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• Thursday Oil Prices Close Up
  LONDON (Reuters) - Oil prices rose on Thursday...
  LONDON (Reuters) - Oil prices rose on Thursday as U.S. markets opened, shrugging off bearish OPEC and IEA reports which cut back demand forecasts for this year on the back of the coronavirus outbreak in China, the world’s biggest oil importer.
  
  Paring losses from earlier in the session, Brent crude closed up 55 cents to $56.34 a barrel, while U.S. West Texas Intermediate (WTI) closed up 25 cents at $51.42.
  
  Oil demand in China, the world’s second-largest crude consumer, has plunged because of travel restrictions to and from the country and quarantines within it.
  
  Hubei province, the epicenter of the outbreak, said on Thursday the number of new confirmed cases there jumped by 14,840 to 48,206 on Feb. 12 and that deaths climbed by a daily record of 242 to 1,310, reflecting changes to the diagnostic methodology.
  
  Oil refiner China National Chemical Corp said on Thursday it would close a 100,000 barrel per day (bpd) plant and cut processing at two others amid falling fuel demand.
  
  The International Energy Agency (IEA) expects oil demand in the first quarter to fall for the first time in 10 years before picking up later from the second quarter. The agency cut its full-year global growth forecast to 825,000 bpd.
  
  Oklahoma crude oil prices as of 5 p.m. Thursday:
  
  Oklahoma Sweet:
  Sunoco Inc. — $ 48.00
  
  Oklahoma Sour:
  Sunoco Inc. — $ 36.00
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• North Dakota oil output may peak within 5 years
  BISMARCK, N.D. (AP) — North Dakota’s...

  BISMARCK, N.D. (AP) — North Dakota’s oil production may peak within five years as companies finish drilling the most prolific portions of the state’s oil patch, state and industry officials told lawmakers Tuesday.

  
  

  Mineral Resources Director Lynn Helms, the state’s top oil regulator, said about 20% of drilling activity is now outside of the “core” areas of the western North Dakota’s oil-producing region.

  
  

  Though a typical well can have a lifespan of about three decades, the amount of oil that comes from it decreases by about half in the first two years, officials say.

  
  

  Helms said the outlook now is for oil production to “plateau” for about a dozen years after a peak, then slowly decline by the end of the century to 1980 and 1990 levels of less than 150,000 barrels daily.

  
  

  The state is producing a near-record average of 1.5 million barrels of oil each day. In interviews, Helms and North Dakota Petroleum Council President Ron Ness estimated production would peak at about 1.8 million barrels daily if prices hold.

  
  

  Oil is a key contributor to the wealth of North Dakota, the No. 2 producer in the U.S. behind Texas. North Dakota’s oil production has exploded in the past decade with improved horizontal drilling techniques into the Bakken shale and the Three Forks formation below it.

  
  

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• Carbon Capture Wins Fans Among Oil Giants
  Commercializing carbon capture technology has become a focus for oil majors such as Chevron, ExxonMobil...
  Commercializing carbon capture technology has become a focus for oil majors such as Chevron, ExxonMobil and Occidental Petroleum, which bet on carbon capture to reduce their environmental footprints and boost oil production in a process known as enhanced oil recovery. Occidental has partnered with Carbon Engineering to deploy industrial fans to the Permian Basin, while Exxon is working with FuelCell Energy as part of its efforts to advance the tech.
  
  WSJ - Read Full Story
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• N.M.'s oil-drilling industry makes steady progress
  New Mexico's 2019 oil production is expected to exceed...
  New Mexico's 2019 oil production is expected to exceed 300 million barrels, up by 50 million barrels over 2018, statistics show. The nation's third-largest oil-producing state had 109 active rigs at the end of last month and produced an average of 27 million barrels per month from January to November, an increase of 7 million per month over the same period in 2018

  
  

  
  

  Argus Media - Read Full Story

  
  

  
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• EIA Reports Crude Inventory Increase
  The Energy Information Administration reported that U.S. crude supplies rose by 7.5 million...
  The Energy Information Administration reported that U.S. crude supplies rose by 7.5 million barrels for the week ended Feb. 7. Analysts polled by S&P Global Platts forecast a rise of 2.3 million barrels, while the American Petroleum Institute on Tuesday reported a rise of 6 million barrels, according to sources. The EIA data also showed a supply decline of 100,000 barrels for gasoline, while distillate stocks fell by 2 million barrels. The S&P Global Platts survey had shown expectations for an increase of 700,000 barrels for gasoline supplies, but distillates were forecast to fall by 900,000 barrels.
  

  Oil prices climb despite increasing U.S. stockpile volumes

  
  West Texas Intermediate crude for March delivery gained $1.23 to settle at $51.17 a barrel on the New York Mercantile Exchange.
  
  Brent for April settlement climbed 3.3% to settle at $55.79 a barrel on the ICE Futures Europe exchange in London, putting its premium over WTI at $4.38.
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