U.S. drillers this week added oil and natural gas rigs for the second time in three weeks as a recent increase in energy prices from coronavirus-linked lows prompted some to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose by one to 255 in the week to Sep. 18, energy services firm Baker Hughes Co said in its closely followed report on Friday. That total rig count fell to a record low of 244 rigs during the week ended Aug. 14. That was 613 rigs, … [Read more...]

U.S. natural gas futures eased on Friday to a seven-week low with output rising as Gulf of Mexico producers return wells shut for Hurricane Sally. That price decline came despite an increase in U.S. liquefied natural gas exports to their highest since April as rising prices in Europe and Asia make U.S. gas more attractive. Front-month gas futures fell 1.5 cents, or 0.7%, to $2.027 per million British thermal units (mmBtu) at 11:27 a.m. EDT (1527 GMT), their lowest since July 31 for a … [Read more...]

OPEC and allies, led by Russia, are scheduled to hold an online meeting on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook. The key OPEC+ panel will be reviewing an internal document which warned that a rise in coronavirus cases in some countries may curb oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to a copy of the report seen by … [Read more...]

The Trump administration is considering at least $300 million in cash aid to U.S. oil refiners that are denied exemptions to U.S. biofuel blending laws for the 2019 compliance year, two sources familiar with the matter said. Although the administration has yet to rule on the 2019 waivers, it has made an estimate for the amount of money it would provide in aid based on the number of facilities that applied for the exemptions but may now be considered ineligible because of a recent court … [Read more...]

Oil prices rose for a second day on Wednesday as a hurricane closed U.S. offshore oil and gas production and an industry report showed a decrease in U.S. crude inventories. U.S. crude rose $1.77, or 4.65%, to $40.18. Brent crude rose $42.24, or 3.91%, to $42.24 a barrel. Both contracts rose by more than 2% on Tuesday. More than 25% of U.S. offshore oil and gas output was shut and export ports were closed on Tuesday as Hurricane Sally sat just off the U.S. Gulf Coast. "Our current … [Read more...]

Oil prices rose on Tuesday, but forecasts of a slower than expected recovery in global fuel demand due to the coronavirus pandemic weighed. U.S. West Texas Intermediate (WTI) crude futures were up 52 cents, or 1.4%, at $37.78 a barrel. Brent crude was up 44 cents, or 1.1%, at $40.05 a barrel by 1209 GMT, while  Both contracts fell on Monday. The International Energy Agency (IEA) on Tuesday trimmed its 2020 outlook by 200,000 barrels per day (bpd) to 91.7 million bpd, citing caution about … [Read more...]