U.S. Rig Count Falls For 18th Week In A Row
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U.S. Rig Count Falls For 18th Week In A Row

By Julianne Geiger – Jul 10, 2020, 12:12 PM CDT Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 258, marking the eighteenth loss in the number of active rigs, with losses in the Permian, Eagle Ford, Marcellus, and Barnett basins....

U.S. Natural Gas Production, Consumption And Exports Hit Record In 2019
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U.S. Natural Gas Production, Consumption And Exports Hit Record In 2019

The United States produced, consumed, and exported record volumes of natural gas last year, following years of rising output due to fracking and horizontal drilling, the Energy Information Administration (EIA) said on Friday. According to EIA’s estimates, domestic production of dry natural gas rose to nearly 34 trillion cubic feet (Tcf) while consumption increased to 31 Tcf...

Libya Lifts Force Majeure On All Oil Exports
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Libya Lifts Force Majeure On All Oil Exports

After six months of port blockades and no exports, Libya’s National Oil Corporation (NOC) said on Friday that it lifted force majeure on all oil exports from Libya, potentially giving OPEC+ a headache in the coming months as the group continues to withhold supply from the market. The first vessel to load crude oil from Libya is...

The Oil Bulls Betting On $150 Crude
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The Oil Bulls Betting On $150 Crude

The current oil crisis will severely depress investments in new oil production, setting the stage for oil prices hitting $100 or even $150 a barrel over the next five years, several analysts told The Wall Street Journal. Analysts are basically divided into two camps – the ones predicting high oil prices because of the pandemic and...

An Ugly Week For U.S. Shale
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An Ugly Week For U.S. Shale

By Editorial Dept – Jul 10, 2020, 11:00 AM CDT This week was an ugly one for American shale: Several pipeline projects–both those existing and in the works–took severe hits that will have a profound effect on the shale industry going forward, the severity of which cannot be overstated. The first hit was to Energy...

The Largest Oil Inventory Increase In History
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The Largest Oil Inventory Increase In History

By Editorial Dept – Jul 10, 2020, 11:00 AM CDT 1. The oil market’s massive inventory problem – Oil inventories increased in the second quarter at a rate of nearly 1.8 mb/d, more than four times the ten-year average, according to Standard Chartered. – Inventories typically increase in the second quarter, but this was the...

The Battle For Libya’s Oil Heats Up
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The Battle For Libya’s Oil Heats Up

By Editorial Dept – Jul 10, 2020, 11:00 AM CDT Politics, Geopolitics & Conflict – The battle for Libya is threatening to turn into direct clashes between the Turkish and Egyptian militaries, now that Turkey has categorically rejected Egypt’s ceasefire deal. This rejection was followed this week by the Egyptian Army’s preparations for a military...

Oil At A Crossroads As COVID-19 Infections Surge
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Oil At A Crossroads As COVID-19 Infections Surge

By Editorial Dept – Jul 10, 2020, 11:00 AM CDT U.S. West Texas Intermediate crude oil futures are trading mixed at the end of the week and poised to close lower for the week as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and...

Is This The Right Time To Go Short On Fuel Cell Stocks?
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Is This The Right Time To Go Short On Fuel Cell Stocks?

By Editorial Dept – Jul 10, 2020, 11:00 AM CDT Back in May, I wrote a piece here recommending buying fuel cell stocks, specifically FCEL and BLDP. My logic then was that, while the market hunger for risk made no sense to me given the trajectory of the coronavirus news and the state of the...

Big Oil’s Petrochemical Bet Has Hit A Snag
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Big Oil’s Petrochemical Bet Has Hit A Snag

As oil markets are slowly recovering from the oil price bust in April, big oil is facing a set of new challenges in the next couple of years. The Covid-19 pandemic has simply magnified what was already plaguing the industry before the downturn. Eyeing the future, the oil majors have made bets on other sectors,...

More Curtailed US Oil Production Coming Back Online
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More Curtailed US Oil Production Coming Back Online

Houston-based Noble Energy plans to bring back by the end of July most of the oil production it had curtailed in the second quarter in response to the plunge in oil demand and oil prices, becoming the latest U.S. producer to restart production it had shut in. In an update on Q2 to the market, the company...

Iran’s Oil Storage Ready To Burst
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Iran’s Oil Storage Ready To Burst

The amount of oil that Iran currently has in storage may have come off its May peak, according to industry sources, but it is still forcing the oil producer to hold back production. Iran’s oil in storage peaked around the end of May and has declined since, with offshore floating storage sitting at roughly 58...

Venezuela’s Oil Production Continues To Plummet
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Venezuela’s Oil Production Continues To Plummet

Via Oilprice.com Venezuela’s crude oil production tumbled by nearly 200,000 bpd in June compared to May, to just 422,400 bpd on June 28, as Venezuela struggles to place its oil on the market due to the U.S. sanctions, Bloomberg reported on Wednesday, citing official documents it had seen. Venezuela’s state-owned oil firm PDVSA saw its June production...

Goldman Sachs Expects Crude Prices To Rise In 2021
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Goldman Sachs Expects Crude Prices To Rise In 2021

Via Oilprice.com Goldman Sachs’ commodity analysts remain guarded about oil’s potential to rise over the near term, but in 2021, prices may start to improve, commodity chief Jeffrey Currie told Bloomberg’s Alix Steel. Currie is sticking to the $35-a-barrel oil price forecast over the short term, he said, adding that if prices increased quickly, they would interfere...

U.S. Shale Scrambles For Credit With Oil At $40
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U.S. Shale Scrambles For Credit With Oil At $40

Via Oilprice.com U.S. oil and gas companies are scrambling for credit, with lenders tightening their purse strings as oil prices continue to sit below $40 per barrel. Oil and gas lenders have restricted the borrowing abilities for oil and gas companies to the tune of 20% so far this spring lending season, according to a...

Oil Rig Count Collapse Beginning To Slow
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Oil Rig Count Collapse Beginning To Slow

Via Oilprice.com By Julianne Geiger – Jul 02, 2020, 12:29 PM CDT Baker Hughes reported on Thursday that the number of oil and gas rigs in the US fell again this week, by 2, to 263, showing the second small loss in the number of active rigs in as many weeks after a long streak...

U.S. Shale Needs To Rethink Its Strategy To Survive
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U.S. Shale Needs To Rethink Its Strategy To Survive

Via Oilprice.com U.S. shale is hurting. While the entire global energy industry has been hit hard by the novel coronavirus pandemic and its disastrous effect on oil prices and oil demand, West Texas shale takes the cake for the biggest economic collapse. While the international Brent crude benchmark did take a beating, the West Texas...

Elon Musk: Tesla Is Very Close To Fully Autonomous Car
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Elon Musk: Tesla Is Very Close To Fully Autonomous Car

Tesla is very close to having the Level 5 autonomous driving technology that doesn’t require human input, chief executive Elon Musk said in a video message to the World Artificial Intelligence Conference (WAIC) in Shanghai on Thursday.   “I remain confident that we will have the basic functionality for level 5 autonomy complete this year,” Musk said in...

Former Oil Execs To Launch New Hydrogen Investment Fund
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Former Oil Execs To Launch New Hydrogen Investment Fund

A former Shell executive and a veteran fund manager and former Exxon figure are launching a hydrogen-focused investment fund to great fanfare as governments the world over shift strategy to this clean fuel source that until now hasn’t managed to break the investment barrier.  Times change, though–and a global pandemic is helping.  Former Shell executive...