Tag Archive for: crudeoil

By the end of this decade, the report found, the fossil-fuel industry aims to sanction nearly four times this amount – 31bn barrels of oil equivalent – across 64 additional new oil and gas fields.

World set to quadruple oil and gas production by 2030, led by new US projects

The world’s fossil-fuel producers are on track to nearly quadruple oil and gas production from newly approved projects by the end of this decade, with the US leading the way in a surge of activity that threatens to blow apart agreed climate goals, a new report has found.

There can be no new oil and gas infrastructure if the planet is to avoid careering past 1.5C (2.7F) of global heating, above pre-industrial times, the International Energy Agency (IEA) has previously stated. Breaching this warming threshold, agreed to by governments in the Paris climate agreement, will see ever worsening effects such as heatwaves, floods, drought and more, scientists have warned.

But since the IEA’s declaration in 2021, countries and major fossil fuel companies have forged ahead with a glut of new oil and gas activity. At least 20bn barrels of oil equivalent of new oil and gas has been discovered for future drilling since this point, according to the new report by Global Energy Monitor, a San Francisco-based NGO.

Last year, at least 20 oil and gas fields were readied and approved for extraction following discovery, sanctioning the removal of 8bn barrels of oil equivalent. By the end of this decade, the report found, the fossil-fuel industry aims to sanction nearly four times this amount – 31bn barrels of oil equivalent – across 64 additional new oil and gas fields.

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Source: Bulletin of the Atomic Scientists

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Crude oil futures rose Wednesday as Federal Reserve Chair Jerome Powell indicated that interest rates will likely come down this year.

Oil prices rise more than 1% on Fed rate cut outlook, signs of rising gasoline demand

Signs of Rising Gasoline Demand

Crude oil futures rose Wednesday. As Federal Reserve Chair Jerome Powell indicated that interest rates and signs of rising gasoline demand will likely come down this year. Though the central bank is moving cautiously.

The West Texas Intermediate contract for April gained 98 cents, or 1.25%, to settle at $79.13 a barrel. May Brent futures added 92 cents, or 1.12%, to settle at $82.96 a barrel.

Powell told the House Financial Services Committee Wednesday. That the Fed needs to see “a little more data” before moving on rates. Though he expects the central bank will begin loosening policy this year. As it gains more confidence that inflation is under control.

In prepared remarks, the Fed chairman said the central bank thinks rates have peaked. Lower interest rates typically stimulate the economy, which leads to more demand for crude.

Tamas Varga, an analyst at oil broker PVM, told clients in a note Tuesday that uncertainty surrounding interest rate cuts is “public enemy No. 1” of a protracted oil rally.

“The Fed chair’s testimony and the ECB interest rate decision on Thursday could revive hopes for a June reduction in borrowing costs,” Varga wrote in a research note.

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Source: CNBC

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US crude oil inventories rose modestly last week as refineries ramped up capacity use, according to data released Wednesday by the US EIA.

US crude oil stocks rise by 1.4M barrels in week ended March 1

Rose Modestly

U.S. crude oil stocks rose modestly last week. As refineries ramped up capacity use, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude-oil stocks–excluding the Strategic Petroleum Reserve–were up by 1.4 million barrels, to 448.5 million barrels, in the week ended March 1, and were about 1% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would rise by 1.3 million barrels.

Oil stored in the SPR increased by 706,000 barrels, to 361 million barrels.

The EIA estimated U.S. crude oil production at 13.2 million barrels a day, down by 100,000 from the previous week. Crude imports rose by 837,000 barrels a day, to 7.2 million barrels a day, while exports slipped by 91,000 barrels a day, to 4.6 billion barrels a day.

U.S. refineries ran at 84.9% of capacity, up from 81.5% the previous week.

Decreased More than Expected

Stocks of gasoline and distillate fuels decreased more than expected as demand rose. Gasoline stocks were down by 4.5 million barrels, at 239.7 million barrels, and were 2% below the five-year average, the EIA said. Demand for gasoline rose by 547,000 barrels a day, to 9 million barrels a day. Gasoline stocks were expected to decline by 1.4 million barrels, according to the Journal survey.

The EIA estimated U.S. crude oil production at 13.2 million barrels a day, down by 100,000 from the previous week. Crude imports rose by 837,000 barrels a day, to 7.2 million barrels a day, while exports slipped by 91,000 barrels a day, to 4.6 billion barrels a day.

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Source: Market Watch

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Crude oil price settles around 80.00$ barrier and keeps its stability above it to support the chances of continuing the expected bullish trend on the intraday and short-term basis.

Crude oil price awaits more rise amid bullish trend

Keeps its Stability Above It

Crude oil price settles around 80.00$ barrier and keeps its stability above it. To support he chances of continuing the expected bullish trend on the intraday and short-term basis. Organized inside the bullish channel that appears on the chart. Noting that our next targets begin at 81.55 and extend to 82.70.

The current market dynamics suggest that there is a potential for further upward movement in the upcoming trading sessions. It is crucial to keep a close eye on the price levels, particularly the minor support at 79.70. A break below this support level could trigger a temporary decline in the price. Leading to a test of key support areas starting from 78.70 and potentially extending to 78.25 before any significant attempt at a resurgence.

Investors and traders should monitor these support levels closely. As they can provide important cues about the market sentiment and future price movements. Testing key support areas is a common occurrence in trading patterns and often precedes a new attempt at upward movement. By staying informed and vigilant, market participants can make well-informed decisions and capitalize on potential opportunities that may arise as the price fluctuates in response to changing market dynamics.

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Source: economies.com

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The US oil & gas industry's recent success underscores its resilience and ability to thrive in the face of political, environmental challenges

US oil and gas companies profits skyrocket as the US becomes the energy supplier of choice

US Oil and Gas Companies

Despite the Biden administration’s ambitious climate goals. The US oil and gas companies in the United States has seen unprecedented growth and profitability. The top 10 listed oil and gas producers in the US have reported a combined net income of $313 billion in the first three years of President Biden’s term (Financial Times). This is three times the $112 billion generated during the same period under President Trump.

This surge in profitability can be attributed to several factors. Including record-high production levels as well as significant cost reduction particularly in the oil rich Gulf of Mexico. In December 2023, US oil production reached 13.5 million barrels per day, surpassing all previous records. According to the US Energy Administration. By 2024 the US will reach the daily production of 14 million barrels per day. Additionally, natural gas production exceeded 105 billion cubic feet per day for the first time. These achievements have solidified the US as a global energy leader, with the country now ranking as the second-largest exporter of crude oil and the largest exporter of liquefied natural gas (LNG), overtaking Qatar.

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Source: BENZINGA

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The EIA estimated that US crude oil production reached “an all-time high in December of more than 13.3 million barrels per day.

Record oil and gas production makes America more secure

Record oil and gas production

America’s oil and natural gas producers are innovating to produce more than ever. We’re also easing emissions and bringing reliable, affordable energy to Americans and our global allies.
In its latest short-term energy outlook, the Energy Information Administration estimated that U.S. crude oil production reached “an all-time high in December of more than 13.3 million barrels per day.”

The production of oil and natural gas in the United States plays a crucial role in stabilizing prices for consumers. These commodities are traded on global markets, and their prices can be influenced by a myriad of factors, including geopolitical events and decisions made by stakeholders across the world.

In times of turmoil or disruption in the global oil market, such as supply disruptions or political tensions in major oil-producing regions, having a robust domestic production capacity helps mitigate the impact of these external shocks on American consumers. By reducing the reliance on foreign sources and increasing domestic output, the U.S. is better equipped to weather fluctuations in global oil prices, providing a sense of stability and security for consumers.

Particularly Evident

The significance of strong U.S. oil and gas production is particularly evident when considering the potential actions of “bad actors” in the global market. In an interconnected world where energy markets are highly sensitive to external events, the actions of rogue states or non-state actors can have profound consequences on oil prices and supply chains.

By bolstering domestic production, the U.S. can insulate itself to some extent from these external risks and maintain a degree of control over its energy security. This not only helps in ensuring a stable supply of energy for American households and businesses but also contributes to the country’s overall economic resilience in the face of global uncertainties.

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Source: Fremont Tribune

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As per the report from the US EIA, the US claimed the title of the largest global crude oil producer in 2022.

Oil and gas pumps market size is projected to grow $10.9B, globally at a 4.7% CAGR by 2028

Oil and Gas Market size is projected to grow. From USD 8.7 billion in 2023 to USD 10.9 billion by 2028, at a CAGR of 4.7%. According to a new report by MarketsandMarkets™. The rise in infrastructural development, global economic growth, and rise in exploration of new oil fields. Accelerates the growth of the Oil and Gas Pumps Market.

Browse in-depth TOC on “Oil and Gas Pumps Market”
164 – Tables
50 – Figures
206– Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=72491540

This report segments based on application into three categories: upstream, midstream, and downstream.

Anticipated to Dominate

In the oil and gas industry, the midstream sector is precede to dominate the market share throughout the forecast period. This segment is crucial for the efficient transportation and storage of hydrocarbons. Serving as the bridge between upstream exploration and downstream refining processes. Midstream activities encompass a wide range of operations. Including the transportation of crude oil, natural gas, and other petroleum products through pipelines, tankers, and trucks.

Additionally, the sector is responsible for the storage of these resources in terminals, refineries, and storage facilities, ensuring a steady supply chain from production sites to end users.

The Increasing Demand For Energy Resources

The growth of the midstream sector can be attributed to the increasing demand for energy resources worldwide, prompting companies to expand their infrastructure and invest in new technologies to enhance operational efficiency. With the rising production of oil and gas in various regions, the need for reliable midstream services has become more pronounced.

Moreover, factors such as regulatory changes, geopolitical developments, and market dynamics have also influenced the expansion of the midstream industry. As a result, companies in the oil and gas sector are focusing on strengthening their midstream capabilities to meet the growing demands of the global energy market.

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Source: yahoo!finance

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The US oil industry is now in a post-boom era, focusing on smart growth aligned with demand rather than rapid expansion.

US Oil Industry’s Year: 2023 may have been the best year yet

Last year, U.S. oil industry or crude oil production broke another record. This in itself is not exactly news. The shale oil industry has been breaking records for breakfast for years. But that was before the pandemic.

After the pandemic, many pronounced the shale boom dead. Of course, those same people found out in 2023 that this wasn’t strictly true. Despite a continued focus on capital discipline and the flurry of cash they returned to shareholders, U.S. drillers managed to boost their overall output to over 13.2 million barrels daily in September. And they did it with fewer rigs, at that. And with zero—if not negative—support from the federal government.

“Smart money knows to never bet against this industry,” Tim Stewart, President of the US Oil & Gas Association, recently told David Blackmon, energy industry vet and Forbes author. “We are going to be around a lot longer than any politician. Why is that? Because we produce wealth while they produce nothing.”

Indeed, if 2023 proved anything that many may have suspected, it was that an industry does not need a friendly government to flourish—at least when it comes to the oil industry, that is. Alternative energy industries, on the other hand, do need government support to survive.

 

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Source: Oil Price

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Oil prices have moved higher following news that producer BP will temporarily halt shipments through the Red Sea after reported attacks on vessels delivering on this route.

Oil price rises as shipments through Red Sea are halted

Oil price rises (CL=F, BZ=F) have moved higher following news that producer BP (BP) will temporarily halt shipments through the Red Sea. After reported attacks on vessels delivering on this route. Analysts estimate 12-15% of the global oil supply moves through this passage from the Middle East. Meaning any prolonged closure could impact availability in relevant markets.

Yahoo Finance Ines Ferré breaks down the details and what these pressures will mean for oil and natural gas prices (NG=F).

And what we’ve seen today is a bump for WTI for crude oil. Let’s take a look at the chart so you can see where we’re at. With WTI and crude both jumping more than 2% during today’s session. This is after British oil giant, BP, said that it was pausing ship shipments via the Red Sea. After Houthi rebels were attacking ships. This was a precautionary pause.

Several shipping companies have been pausing their shipments, including Evergreen, that’s a global container shipping company. Now, the Red Sea, that’s connected to the Mediterranean Sea by the Suez Canal. Anywhere between 12 and 15% of oil is move via the Suez Canal, so it is a very important area that’s connecting– that is a shipping route connecting Europe to Asia.

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Source: yahoo!finance

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United States projected to extract 12.9m barrels of crude oil as countries at Cop28 to push for agreed fossil fuels ‘phaseout’

US oil and gas production set to break record in 2023 despite UN climate goals

Extract More Oil and Gas than Ever Before

The oil and gas production of United States is confident to extract more oil and gas in 2023.

The US’s status as the world’s leading oil and gas production behemoth has only fortify this year, even amid warnings from Joe Biden himself over the expanding climate crisis, with the latest federal government forecast showing a record 12.9m barrels of crude oil, more than double the manufacture a decade ago, will be extracted in 2023.

Records will break this year for gas production. With a glut of new export terminals on the Gulf of Mexico coast. Facilitating a boom that will see US exports of liquified natural gas (or LNG) double in the next four years.

Oil and Gas Activity to Continue at Near-Record Levels

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Source: The Guardian

 

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