The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 1.076...
The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 1.076 million barrels after analysts predicted a larger draw of 1.769 million barrels.
U.S. crude inventories have shed some 80 million barrels since the start of 2021 and about 22 million barrels since the start of 2020. Global crude stockpiles are also low.
Distillate stocks saw a decrease in inventory of 546,000 barrels for the week, after last week's 2.203 million barrel decrease. Cushing saw a 2.382 million-barrel decrease this week. Cushing inventories stood at 27.7 million barrels as of February 4—down from 60 million barrels at the start of 2021, and down from 37 million barrels at the end of 2021.
EIA: US shale oil, gas volumes set to climb in March
US shale oil production will increase by 109,000 barrels per day to 8.7 million bpd in March,...
US shale oil production will increase by 109,000 barrels per day to 8.7 million bpd in March, the highest since March 2020, while shale gas output will jump by 0.5 billion cubic feet per day to an all-time high of 91.7 Bcf/d, according to the Energy Information Administration's latest forecasts. The Permian Basin is expected to continue to drive shale oil output growth after hitting a record for a second consecutive month in January when production there averaged 5.06 million bpd.
Continental Resources reported a net income of $742.7 million, or $2.04 per diluted...
Continental Resources reported a net income of $742.7 million, or $2.04 per diluted share, for the quarter ended December 31, 2021. In fourth-quarter 2021, typically excluded items in aggregate represented ($91.6) million, or ($0.25) per diluted share, of Continental's reported net income. Adjusted net income for fourth-quarter 2021 was $651.0 million, or $1.79 per diluted share (non-GAAP). Net cash provided by operating activities for fourth-quarter 2021 was $1.25 billion and EBITDAX was $1.39 billion (non-GAAP).
Natural gas extended yesterday’s rally into this morning’s session, trading up 9 cents at...
Natural gas extended yesterday’s rally into this morning’s session, trading up 9 cents at $4.28 and continuing to be driven by forecasts for cooler weather and higher heating demand over the next two weeks than previously expected and as LNG exports near record highs.
The energy sector is off to a lower start, pressured by weakness in the crude complex but supported by...
The energy sector is off to a lower start, pressured by weakness in the crude complex but supported by strength in the major equity futures which surged on signs of a de-escalation in tensions between Russia and Ukraine, and ahead of key inflation data investors will look to for clues on the path of interest rate hikes by the Federal Reserve.
WTI and Brent crude oil futures dropped over 2.5% in early trading, ending their four-day winning streak after Russia said some of its military units were returning to their bases after exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West. It was not however clear how many units were being withdrawn and by what distance, after a build-up of an estimated 130,000 Russian troops. Investors are also continuing to monitor the talks between the United States and Iran on reviving Tehran's nuclear deal with world powers, which could potentially allow for higher Iranian oil exports. Investors will be looking to the latest weekly inventory reports as the next major catalyst. The reports are expected to show another drop in U.S. crude stocks which would underline tight supply and demand balance.
