US shale producers may start spending more on new drilling to offset production declines amid a shrinking...
US shale producers may start spending more on new drilling to offset production declines amid a shrinking inventory of drilled-but-uncompleted wells, on which companies leaned heavily during the coronavirus pandemic to sustain production levels without boosting spending. "Spending in 2022 will have to be higher just to sustain volumes enjoyed in 2021 and I think in general Wall Street is aware of that," said Northern Oil and Gas CEO Nick O'Grady.
Hurricane Nicholas leaves energy sector largely unscathed
Initial assessments of damage caused by Hurricane Nicholas...
Initial assessments of damage caused by Hurricane Nicholas indicate the limited impact on offshore energy infrastructure and other oil and natural gas facilities on the US Gulf Coast, as most companies reported only temporary power outages and minimal disruption to operations. The storm caused some pipeline interruptions and terminal closures at Port of Houston and Port Freeport in Texas, but refineries and offshore platforms were largely spared.
Natural gas futures extended their trend higher for the third-straight session and are up over 3% this...
Natural gas futures extended their trend higher for the third-straight session and are up over 3% this morning, trading around $5.58 per MMBtu, at highs not seen since February’14. Warmer weather forecasts, slow return of Gulf of Mexico production, and high global prices drove futures higher.
The energy sector is poised for a higher start, backed by strength in the crude complex and major equity...
The energy sector is poised for a higher start, backed by strength in the crude complex and major equity indices which ticked higher amid easing fears of an earlier-than-expected cut to monetary stimulus. Fears of a slowing economic recovery and uncertainty over higher corporate taxes however weighed on sentiment.
WTI and Brent crude oil futures jumped over 1.5% in early trading, supported by last night’s industry supply data and expectations demand will rise as vaccination roll-outs widen. Ahead of the official EIA report later today, Tuesday’s API report U.S. crude oil, gasoline and distillate stocks fell more than expected last week after Hurricane Ida shut numerous refineries and offshore drilling production. The IEA issued a note highlighting vaccine roll-outs would power a rebound, after a three-month slide in global oil demand due to the spread of the Delta coronavirus variant and renewed pandemic restrictions.
The American Petroleum Institute on Tuesday reported a draw in crude inventories of 5.437 million...
The American Petroleum Institute on Tuesday reported a draw in crude inventories of 5.437 million barrels for the week ending September 10. It exceeded the analyst expectations who had estimated a loss of 3.903 million barrels for the week.
In the previous week, the API reported a draw in oil inventories of 2.882 million barrels—a smaller loss than the 3.832 million barrel draw that analysts had predicted.
For this week specifically, oil inventories were affected significantly by a sharp decrease in U.S. oil production, which fell 1.5 million bpd last week—the sharpest single-week decline since the EIA began tracking data—to just 10 million bpd as Hurricane Ida continued to shut in oil producers in the Gulf of Mexico.
Cushing inventories fell this week by 1.345 million barrels after last week's 1.794-million-barrel increase.
