Crude oil prices were little changed Wednesday after the U.S. Federal Reserve said the central bank will hold interest rates steady, Kallanish Energy reports. Brent crude futures were down 29 cents, or 0.47%, to $61.85 a barrel. U.S. West Texas Intermediate crude settled down 14 cents, or 0.3%, to $53.76/Bbl. Government data showed U.S. crude inventories fell
Read More...U.S. line pipe prices sunk in May, Kallanish Energy’s sister publication, Kallanish, learns from analyst Pipe Logix. Average U.S. line pipe prices fell by 1.5% from April to May, reaching a combined $1,757/short ton at the distribution level. Domestic prices fell by 1.5%, to $1,930/st, while import prices fell by 1.4%, to $1,584/st. Pipe Logix
Read More...Crude oil prices settled lower Monday after a choppy trading session, as Saudi Arabia and Russia have not yet agreed to extend the Opec+ output-cutting deal, and U.S.-China trade tensions continued to threaten crude demand, Kallanish Energy understands. U.S. West Texas Intermediate crude futures settled 73 cents lower, at $53.26 per barrel, falling 1.4% for the
Read More...Crude oil futures ended Monday’s trading session lower after unsettled trading, as Saudi comments indicated Opec+ would extend supply cuts supported prices, but concerns U.S. tariffs on China and Mexico would hurt demand weakened the market. Opec+, which includes most Opec members, along with a number of non-producers led by Russia, since Jan. 1, has
Read More...Brazilian multinational corporation Petrobras Monday launched the sale of two sets of onshore concessions, Kallanish Energy learns. The concessions are located in the northeastern state of Bahia, where Petrobras is operator and fully owns all but two concessions. The deadline for applications is Jun. 24. The Recôncavo Cluster is comprised of 14 onshore fields, which last year
Read More...Billionaire activist investor Carl Icahn last week filed a lawsuit against Occidental Petroleum, looking for board seats and eventually a sale of the company, Kallanish Energy learns. Icahn said in the lawsuit filed in Delaware Chancery Court he’s built a $1.6 billion stake in Houston-based Occidental, and is upset by its decision to acquire Anadarko
Read More...Canadian Natural Resources last week evacuated its Pelican Lake and Woodenhouse operations in northern Alberta, the first major shut-in of oil production triggered by wildfires in 2019, Kallanish Energy reports. The producer removed all 240 people working at the two sites, stopping a combined 65,000 barrels per day of heavy crude production, according to a statement
Read More...Crude oil prices plunged Thursday on a smaller-than-expected decline in U.S. crude inventories and fears of a global economic slowdown due to the U.S.-China trade war, Kallanish Energy understands. The U.S. Energy Information Administration reported crude stockpiles fell nearly 300,000 barrels last week, less than the 900,000 Bbl decline analysts forecast in a Reuters poll, and
Read More...U.S. oil and gas independent Devon Energy said this morning it’s selling its Canadian assets to Canadian Natural Resources Ltd. for C$3.8 billion ($2.81 billion) in cash, Kallanish Energy reports. Devon is one of several oil producers to invest in the Anadarko Bain’s Scoop and Stack plays in Oklahoma, which is seen by some industry players
Read More...U.S. crude oil futures gained nearly 1% Tuesday after flooding throughout the Midwest constricted crude flow from the storage hub in Cushing, Oklahoma, Kallanish Energy learns. U.S. West Texas Intermediate futures settled at $59.14 a barrel, up 51 cents, or 0.9%, from its close on Friday before the long Memorial Day holiday weekend. Flooded areas
Read More...In April 2019, Venezuela’s crude oil production averaged 830,000 barrels per day, down from 1.2 million barrels per day (Mmbpd) at the beginning of the year, according to the Energy Information Administration. Last month’s average is the lowest level since January 2003, when a nationwide strike and civil unrest largely brought the operations of Venezuela’s
Read More...Independent producer Roan Resources said Monday it’s hired Citigroup Global Markets and Jefferies to assist the company in evaluating “strategic alternatives,” Kallanish Energy reports. Roan said it’s received multiple unsolicited indications of interest for an outright purchase of the company, as well as inquiries from potential consolidation partners. Oklahoma-based Roan has formed a transactional working
Read More...Global investment behemoth KKR and privately-held Western Natural Resources Monday announced they are partnering to acquire producing and undeveloped oil and gas assets in the Williston Basin. KKR’s investment amount was not disclosed, Kallanish Energy reports. Western CEO Heath Mireles and his team bring operating experience to the partnership, having drilled, completed and operated thousands of
Read More...The number of rigs working onshore in the Lower 48 U.S. states last week fell for the sixth consecutive week, according to data compliled by oilfield services firm Baker Hughes, a GE company. For the week ended May 17, 954 rigs were working in the Lower 48, down a lone rig from the previous week,
Read More...Crude oil prices slipped Friday, but West Texas Intermediate and Brent both posted a weekly gain on rising concerns over more Middle East supply disruptions due to U.S.-Iran political tension, Kallanish Energy reports. A deputy head of Iran’s Revolutionary Guards said Friday Iran could “easily” hit U.S. warships in the Persian Gulf, the latest rhetoric
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