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(Reuters) – U.S. oil drillers are sticking to pledges to temper spending on boosting output, keeping the world’s top crude producer on course for slower growth in 2024 in what may ease pressure on OPEC+ to make further supply cuts this weekend. The U.S. has driven growth in global oil supply from non-OPEC producers over …
U.S. Oil Producers Maintain Modest Growth as OPEC+ Eyes Extended Cuts Read More »
U.S. crude oil refiners aim to operate above 90% of their combined processing capacity for the remainder of the quarter after completing planned overhauls, said analysts contacted by Reuters. Strong spring production levels have retail gasoline prices on par with a year ago, according to motorist group AAA. The nationwide average price for a gallon …
US Refiners Boosting Fuel Output Past 90% of Capacity for Summer Driving Season Read More »
U.S. crude oil production rose in March to its highest this year, while product supplied fell, data from the Energy Information Administration showed on Friday. Crude output rose by 0.6% to 13.2 million barrels per day (bpd) in March, the highest since December. Crude volumes from Texas, the top producing state, edged 0.7% higher to …
U.S. Crude Output Rises in March, While Product Supplied Falls Read More »
U.S. energy firms this month cut the most oil and natural gas operating since August, even as the rig count remained unchanged this week, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, held steady at 600 in the …
U.S. Drillers Cut Most Oil and Gas Rigs in a Month Since August – Baker Hughes Read More »
HOUSTON, May 31, 2024 /PRNewswire/ — Chord Energy Corporation (NASDAQ: CHRD) (“Chord”, “Chord Energy” or the “Company”) and Enerplus Corporation (TSX: ERF) (NYSE: ERF) (“Enerplus”) announced today the completion of their previously announced business combination (the “Arrangement”). The Arrangement was approved by Chord and Enerplus shareholders on May 14, 2024 and May 24, 2024, respectively, and received …
Cash-rich Exxon Mobil and Chevron are bolstering their oil and gas drilling inventory with multi-billion-dollar takeovers as they bet on resilient demand for years to come. The consolidation wave sweeping through the U.S. energy sector that spurred deals worth $250 billion in 2023 shows no signs of slowing as companies rush to deploy their cash …
Oil Giants Exxon, Chevron Lean on Big-Ticket Deals to Build Bigger Reserves Read More »
Summary Brent 2024 forecast lowered to $84.01 a barrel WTI forecast cut to $79.56 a barrel OPEC+ to meet on June 2, seen keeping output cuts in place Price support seen at $80 if cuts extended -analyst For table of crude price forecasts, click (Reuters) – Analysts have lowered their 2024 oil price forecast for …
Oil Price Forecasts Cut as Supply Risks Trend Lower, Reuters Poll Finds Read More »
Global petroleum markets have become calm again after massive disruptions caused by the coronavirus pandemic, Russia’s invasion of Ukraine, and the sanctions imposed in response by the United States and its allies. Production and consumption are growing at similar rates; inventories are near normal; prices are close to average once adjusted for inflation; and volatility …
Oil Market Torpor Sends Investors to Other Commodities – John Kemp Read More »
U.S. natural gas futures slid about 2% on Thursday on signs some drillers were starting to pull more gas out of the ground and worries about the tremendous oversupply of gas still in storage with a bigger than expected storage build last week. Prices declined despite forecasts for higher demand next week than previously expected …
U.S. Natgas Prices Slide 2% on Bigger-Than-Expected Storage Build Read More »
Summary Euro zone inflation rose in May U.S. inflation data expected 1230 GMT OPEC+ working on complex deal to extend production cuts (Reuters) – Oil prices held steady on Friday as investors awaited U.S. inflation data for clues on the demand outlook before turning attention to Sunday’s OPEC+ meeting to determine the state of supply …
Oil Stabilises ahead of U.S. Inflation Data and OPEC+ Meeting Read More »
