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Work to re-float the Ever Given and free up oceangoing carriers hauling almost $10 billion of oil and consumer goods continued without success on Thursday in Egypt. The Suez Canal Authority has temporarily suspended traffic along the waterway. View the full article
The oil price needed to profitably drill a new well is $52 a barrel, executives from almost 100 producers said in the latest quarterly survey by the Federal Reserve Bank of Dallas. That’s an increase of 6%, compared with when the question was asked last year. To cover costs on existing wells, companies need $31, which is 3% more than last year. View the full article
President Joe Biden’s Jan. 27 executive order entitled Tackling the Climate Crisis at Home and Abroad violates federal law by sidestepping honest debate on whether the “speculative” benefits of the plan outweigh the financial cost to states, Wyoming said in a complaint filed Wednesday in federal court. A similar suit was filed separately by more than a dozen states led by Louisiana. View the full article
Futures in New York jumped 5.9% on Wednesday, just about erasing the prior session’s price plunge that pushed futures to the lowest since early February. A U.S. inventory report showed domestic fuel consumption is at the highest in four months and Gulf Coast refiners are increasing their appetite for crude. View the full article
Emissions from the Permian basin dropped 60% from March to April last year as oil producers shut in wells and cut back on new ones due to tumbling crude prices. But methane emissions are now back at pre-pandemic levels as drilling ramps up, according to the non-profit Environmental Defense Fund. View the full article
Equinor has awarded Tenaris the supply of tubulars for the Northern Lights CO2 transport and storage facilities in Norway. From its Dalmine mill in Italy, Tenaris will produce 105km 12” Carbon Manganese (C-Mn) seamless line pipe for the milestone project. View the full article
Energy Minister Anne-Marie Trevelyan said the UK could eventually follow in the footsteps of North Sea neighbor Denmark which will stop offering new oil and gas licenses and end production by 2050. View the full article
The UK government said it has reached an agreement with the country’s oil and gas industry that will help safeguard jobs as the nation strives to achieve net-zero emissions of greenhouse gases. View the full article
Preliminary estimates place the size of the discovery in the Fram prospects between 12 and 19 million standard cubic meters of recoverable oil equivalent, corresponding to 75-120 million barrels of recoverable oil equivalent. View the full article
Crude futures in New York added as much as 3.4% after a ship ran aground in the Suez Canal, giving the market a reprieve after prices sank to the lowest level since early February. Despite efforts to move the vessel, it could block the route for days. View the full article
European and U.S. refiners that rely on the vital waterway for cargoes of Middle Eastern oil may be forced to look for replacement supplies should the blockage persist, while flows of crude from North Sea fields destined for Asia will be held up. View the full article
Baker Hughes and Horisont Energi AS have signed a memorandum of understanding for the Polaris carbon storage project off the northern coast of Norway. Under the agreement, the two companies will explore the development and integration of technologies to minimize the carbon footprint, cost and delivery time of carbon capture, transport and storage (CCTS). View the full article
The oil demand recovery in Europe, a region that accounts for about 15% of global consumption, looks set to take a fresh hit as the continent struggles to deal with another wave of coronavirus cases that could curb summer travel plans. View the full article
U.S. prosecutors alleged that Emilio Heredia, a former Glencore employee, directed buy and sell orders that would push fuel oil prices up and down. That allowed the companies he worked for to profit from the price swings, between 2012 and 2016, according to a filing at a U.S. District Court in San Francisco on March 15. View the full article
Covid-19 cases are surging in India and threatening the economy’s recovery from a rare recession, while in Southeast Asia, demand has hit a plateau and is unlikely to reach pre-virus levels until the end of 2021 or later. View the full article
The Enhanced Kick Detection system eliminates the external effects of rig and slip-joint motion, to give a highly accurate return volume flow measurement enabling rapid detection of flow anomalies, resulting in reduced time spent on flow-checking. View the full article
Covid-19 cases are surging in India and threatening the economy’s recovery from a rare recession, while in Southeast Asia, demand has hit a plateau and is unlikely to reach pre-virus levels until the end of 2021 or later. View the full article
Chief executives of some of the largest U.S. oil companies promised to collaborate with the Biden administration in its campaign against climate change during a meeting Monday with White House National Climate Adviser Gina McCarthy. View the full article
It hasn’t been this cheap for U.S. shale operators to raise money on the high-yield bond market since oil was at $100 a barrel in 2014, so they’re jumping on the opportunity to refinance debt at lower rates. View the full article
It hasn’t been this cheap for shale explorers to raise money on the high-yield bond market since oil was at $100 a barrel in 2014, so they’re jumping on the opportunity to refinance debt at lower rates. View the full article
U.S. President Joe Biden has vowed to end the conflict in Yemen, ceasing sales of offensive weapons to Saudi Arabia, removing the Houthis’ terrorist designation to facilitate the delivery of humanitarian aid, and pushing for a negotiated settlement. View the full article
Oil and gas industry leaders are set to meet with White House National Climate Adviser Gina McCarthy Monday afternoon, as the Biden administration prepares to crack down on greenhouse gas emissions from fossil fuels. View the full article
The combined portfolio brings OSIsoft’s world-class data management together with AVEVA’s leading industrial software to unlock Performance Intelligence. View the full article
Baker Hughes has reached a significant technology milestone in pioneering a solution to overcome flexible pipe stress corrosion cracking (SCC) tendencies in high CO2 content fields, such as those found in Brazil’s pre-salt offshore developments. View the full article
The exercises will enhance the security of vital installations and oil fields, and secure freedom of navigation in the region’s waters, the official Saudi Press Agency said. They will be conducted by the Royal Saudi Navy with participation from Saudi Aramco, the state oil company. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.
