US crude stocks to fall further, end below year-ago levels, say analysts
HOUSTON (Reuters) -U.S. crude oil stocks have fallen to their lowest level this year and likely will...
HOUSTON (Reuters) -U.S. crude oil stocks have fallen to their lowest level this year and likely will shrink further, analysts said, as record demand, producer supply cuts, weaker futures, and rising storage costs all point to increasing drawdowns.
A tight crude market is poised to extend into 2024 and add upward pressure on global oil prices, they said. In a bullish sign, U.S. inventories last week dropped 10.6 million barrels, hitting the lowest level since December 2022's 420.65 million barrels.
Overall, U.S. oil production could average 12.8 million bpd in 2023, but analysts are skeptical that shale gains can be sustained without a sharp increase in drilling activity. Active U.S. oil rigs this month fell to the lowest since February 2022.
Oil Holds Advance as Traders Wait for Next OPEC+ Moves on Supply
(Bloomberg) -- Oil traded near the highest level this year after a surge driven by supply cuts from OPEC+...
(Bloomberg) -- Oil traded near the highest level this year after a surge driven by supply cuts from OPEC+ that have tightened the market.
Global benchmark Brent was little changed below $89 a barrel after a five-day advance that lifted futures by more than 5%. US crude counterpart West Texas Intermediate, meanwhile, held above $85 a barrel.
Crude has rallied by about a quarter since late June as the impact of the supply reductions — which have been led by Saudi Arabia and Russia — worked their way through the market. Riyadh and Moscow are expected to announce their next steps in the coming days, with the cuts expected to be extended.
Industry fights to keep gas flowing to new Colo. homes
Major oil and gas producers are once again backing a push for a 2024 ballot initiative to prevent Colorado...
Major oil and gas producers are once again backing a push for a 2024 ballot initiative to prevent Colorado communities from banning natural gas hookups in new buildings. "Banning natural gas hookups for kitchen stoves, furnaces, and water heaters is part of a national movement to ban the oil and natural gas industry under the guise of fighting climate change," says Protect Colorado spokesperson Laurie Cipriano.
EIA: US crude oil output back at pre-pandemic levels
US crude oil production reached levels last seen in the run-up...
US crude oil production reached levels last seen in the run-up to the coronavirus pandemic at 12.844 million barrels per day – an increase of some 1.6% – according to data from the Energy Information Administration. Production across the country was mixed, with Texas output rising 1.1% to a record 5.518 million bpd, North Dakota recording a 3.3% gain to 1.155 million bpd, and output in New Mexico falling 2.1% to 1.764 million bpd. A similar pattern emerged with gross natural gas production, with Texas and Pennsylvania setting production records while overall production slipped.
Jimmy Buffett, the singer, songwriter, author, sailor, and entrepreneur...
Jimmy Buffett, the singer, songwriter, author, sailor, and entrepreneur whose roguish brand of island escapism on hits like “Margaritaville” and “Fins” made him something of a latter-day folk hero, especially among his devoted following of so-called Parrot Heads, died on Friday. He was 76.
His death was announced in a statement on his website. The statement did not say where he died or specify a cause.
