Oilfield services firm Baker Hughes said Friday its weekly...
Oilfield services firm Baker Hughes said Friday its weekly U.S. rig count was at 589 rigs for a third consecutive week and is down 33 rigs or 5.3% from 622 rigs last December.
The number of rigs seeking crude oil was also unchanged at 483 rigs, down 17 from 500 a year earlier. The number of rigs drilling for natural gas remained at 102 for the week, down 18 rigs from 120 the previous year.
Texas bucked the national trend, dropping one rig for 284 rigs active across the state, down 25 from 309 last year. New Mexico was unchanged at 103 rigs. Texas was the only major producing state to decline while North Dakota (1) was the only producing state to see an increase.
The Permian Basin remained unchanged at 304 rigs for the week, down five rigs from 309 last year.
Eddy County, New Mexico, remains the most active county in the Permian Basin, hosting 54 rigs for a third consecutive week. Lea County, New Mexico, remains in second place with 46 rigs, down one for the week.
Exports From New LNG Terminal Begin as U.S. Cements Position as Market Leader
Exports from America's eighth liquefied natural...
Exports from America's eighth liquefied natural gas facility began this week, highlighted by an LNG carrier departing for Europe. This reinforces the US' position as the world's leading LNG exporter and provides tailwinds for President-elect Donald Trump as he urges Europe to increase US energy product purchases in his upcoming second term.
Venture Global, one of the largest US LNG developers, shipped its inaugural cargo of LNG from its Plaquemines export facility in Louisiana via a company-owned carrier named "Venture Bayou."
🇺🇸 Snapshots of Venture Bayou traveling down the Mississippi River, carrying the first export cargo from Plaquemines LNG
The ship is expexted to arrive in Germany on Jan 8th. 🇩🇪
Jimmy Carter, former president and celebrated humanitarian, dies at 100
Former President...
Former President Jimmy Carter died on Sunday at his home in Plains, Ga., after deciding nearly two years ago to forgo further medical care following a series of medical crises, according to two people close to the family and The Carter Center, the nonprofit he and his wife founded.
At 100, he was the longest-lived president in American history and became known as much for his post-presidential diplomacy and charitable works as for his single, economically turbulent term in office.
N.Y. law imposes $3B liability on fossil fuel producers
New York Gov. Kathy Hochul has signed a law requiring companies responsible...
New York Gov. Kathy Hochul has signed a law requiring companies responsible for significant emissions from 2000 to 2018 to contribute $3 billion annually for climate damage repair over 25 years. Modeled after the federal Superfund law, the legislation faces potential legal challenges, with the American Petroleum Institute criticizing it as a punitive fee on energy.
Oil settles up over 1% on large draw from US crude stocks
Reuters) - Oil prices settled more than 1% higher on Friday and recorded...
Reuters) - Oil prices settled more than 1% higher on Friday and recorded a weekly gain in low trading volume ahead of year-end, buoyed by a larger-than-expected drawdown from U.S. crude inventories last week.
Brent crude futures rose 91 cents, or 1.2%, to settle at $74.17 per barrel. U.S. West Texas Intermediate crude futures rose 98 cents, or 1.4%, to $70.60 per barrel. On a weekly basis, both Brent and WTI crude gained about 1.4%.
U.S. crude oil inventories fell by 4.2 million barrels in the week ended Dec. 20 as refiners ramped up activity and the holiday season boosted fuel demand, data from the U.S. Energy Information Administration showed on Friday.
Analysts polled by Reuters had expected a 1.9 million-barrel drawdown, whereas figures from the American Petroleum Institute released earlier in the week estimated a 3.2 million-barrel draw, according to market sources.
