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• ConocoPhillips zeroes in on Eagle Ford Shale
  ConocoPhillips is shifting its operational...
  ConocoPhillips is shifting its operational focus to the Eagle Ford Shale in South Texas, citing low transportation costs, sufficient infrastructure, thousands of potential drilling locations and a lower natural gas output than the Permian Basin. The company operates four out of the Eagle Ford's total of 12 active rigs and produced 162,000 barrels of oil equivalent per day in the second quarter.

  
  

  The Eagle Ford was discovered in 2008 as a natural gas play, but oil quickly became a more sought-after commodity after the 2008-09 economic downturn. Thereafter, companies began transferring from mostly gas-weighted to mostly oil-weighted operations.

  
  

  By the end of 2014, the Eagle Ford was producing nearly 1.7 million b/d of oil, the second-highest average of any US basin, and was not far behind its giant counterpart to the west, which at the time boasted an output of almost 1.9 million b/d. Today, the Permian produces 4.15 million b/d, while the Eagle Ford produces 1.155 million b/d, according to US Energy Information Administration data.

  
  

  

  
  

  Source: S&P Global Platts
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• Full oil demand recovery still a way off, traders say
  Executives from trading houses Trafigura, Vitol,...
  Executives from trading houses Trafigura, Vitol, Mercuria Energy and Gunvor Group said Tuesday during the FT Commodities Global Summit that they don't expect a substantial recovery in oil demand for at least a year or two. They also anticipate some increase in oil prices by mid-2021, although it's unlikely they'll cross the $50 per barrel mark.

  
  

  Source: YAHOO/BLOOMBERG
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• EIA reports a third straight weekly decline in U.S. crude supplies
  The Energy...
  The Energy Information Administration reported Wednesday that U.S. crude inventories fell for a third straight week, down by 2 million barrels for the week ended Sept. 25. That compared with an average climb of 1.9 million barrels expected by analysts polled by S&P Global Platts, while the American Petroleum Institute on Tuesday had reported a fall of 831,000 barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub rose by 1.8 million barrels for the week. Gasoline supply, meanwhile, climbed by 700,000 barrels, while distillate stockpiles declined by 3.2 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 1.3 million barrels for gasoline and 1.7 million barrels for distillates.
  
  Source: MarketWatch
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• Marathon Petroleum, Top U.S. Refiner, Begins Widespread Job Cuts
  Marathon Petroleum Corp, the largest U.S. oil refiner, began cutting jobs on Tuesday...
  Marathon Petroleum Corp, the largest U.S. oil refiner, began cutting jobs on Tuesday across the company, according to people familiar with the matter, as the COVID-19 pandemic sapped demand for motor fuels.
  
  Reuters reported that Marathon officials are “communicating with our employees about measures we announced earlier this year to strengthen Marathon Petroleum for short-term and long-term success,” a spokeswoman said in a statement. She declined to comment on specific actions.
  
  About 60 salaried staff were let go by midday on Tuesday at Marathon’s large Galveston Bay plant in Texas and another 60 people were dismissed at the company’s Los Angeles refinery, the sources said.
  
  The Galveston Bay operation may lose as many as 100 workers this week and up to 200 before the end of the reductions, one of the people said.
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• Analysis: Hedge funds buy back crude short positions
  Hedge funds cut their bearish positions in crude oil, purchasing...
  Hedge funds cut their bearish positions in crude oil, purchasing 40 million barrels in the six most important petroleum futures and options contracts during the week ending on Sept. 22. "But buying was concentrated in crude rather than refined products, and involved buying back previous short positions rather than opening new long ones," writes analyst John Kemp.

  
  

  Source: Reuters
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