in 31 years and only 77 below the record high is helping pretty much all be bearish, believing supply is plentiful. Yesterday
(Oil & Gas 360)– Jaguar just released an ad for their new electric vehicle which must rank as the new standard for weirdness. It just might exceed the Bud Light ad for brand destruction. Too bad. Another sacrifice on the woke altar. Did Jag not get the memo from Mercedes, Ford, and Volkswagen about sales volumes? The much-talked-about but not-much-done-about Energy
(Oil Price) – The ongoing OPEC+ oil production cuts and the improved compliance with quotas from some producers are supporting Brent Crude, offering a modest upside to oil prices in the near term, according to Goldman Sachs. The U.S. investment bank expects the OPEC+ cuts to be rolled over again and the easing of the output curbs could begin gradually in
(World Oil) – Empire Petroleum Corporation announced that it has entered into an amendment to its Revolver Loan Agreement with Equity Bank, increasing the total principal commitment to $20.0 million, up from an initial $10.0 million through December 29, 2026. Currently, Empire has approximately $8.4 million borrowed on the $20.0 million facility. The loan is secured by assets from two of
(Investing) – SINGAPORE/LONDON -Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if U.S. President-elect Donald Trump imposes 25% import tariffs on crude imports from the two countries, traders and analysts said. Two sources familiar with Trump’s plan told Reuters that oil would not be exempted from potential tariff hikes on imports
Weekly Crude Oil Storage as of November 22, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.8 million barrels from the previous week. At 428.4 million barrels, U.S. crude oil inventories are 5% 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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