The U.S. is slowly replenishing the Strategic Petroleum Reserve, planning to buy back more oil in the first several months of next year, after the largest ever sale from the stockpile in 2022. The U.S. aims to buy 2 million barrels a month of domestically produced sour crude, or oil with relatively high sulfur content, from January to March 2025. It is to be stored at the SPR's Bryan Mound site in Texas, one of the facility's four sites and one that recently completed maintenance [Read more]
US crude inventories rise after six weeks of drawdowns, EIA says
U.S. crude oil stockpiles rose unexpectedly last week, building for the first time since late June, while gasoline and distillate inventories fell more than forecast, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 1.36 million barrels to 430.7 million barrels in the week ended Aug. 9, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.2 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.7 [Read more]
Energy producer Maverick’s owner explores sale valuing it at $3 billion, sources say
The private equity owner of Maverick Natural Resources is exploring a potential sale that could value the U.S. oil and gas producer at nearly $3 billion, including debt, according to people familiar with the matter. The Houston-based exploration and production company, which is owned by energy-focused investment firm EIG, is working with investment bankers at Jefferies on the sale process, the sources said, requesting anonymity as the discussions are confidential. Potential buyers, such as [Read more]
US natgas rises more than 4% on hotter weather forecasts, lower output
U.S. natural gas futures rose more than 4% on Wednesday, supported by a drop in output and forecasts of hotter weather for the second half of August that could boost cooling demand and increase gas consumption by power generators to meet air conditioning needs. Front-month gas futures for September delivery on the New York Mercantile Exchange rose 10 cents, or about 4.7%, to $2.25 per million British thermal units, at 9:58 a.m. EDT (1358 GMT). "We've had some moderation of weather models [Read more]
New drilling technology to put billions of barrels of oil in reach, analysts say
An oil production breakthrough that producers say can safely tap ultra-high pressure fields could put up to 5 billion barrels of previously inaccessible crude into production, analysts said. Chevron on Monday disclosed it had pumped first oil from a field at 20,000 pounds per square inch pressures, a third greater than any prior well. Its $5.7 billion Anchor project employs specially designed equipment from NOV, Dril-Quip and drillships from Transocean. The No. 2 U.S. oil firm began [Read more]
Harris’ energy policy is strategically ambiguous, her aides say
In the 25 days since Vice President Kamala Harris entered the race for the White House, she has kept energy executives guessing. Is she the climate and anti-pollution warrior who was attorney general of California? Or the pragmatic Number Two in the Democratic Biden administration that oversaw record U.S. oil production and exports. In speeches over the last week, she has mentioned the word climate seven times, but the words energy, fracking and oil have yet to cross her lips. Opinion [Read more]
Oil gains on Middle East war concerns, US crude stockpile drop
Oil prices climbed on Wednesday after an industry report showed U.S. crude and gasoline inventories fell and as the market watched for a possible widening of the Israel-Gaza war, which may impact global oil supplies. Brent crude futures rose 41 cents, or 0.5%, to $81.10 a barrel by 0650 GMT. U.S. West Texas Intermediate crude increased by 41 cents, or 0.5%, to $78.76 per barrel. "The American Petroleum Institute (API) reported a significant drawdown in U.S. crude inventories of 5.2 million [Read more]
Heavy oil discount narrows
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed slightly on Tuesday: * WCS for September delivery in Hardisty, Alberta, settled at $12.60 a barrel below WTI, according to brokerage CalRock, having settled at $12.80 a barrel under the U.S. benchmark on Monday. * Canadian heavy crude differentials have gained support this month from some U.S. Midwest refineries restarted operations after unplanned shut-downs [Read more]
US shale companies produce more crude using fewer rigs
Greater operating efficiencies in the top U.S. shale patch are squeezing out more oil without higher spending, according to the latest output numbers, which will boost global oil market supplies as OPEC also plans to unwind its output cuts later in the year. Producers are extending their wells to as much as three miles, squeezing more wells onto a single drilling pad and fracking several wells at once, boosting production, according to industry experts and company executives on recent [Read more]
Oil retreats as markets refocus on demand concerns
Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Global benchmark Brent crude futures fell 78 cents, or 0.95%, to $81.52 a barrel at 0330 GMT. U.S. West Texas Intermediate crude futures slipped to $79.33 a barrel, down 73 cents, or 0.91%. Brent had gained more than 3% on Monday, while U.S. crude futures had risen more than [Read more]
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