(World Oil) – U.S. Energy Secretary Chris Wright will tomorrow begin a nearly two-week tour of three Middle East countries, including Saudi Arabia, marking his first visit as a U.S. official to the de facto leader of the OPEC+ oil producer group. The trip, which will also include visits to Qatar and the United Arab Emirates, is expected to help lay
(Oil Price) – Shale boss Bryan Sheffield, the son of Pioneer Natural Resources founder Scott Sheffield, appears to have called on America’s shale drillers to cut drilling immediately, as Brent crude flirts with prices below $60 and WTI falls to $57/barrel. Sheffield, who controls Formentera Partners LP, told Bloomberg he is planning to delay drilling in some cases, shift focus to existing short-term
(World Oil) – The plunge in oil prices over the past week was more severe than the market’s dynamics justify, and the drop may be short-lived, according to Canadian energy executives gathered in Toronto. Leaders of oil and gas producers as well as pipeline companies characterized the sudden decline — sparked by US President Donald Trump’s global tariffs and OPEC’s
(Oil Price) – Chevron will boost the so-called triple fracs — fracturing three wells with one frac spread at one time — to more than half of its wells in the Permian basin, a Chevron executive told Reuters, amid efforts to reduce the costs and times of fracking at the world’s top shale basin. Chevron plans to use triple-frac on
(BOE Report) – Oil and gas firm APA said on Wednesday it curtailed about 8 million cubic feet per day of U.S. natural gas production and 500 barrels per day of U.S. natural gas liquids production in the first quarter in response to weak prices. In January, APA said it reduced production by about 23,500 barrels of oil equivalent per
(Investing) – A plunge in oil prices below $60 per barrel due to an escalating trade war may trigger anxiety across the U.S. oil patch, likely forcing companies to double down on measures including cuts to share buybacks and capital expenditures, analysts have said. Brent crude and West Texas Intermediate (WTI) futures slid to their lowest since February 2021, as sweeping tariffs
Weekly Crude Oil Storage as of April 4, 2025 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.6 million barrels from the previous week. At 442.3 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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