Labor shortages a major barrier to oil production growth
A shrinking oil and natural gas workforce in the Permian Basin, the engine of US oil production growth,...
A shrinking oil and natural gas workforce in the Permian Basin, the engine of US oil production growth, could make it difficult for operators to scale up activity and match the anticipated production growth for 2022 in the coming years, Evercore ISI warned. Endeavor Energy Resources, for example, has already turned to out-of-basin workers for 60% of its field activities, the advisory firm said.
US oil supplies post surprise rise in latest EIA data
US crude oil inventories jumped unexpectedly last week, by 1.1 million barrels, missing analysts' expectations...
US crude oil inventories jumped unexpectedly last week, by 1.1 million barrels, missing analysts' expectations for a 200,000-barrel decline, according to Energy Information Administration data. However, the gain was offset by a 1.3-million-barrel fall in gasoline supplies and a 1.6-million-barrel drop in distillate stockpiles.
Fears of a potential Russian invasion of Ukraine have prompted some US refiners to seek substitutes to...
Fears of a potential Russian invasion of Ukraine have prompted some US refiners to seek substitutes to Russian fuel oil, a common choice of feedstock in gasoline and diesel production, with Mexican and Brazilian oil emerging as the top alternatives. "Any restrictions on Russian flows would cause pain exclusively on the side of the buyer because the Russians can easily place their fuel oil in China or India," said Vortexa Chief Economist David Wech.
Nat-Gas Slumps After Weekly EIA Inventories Fall Less Than Expected
March Nymex natural gas (NGH22)...
March Nymex natural gas (NGH22) on Thursday closed down by -0.231 (-4.90%).
Nat-gas prices Thursday fell from a 1-1/2 week high and closed sharply lower. Nat-gas prices retreated after weekly EIA nat-gas inventories fell -190 bcf last week, a smaller draw than expectations of -195 bcf. Nat-gas prices Thursday morning initially climbed to a 1-1/2 week high on the outlook for below-normal U.S. temperatures to boost heating demand for nat-gas. Atmospheric G2 said today that an arctic cold blast could drop into Texas and the Midwest Feb 22-26, and below-normal temperatures are expected across the eastern two-thirds of the U.S. from Feb 27-Mar 3.
Energy stocks opened higher despite weaker broader index futures and softer oil prices as traders move...
Energy stocks opened higher despite weaker broader index futures and softer oil prices as traders move back into well-performing commodity-levered companies amid expectations of higher rates. Heightening turmoil between Russia and Ukraine is also encouraging risk aversion among investors. Earnings continue to flow in across the sector.
Oil prices fell on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages, but losses were capped by heightened tensions between top energy exporter Russia and the West over Ukraine. Both contracts fell more than 2% earlier in the session. "(The) oil market is locked in a tug of war between Iranian sanctions relief and Russian-Ukraine tensions," said Stephen Brennock at brokerage PVM Oil.
