China’s crude oil imports increased 10% to 8.4 MMbpd (million barrels per day) in 2017 from 2016, according to China’s General Administration of Customs.
US distillate inventories fell by 3.8 MMbbls or 2.7% to 139.2 MMbbls on January 5–12, 2018. The inventories fell by 29.9 MMbbls or 18% from a year ago.
February WTI crude oil futures (DWT)(SCO) contracts rose 0.8% to $60.3 per barrel at 12:45 AM EST on December 29, 2017—the highest level since June 2015.
US crude oil production hit a record 9,645,000 bpd (barrels per day) for the week ending November 10, 2017. Production was at the highest level since 1983.
The US Energy Information Administration (or EIA) released its “Weekly Petroleum Status Report” on October 12. It estimates that US crude oil production fell by 81,000 bpd (barrels per day).
In this series, we’ll take a look at the top five upstream companies that are expected to post the highest revenue growth for fiscal 2017 compared to fiscal 2016.
Brent crude oil futures closed at $57.54 per barrel on September 29, 2017. Some OPEC officials think that $60 per barrel for crude oil isn’t sustainable.
October WTI (West Texas Intermediate) crude oil (USO)(UCO)(DIG) futures contracts rose 0.16% and were trading at $49.98 per barrel in electronic trading at 2:10 AM EST on September 18.
Russia’s crude oil production averaged ~11.0 MMbpd in 2016—the highest level in 30 years. Russia’s crude oil production could average 11.1 MMbpd in 2017.
Hedge funds increased their net long positions in US crude oil futures and options by 43,861 contracts or 18.4% to 282,362 contracts on July 25–August 1.
The EIA estimates that US crude oil production could average 9.9 MMbpd in 2018. It would be the highest level ever. It could weigh on crude oil prices.
The EIA (US Energy Information Administration) estimates that US gasoline demand rose 1.5% to 9.6 MMbpd (million barrels per day) in May 2017 compared to May 2016.
WTI crude oil prices have fallen almost 12.0% year-to-date due to the rise in production for the United States, Libya, Nigeria, Brazil, and Canada in 2017.
Anadarko Petroleum (APC) plans to release its 2Q17 earnings on July 24, 2017. APC’s 2Q17 revenue estimate stands at ~$2.5 billion compared to its 2Q16 revenues of ~$1.9 billion.
Cushing crude oil inventories have fallen 10% in the last ten weeks. A better-than-expected fall in Cushing inventories could support US crude oil prices.
On June 19, 2017, the National Oil Corporation of Libya reported that the country’s crude oil production rose by ~50,000 bpd to 885,000 bpd in June 2017.
Anadarko Petroleum’s key strategies In this part, we’ll discuss Anadarko Petroleum’s (APC) focus areas, cash-generation areas, and future value areas. As we saw in the previous part, Anadarko will focus on its US onshore and Gulf of Mexico operations in 2017. The company believes that its improving cash flow and cash position put it in […]
June diesel futures contracts rose 2.1% to $1.47 per gallon on May 10, 2017. Prices rose due to the larger-than-expected fall in distillate inventories.
A less-than-expected rise in gasoline inventories supported gasoline prices on May 3, 2017. Gasoline and crude oil (DIG) (SCO) (VDE) prices rose on May 3.
The EIA (U.S. Energy Information Administration) reported that US crude oil production rose by 13,000 bpd (barrels per day) to 9,265,000 bpd on April 14–21.
The EIA estimates that Iraq’s crude oil production fell by 115,000 bpd (barrels per day) to 4.42 MMbpd in February 2017—compared to the previous month.
April West Texas Intermediate crude oil (ERX) (USO) (UCO) futures contracts were flat at $54.45 per barrel in electronic trading at 12:40 AM EST on February 24, 2017.
On February 22, the API released its weekly crude oil inventory report. It reported that US crude oil inventories fell by 0.88 MMbbls from February 10–17.
By year-end 2017, Encana (ECA) plans to increase its corporate margin to more than $10 per boe (barrel of oil equivalent) from year-end 2016’s corporate margin of ~$6.4 per boe.
Crude oil prices rose between November 15 and December 28, 2016, due to the expectation that major oil producers’ production cuts would curb oversupply.
Crude oil prices have risen ~15% since November 2016 due to the expectation that major oil producers’ production cuts would curb oversupply in the market.
According to PDCE’s presentation at the Goldman Sachs Energy Conference on January 5, 2017, it expects its 2017 capital program to be in the range of $725 million–$775 million.
Libya’s crude oil production On December 20, 2016, Libya’s National Oil Corporation reported that pipelines leading from the Sharara and El Feel fields were reopened. The pipelines were closed for two years due to militant attacks. The pipelines are expected to add 270,000 bpd (barrels per day) of crude oil supply over the next three months. The […]
All of the events on the energy calendar influence crude oil and natural gas prices. Uncertainty in the prices can impact oil and gas producers’ earnings.
Noble Energy’s stock has been volatile for most of 2016. Year-over-year, its stock has fallen ~5%. Natural gas prices have risen ~34% in the same period.
The EIA (U.S. Energy Information Administration) reported that US crude oil production rose 14,000 bpd (barrels per day) to 8,464,000 bpd between October 7 and October 14, 2016.
November WTI (West Texas Intermediate) crude oil futures contracts rose 0.8% and were trading at $50.32 per barrel in electronic trade at 5:25 AM EST on October 18, 2016.
OPEC released its Monthly Oil Market Report on October 12. It reported that OPEC’s crude oil production rose by 220,000 bpd to 33.39 MMbpd in September.
