Oil Falls as Investors Weigh Ample 2025 Supply Outlook
HOUSTON, Dec 5 (Reuters) - Oil prices fell on Thursday...
HOUSTON, Dec 5 (Reuters) - Oil prices fell on Thursday as investors weighed an ample supply outlook for next year against OPEC+ delaying its planned output increase by three months to April 2025.
Brent crude settled down 22 cents,or 0.3%, at $72.09 a barrel, while U.S. West Texas Intermediate (WTI) settled down 24 cents, or 0.35%, at $68.30 a barrel.
OPEC+, the Organization of the Petroleum Exporting Countries plus allies including Russia, had been planning to start unwinding cuts from October 2024, but slowing global demand and booming production outside of the group forced it to postpone the plans on several occasions.
Bitcoin’s rise to $100,000 signals its now-undeniable status in the...
Bitcoin’s rise to $100,000 signals its now-undeniable status in the global economic system. The virtual currency has become a staple of financial markets, embraced by Wall Street giants and amateur investors alike. Its surge also caps an astonishing turnaround after its price dropped below $17,000 in 2022, as the collapse of the FTX crypto exchange sent the industry into a tailspin.
This year, Bitcoin has come roaring back. Federal regulators allowed Wall Street firms to offer a popular financial product tied to the coin, attracting billions of dollars in fresh investment. Then, Mr. Trump’s election victory increased its price, as crypto enthusiasts branded him the first “Bitcoin president.”
Utica Play Economics Are Middleweight, Enverus Says
Enverus Intelligence Research said in a report that the Utica shale in...
Enverus Intelligence Research said in a report that the Utica shale in Ohio is not the best or the worst U.S. oil play. It's right there in the middle.
Enverus reported that a new well performance analysis shows that Utica’s economics demonstrate “competitiveness” with established oil plays in the Lower 48.
"A relatively small and consistent proven fairway for Utica oil achieves economics that rank below the Midland, Delaware and Denver-Julesburgbut above theBakken and Eagle Ford,” said Mah Noor Imtiaz, an associate at Enverus.
Enverus said recent wells in the Utica need longer laterals to achieve production rates in the first six months comparable to those in the Delaware Basin in Texas and New Mexico. Operators are drilling step-out wells around the main part of the Utica that may extend the play.
Shell, Equinor JV to Create UK's Largest Independent Oil, Gas E&P
Shell said on Dec. 5 that Equinor and Shell's U.K. subsidiaries will...
Shell said on Dec. 5 that Equinor and Shell's U.K. subsidiaries will combine their offshore oil and gas assets to form a new company that would be the country’s largest North Sea producer.
Shell said the joint venture will produce more than 140,000 boe/d in 2025. Subsidiary Equinor UK Ltd. currently averages 38,000 boe/d, and Shell U.K. Ltd. 100,000 boe/d.
Financial details about the transaction weren’t disclosed. The deal, expected to close by the end of 2025, will form a new, independent producer owned 50-50 by Equinor and Shell.
Saudi Arabia is losing its oil dominance as US eyes more domestic production
While the kingdom has long dominated the OPEC alliance and wants to...
While the kingdom has long dominated the OPEC alliance and wants to keep oil prices high to fund its trillion-dollar infrastructure projects, other member nations are pushing back ahead of an OPEC+ meeting today. (The US is not a member of either coalition.) They want to make as much money as possible before President-elect Trump returns to office and his “drill, baby, drill” plans further dent Americans’ need for foreign oil. The Wall Street Journal reported that US officials anticipate the US will produce an average of 13.2 million barrels of oil per day this year, which was 47% higher than Saudi Arabia’s average in October.
