EIA: US shale oil, gas volumes set to climb in March
US shale oil production will increase by 109,000 barrels per day to 8.7 million bpd in March,...
US shale oil production will increase by 109,000 barrels per day to 8.7 million bpd in March, the highest since March 2020, while shale gas output will jump by 0.5 billion cubic feet per day to an all-time high of 91.7 Bcf/d, according to the Energy Information Administration's latest forecasts. The Permian Basin is expected to continue to drive shale oil output growth after hitting a record for a second consecutive month in January when production there averaged 5.06 million bpd.
Continental Resources reported a net income of $742.7 million, or $2.04 per diluted...
Continental Resources reported a net income of $742.7 million, or $2.04 per diluted share, for the quarter ended December 31, 2021. In fourth-quarter 2021, typically excluded items in aggregate represented ($91.6) million, or ($0.25) per diluted share, of Continental's reported net income. Adjusted net income for fourth-quarter 2021 was $651.0 million, or $1.79 per diluted share (non-GAAP). Net cash provided by operating activities for fourth-quarter 2021 was $1.25 billion and EBITDAX was $1.39 billion (non-GAAP).
Natural gas extended yesterday’s rally into this morning’s session, trading up 9 cents at...
Natural gas extended yesterday’s rally into this morning’s session, trading up 9 cents at $4.28 and continuing to be driven by forecasts for cooler weather and higher heating demand over the next two weeks than previously expected and as LNG exports near record highs.
The energy sector is off to a lower start, pressured by weakness in the crude complex but supported by...
The energy sector is off to a lower start, pressured by weakness in the crude complex but supported by strength in the major equity futures which surged on signs of a de-escalation in tensions between Russia and Ukraine, and ahead of key inflation data investors will look to for clues on the path of interest rate hikes by the Federal Reserve.
WTI and Brent crude oil futures dropped over 2.5% in early trading, ending their four-day winning streak after Russia said some of its military units were returning to their bases after exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West. It was not however clear how many units were being withdrawn and by what distance, after a build-up of an estimated 130,000 Russian troops. Investors are also continuing to monitor the talks between the United States and Iran on reviving Tehran's nuclear deal with world powers, which could potentially allow for higher Iranian oil exports. Investors will be looking to the latest weekly inventory reports as the next major catalyst. The reports are expected to show another drop in U.S. crude stocks which would underline tight supply and demand balance.
How Oil Could Hit $150. It’s Not Just About Russia.
By one measure, oil prices could rise to $150 a barrel this year, which would be the highest...
By one measure, oil prices could rise to $150 a barrel this year, which would be the highest price ever recorded. And while the Russia-Ukraine standoff is part of the reason for oil’s recent spike, there is more to it.
RBC Capital Markets explained one scenario where oil prices could jump to record levels. It has more to do with demand than supply. For now, analyst Michael Tran sees very little pressure on the supply side to restrain prices. Oil supplies are growing at a relatively slow rate, in part because OPEC has been unwilling—and potentially unable—to boost production. Several OPEC members are not adding as much supply as they were expected to add under current limits.
