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U.S. Crude Stockpiles Rise, Products Draw Down More Than Forecast – EIA

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U.S. crude oil stockpiles rose and gasoline and distillate inventories fell more than forecast last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 2.7 million barrels to 460 million barrels in the week ending April 12, the EIA said, nearly double analysts’ expectations in a Reuters poll for a 1.4 million-barrel …

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What the March Higher in Oil Means for World Markets

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(Reuters) – Oil prices are up around 16% so far this year near $90 a barrel, with supply worries high given escalating Middle East tensions and tit-for-tat attacks on energy infrastructure between Ukraine and Russia. Investors are paying attention. After all, it was an energy price surge two years ago that helped drive inflation and …

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Oil Dips as Demand Worries Outweigh Middle East Supply Risks

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Summary Fed’s Powell: need higher interest rates for longer U.S. stocks seen up 1.4 million barrels – poll Market unwinding war premium, says analyst (Reuters) – Oil prices slipped for a third straight session on Wednesday as likely higher U.S. commercial inventories weighed, while weaker economic data from China and dimmed prospects of interest rate …

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Canada’s Trans Mountain Pipeline Expansion Could be Trouble for OPEC Member Iraq

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Pipeline will almost triple shipments, bringing oilsands into direct competition with Iraq crude Bloomberg News Canada’s newest oil pipeline may spell trouble for a Middle Eastern country almost 7,000 miles away: Iraq. The Trans Mountain pipeline’s expansion, which will almost triple Alberta oilsands producers’ ability to ship their heavy crude to the Pacific Coast, will most directly affect …

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Biden Unlikely to Cut Iran’s Oil Lifeline After Israel Attack

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Iran’s unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran’s oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts. Shortly after Tehran launched its weekend attack – retaliation for Israel’s suspected April 1 strike on the Iranian …

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Possible BP Bid Highlights ‘London for Sale’ Scenario

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Possible BP bid highlights ‘London for sale’ scenario (Reuters) – The emergence of a possible bid for BP  by the United Arab Emirates’ state-owned oil group has thrown a spotlight on the vulnerability of the Britain’s largest companies to takeover and the threat to London as a global capital markets hub. New York’s larger investor base and …

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Oil Slips as Risk Premium Eases After Iran Attack

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Oil prices fall after Iran’s attack on Israel Summary Iran says it considers retaliation against Israel to be over Benchmarks had risen in anticipation of Iran’s attack Uncertainty remains over Israeli response (Reuters) – Oil prices drifted lower on Monday, with the market downplaying the risk of broader regional conflagration after Iran’s weekend attack on …

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North Dakota’s Rig Count Drops as Consolidation Sweeps Oil Patch

Conventional Energy, Drilling Rigs, Energy Topics & Technology, Latest, Oil, US News / By

 Operators in North Dakota’s Bakken oilfield reduced their rig count to 36 in April, down from 40 in March, marking the lowest number this year as a wave of consolidation has swept through the oil patch, state regulators said on Friday. “Their drilling budgets are disrupted especially if both are active in the Bakken. They …

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Oil and Gas Activity in U.S. Midwest, Rockies Fell in Q1, Kansas Fed Says

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Oil and gas energy activity in Oklahoma, Colorado and the northern part of New Mexico fell in the first quarter of 2024, the Federal Reserve Bank of Kansas City said on Friday in its quarterly survey of energy activity. Drilling and business activity contracted for a fifth straight quarter and will likely continue to fall …

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Hess Signals Exxon Arbitration Could Push a Sale into Next Year

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(Reuters) – An Exxon Mobil  arbitration case that could block the sale of Hess Corp to Chevron  could drag on until year-end, Hess said in a U.S. securities filing on Friday. The filing signals any closing of its $53 billion sale to Chevron could fall into next year, at least six months later than a prior goal of …

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