Worsening conditions prove there is no such thing as home field advantage Production in the Permian Basin was impacted this last week due to freezing rain and temperatures dropping into single digits, according to news releases from Energen (ticker: EGN) and Pioneer Natural Resources (ticker: PXD). Reuters reports Apache Corp. (ticker: APA) was also affected by the adverse conditions which
How low can oil go? Falling oil prices seemed to level off in mid-October, quelling fears from the market that has seen the S&P 500 index drop 5% in only one week. Just when the oil market was acclimating to the $80 per barrel scene, Saudi Arabia delivered another jab to the United States energy industry. The de facto leader
The drop in crude oil prices is well documented, but will natural gas follow suit with winter approaching? The West Texas Intermediate spot prices closed at a two year low of $80.52 yesterday, down a total of $19.90 in the last three months (22.9% overall). Price cuts from Saudi Arabia have prompted the market to focus solely on supply news
When and where will the dust settle? Brent crude traded at $86.50 Tuesday morning, at the same time WTI was trading at $84.25. By midday they were both down, to $86.00 and $82.66, respectively. By afternoon, Brent was off $3.25 at $85.64, and WTI closed down $3.08 at $82.66. Where will oil prices end up and where will they leave the
With WTI crude oil trading between $83.59 and $86.29 per barrel on Friday, questions about a bear market for commodity prices linger. This morning, Oil & Gas 360® talked to the Baird energy research team about ramifications from this week’s oil price slide. “Our view is you’re not going to see reductions in activity, capital budgets or drilling programs [at
E&Ps and OilService companies are watching closely to see where oil ends up after a week-long price slide that has dragged down shares of oil and gas companies along with it. With OPEC output rising in recent months and both U.S. shale oil and Russian production on track to set records, prices for the commodity traded Thursday at $84.27 for
Overall, 29% of all rigs in the United States are running in the Permian Infrastructure constraints. Spot prices trading at a considerable discount to Cushing. Questions about the longevity of the oil boom. E&Ps hear all the concerns in the Permian Basin. These “concerns,” however, are not enough to discourage producers from dialing up production in the United State’s largest
The stock market posted its second straight day of sizable losses on Tuesday, and the oil market was not spared from the bullish trading. West Texas Intermediate (WTI) for November delivery closed at $88.85, a 17-month low, on October 7, 2014. The closing was $1.49, or 1.7% lower than the opening on the same day of trading. Brent prices dropped
Today the EIA put out its September Natural Gas Monthly, with data through July 2014. In the report, the U.S.’s July dry gas production of 70.4 Bcf/day set the record for “the highest ever for any month,” the EIA said. But total consumption of natural gas fell short of production by almost 10 Bcf/day in July, which was the lowest
President Obama addressed the nation on Wednesday night, urging Congress to increase funding, assistance and conduct “a series of strategic airstrikes” against the Islamic State, or ISIL, the group marching across Iraq that recently beheaded two American journalists on Internet broadcasts. The President vowed to support the Iraqi government by providing military training and supplies, but stopped short of placing
On Monday, U.S. crude oil, reacting to a less worrisome geopolitical climate in Iraq and Ukraine, fell to its lowest level since January at $92.66 for October delivery. Monday’s “biggest decliners in the S&P 500 were oil drilling and exploration companies, which rely on high oil prices to justify pulling crude oil out of remote parts of the planet. Newfield
The Energy Information Administration reported a build of 79 Bcf for the week ended August 29, 2014, in its latest Weekly Storage Report. The new inventory total of 2,709 Bcf is 471 Bcf less than 2013 and 495 Bcf below the five-year average (approximately a 15% difference). The build marks the 18th straight week of gains greater than 74 Bcf,
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