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Oil Moves Higher As EIA Reports Huge Crude Draw

Oil Moves Higher As EIA Reports Huge Crude Draw

Oil prices jumped on Wednesday…

Shale Steals The Show As Oil & Gas Spending Surges

Shale Steals The Show As Oil & Gas Spending Surges

Global energy security concerns have…

Energy / Crude Oil

When Will Chinese Oil Imports Boost Oil Prices?

May 24, 2023 at 14:06 | Tsvetana Paraskova

China’s sluggish crude oil trade in the first quarter of the year has added to macroeconomic concerns and banking sector jitters to keep oil prices around $80 a barrel so…

Petrobras To Appeal Amazon Oil Rejection In Lula Litmus Test

May 24, 2023 at 12:01 | Tom Kool

Brazil’s state-run oil giant Petrobras is preparing to file a request to appeal a decision to reject the environmental license for exploratory drilling in the deep waters of the Amapa…

Oil Moves Higher As EIA Reports Huge Crude Draw

May 24, 2023 at 09:37 | Irina Slav

Crude oil prices jumped higher today after the U.S. Energy Information Administration estimated inventories in the country had shed 12.5 million barrels in the week to May 19. A…

Oil Price Bearishness Hits Pandemic Levels

May 23, 2023 at 13:15 | Alex Kimani

Nowadays, the oil bulls just can’t catch a proper break. After a heavy selloff following the collapse of Silicon Valley Bank routed the markets, the markets returned to a…

China Drives Rebound In Global Oil Demand, But There’s A Catch

May 22, 2023 at 11:56 | Simon Watkins

For many years now, the state of China’s economy has been one of the most important determinants of the oil price. The vast disparity between China’s oil needs…

Are We Nearing An Inflection Point For Oil?

May 22, 2023 at 10:21 | Cyril Widdershoven

Current oil market fundamentals are under pressure, and if you are listening to economists, hedgefunds or Western governments, you may conclude that the sentiment is decidedly bearish. The current low…

Small Oil Moves In Where Big Oil Moves Out

May 19, 2023 at 12:50 | Irina Slav

A Dutch court ruled against Shell two years ago in a case targeting the supermajor’s emission footprint. It obliged the company to slash its emissions by almost half from 2019…

U.S. Drilling Rigs Swing To Annual Loss For First Time In Years

May 19, 2023 at 12:25 | Julianne Geiger

The total number of total active drilling rigs in the United States fell by 11 this week, according to new data from Baker Hughes published Friday, after falling by 17…

Why AI Is The Future Of Offshore Oil Drilling

May 19, 2023 at 11:48 | Alex Kimani

Artificial Intelligence (AI) has emerged as some of the biggest secular megatrends of our time. AI is powering the fourth industrial revolution and is increasingly being viewed as…

U.S. Shale Production Is Set For A Rapid Decline

May 19, 2023 at 09:47 | David Messler

I have argued in several Oilprice articles, and most recently in February 2023, that the era of increasing output from shale wells did not have much…

The Death Of Fracking In Colombia

May 19, 2023 at 09:17 | Matthew Smith

Colombia’s beleaguered oil industry is facing a series of volatile headwinds as it struggles to return to a pre-pandemic tempo of operations. Petroleum output despite rising during March 2023 to…

Is Warren Buffett’s Favorite Energy Stock Overhyped?

May 18, 2023 at 16:12 | Alex Kimani

Over the past few years, Permian shale giant Occidental Corp.(NYSE:OXY) has become a darling of billionaire investors. Back in 2019, famous activist investor Carl Icahn bought a 2.5% stake in OXY…

Oil Price Predictions Have Become Oddly Polarized

May 18, 2023 at 13:29 | Alex Kimani

Last month, we reported that energy experts have been growing increasingly bearish on the oil price outlook compared to previous sentiment. Four energy agencies including the IEA and OPEC…

The 2023 Oil Demand Conundrum

May 17, 2023 at 10:50 | Irina Slav

In its latest Oil Market Report, the International Energy Agency forecast that global oil demand would hit 102 million barrels daily, driven by China, whose oil demand, according to…

Oil Inches Down As EIA Confirms Crude Build

May 17, 2023 at 09:42 | Irina Slav

Crude oil prices moved lower today, after the U.S. Energy Information Administration reported an inventory build of 5 million barrels for the week to May 12. At 467.6 million…

Goldman Sachs: Oil Markets To Face Supply Crisis In 2024

May 17, 2023 at 08:53 | Alex Kimani

The oil markets remain highly volatile, but continue to have little forward momentum, with WTI prices resuming their negative trading to move away from the pivotal $71.55 resistance level, pointing…

Despite Bullish Signs, Traders Shun Oil

May 16, 2023 at 11:24 | Irina Slav

Earlier this week, oil reversed a four-week losing streak pushed higher by production shut-ins in Canada and analyst expectations that the tightness of supply is about to manifest itself during…

Underhedged Oil Producers Heavily Exposed To Low Oil Prices

May 16, 2023 at 08:55 | Alex Kimani

Hedging is a popular trading strategy frequently used by oil and gas producers, airlines and other heavy consumers of energy commodities to protect themselves against market fluctuations. During…

OPEC Cut Failed To Lift Oil Prices, But The Year Isn’t Over Yet

May 15, 2023 at 10:11 | Irina Slav

Crude oil prices have been on a losing streak for four consecutive weeks now, erasing all the gains they booked after OPEC’s latest supply cut announcement as economic…

The Energy Transition Has A Metals Problem

May 12, 2023 at 11:53 | Irina Slav

Copper prices this week fell to the lowest since last November on weak economic data from China. Yet the International Copper Study Group, a group of copper exporters and…

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