US Oil Inventories Fall across the Board Last Week
U.S. crude oil and fuel stockpiles fell last week, the Energy Information Administration (EIA) said Sept....
U.S. crude oil and fuel stockpiles fell last week, the Energy Information Administration (EIA) said Sept. 23.
Crude inventories fell by 1.6 million barrels in the week to Sept. 18 to 494.4 million barrels, compared with analyst expectations in a Reuters poll for a 2.3 million-barrel drop.
Crude stocks at the Cushing, Okla., delivery hub rose by 4,000 barrels in the last week, EIA said.
Crude production slipped to 10.7 million bbl/d, down in part due to storm activity that closed offshore drilling sites in the U.S. Gulf of Mexico.
Net U.S. crude imports fell last week by 267,000 bbl/d, EIA said.
US Natgas Prices Jump over 10% from Seven-week Low
U.S. natural gas futures jumped over 10% on Sept. 23 from a seven-week low in the prior...
U.S. natural gas futures jumped over 10% on Sept. 23 from a seven-week low in the prior session as output continues to slide, demand edges up and LNG exports increase.
Front-month gas futures rose 18.6 cents, or 10.1%, to $2.020 per MMBtu on Wednesday morning. On Tuesday, the contract closed at its lowest since July 31 for the second day in a row.
Trade this week has already been volatile—prices fell over 10% on Sept. 21—as traders roll out of the front-month October contracts, which expire on Sept. 28, and into the much higher priced November. The premium of November over October reached a record high of 89 cents per mmBtu earlier this week.
Opinion: Rising Bankruptcy Toll Shows US Oil Patch Is Not ‘OK Now’
It is less than two months since Donald...
It is less than two months since Donald Trump traveled to Texas to declare that the U.S. energy industry, laid low by this year’s oil price crash, was back on its feet. “We’re OK now,” the president told the assembled crowd.
But bankruptcy numbers released this week tell a different story. Another 16 upstream US oil and gas companies—producers and service providers—hit the wall in August, the same number as in July, according to law firm Haynes and Boone.
Bigger drillers such as Chaparral Energy Inc. and Valaris Plc have joined a pile-up that has seen companies with a combined $85 billion worth of debt file for protection from creditors over the past eight months.
Fracking-services company FTS International Inc. filed for bankruptcy protection Tuesday...
Fracking-services company FTS International Inc. filed for bankruptcy protection Tuesday after reaching an agreement with creditors on a debt-for-equity swap following a downturn in the energy sector and lower demand for its services.
The Fort Worth, Texas, company filed a prepackaged plan that erases nearly $440 million in debt from its balance sheet in U.S. Bankruptcy Court in Houston with the backing of more than 87% of its term lenders and senior bondholders.
While FTS is headquartered in Fort Worth, it also has a field office in Elk City, Oklahoma, and others in Louisiana, Pennsylvania, and Utah.
Oil settled higher on Tuesday, finding support from expectations for a second weekly...
Oil settled higher on Tuesday, finding support from expectations for a second weekly decline in U.S. crude supplies.
Prices scored a partial rebound from the sharp decline in oil seen a day earlier when the rise of COVID-19 cases and potential for renewed activity restrictions in Europe fed a global equity selloff reported MarketWatch.
West Texas Intermediate crude for October delivery edged up by 29 cents to settle at $39.60 a barrel after a decline of 4.3% on Monday. The contract expired at the day’s settlement. The November WTI contract, which is now the front month, settled at $39.80, up 26 cents.
Global benchmark November Brent crude, meanwhile, rose 28 cents at $41.72 a barrel.
