National Ocean Month: 6 Things You Don’t Know About the Ocean
The news is full to overflowing these days, so you may not have heard that June is National Ocean Month. But the ocean is something we cannot afford to forget about. There are 372,000 miles of coastline in the world, and around 2.4 billion people, around ⅓  of the...
WTI crested the $40/barrel mark again this morning. The last time that happened, it quickly began a decline back into the $36 range.
What You Need To Know About Oil And Gas Today The State of Play I suppose we can call this a "Big Story." West Texas Intermediate crested the $40/barrel mark again this morning in early trading. Of course, the last time that happened a couple of weeks ago, the price quickly...
Oil prices fell back temporarily Wednesday afternoon after OPEC released its latest outlook for 2020 average crude demand.
What You Should Know About Oil and Gas Today The Big Story Oil prices fell back temporarily Wednesday afternoon after OPEC released its latest outlook for 2020 average crude demand. The bearish part of that report was that the cartel's estimate of average crude demand for the year was essentially unchanged,...
The Permian and the Eagle Ford: In the Lead Again
The Permian Basin led America to energy independence with the shale revolution. Since then, the United States has become the top oil and natural gas producer in the world. In 2019, the Permian Basin, stretching through Texas into New Mexico, became the highest producing oil field in the world....
A new outbreak of COVID-19 could be taking place in Beijing. City officials have now shut down schools in their efforts to contain the outbreak.
What You Should Know About Oil and Gas Today The Big Story Well, it hasn't become a real big story yet, and hopefully it won't, but everyone needs to note the news coming out of Beijing, China, of a new outbreak of COVID-19 taking place there. Bloomberg reports this morning that...
Saudi Arabia is threatening to ignite another global oil price war if cheating participants in the OPEC+ deal continue to exceed their quotas.
What You Should Know About Oil and Gas Today The Big Story The Big Story today has to obviously be BP's announcement of a major write-down in its asset values to be included in its 2nd Quarter earnings. The company's management notified investors yesterday that it the write-down would come in...
Dominion and Duke Energy announced over the weekend that they have cancelled plans to complete the $8 billion Atlantic Coast Pipeline project.
What You Should Know About Oil and Gas Today The State of Play Crude prices are falling again this morning thanks to the latest round of panic stories related to COVID-19 being pushed out by the news media. West Texas Intermediate was off by about $1 per barrel as of this...
Crude Production Limits Continue
Last Saturday, June 6, OPEC and OPEC+ countries came together via video and agreed to continue crude production limits through July. They had agreed previously to cut May and June supplies to 9.7 million barrels per day (bpd) per country. It would slowly ease to 7.7 million bpd between...
Strategic Petroleum Reserve Leased to Australia
For the first time in history, the United States has leased Strategic Petroleum Reserve space to another country. President Trump met with Australian Prime Minister Scott Morrison back in September 2019, well before the fallout of COVID-19 and the Saudi/Russia crude oil price war. The meeting’s intent was to...
The University of Houston Hobby School finds that 76% of Texas oil producers believe a Joe Biden presidency is the single greatest threat to their business.
What You Should Know About Oil and Gas Today The State of Play An interesting survey by the University of Houston Hobby School was published yesterday. It finds that 76% of Texas oil producers believe that a Joe Biden presidency is the single greatest threat to their business. Not COVID-19, not...
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