Industry News

Citigroup sees $60 oil as OPEC combats roaring U.S. shale

SINGAPORE (Bloomberg) — Citigroup Inc joined Goldman Sachs Group in backing commodities, saying it’s the season to have faith in raw...

Oil set for longest gain since 2012 as Saudis seen extending cut

LONDON (Bloomberg) — Oil advanced for an eighth day in London, the longest gain since 2012, on confidence Saudi Arabia will...

Goldman Sachs still confident in crude

SINGAPORE (Bloomberg) — Goldman Sachs Group Inc. says keeping the faith in commodities is paying off. Four weeks after the bank...

IEA warns of potential shortage of global oil supplies in 3 years

The recent drop in oil industry investment brought on by weak prices threatens to significantly slow supply growth in the long...

Contrarian fund managers expect oil prices to double to $100 by 2018

“Missing barrels” has always been a challenge regarding the IEA analysis. This article provides an intriguing explanation. “Prior to the uptick...

WoodMac: 2017 will be year of ‘opportunity’ for oil firms

OPEC’s production deal and recent crude price strength should make 2017 a more profitable year for upstreams, according to a report...

Trader who called price slump sees OPEC deal boosting crude to $70

LONDON (Bloomberg) — Hedge fund manager Pierre Andurand expects the combined output cut agreed to by OPEC and Russia will boost...

Permian – hottest O&G zip codes, or dangerous bubble?

The wheels on the bus go round and round. Takeaways: 1. With $1B of dry powder on the sidelines for about...

Goldman says OPEC deal probable, raises WTI price forecast

By BRIAN WINGFIELD on 11/21/2016 NEW YORK (Bloomberg) — Goldman Sachs Group raised its oil-price forecast for early next year, saying...

OIL: I Think We’ve Hit Bottom – Dallas Fed’s Director of Research

Oil Price Shocks: Mine Yucel Addresses Denver Energy Group “It’s probably going to be a rough patch for the industry and...

World Bank boosts 2017 crude oil forecast to $55 per barrel

With an 18% return @ $35 oil, our funds look very promising @ $55 oil… The World Bank raised its crude...

The King Sets His Own Ransom

Written by: Jeff Johnson Big Oil, Banks & Wall Street are not always as they appear….. Saudi Aramco first announced the...

43% Of PE Firms Planning Global Oil And Gas Acquisitions In 2017

“Private equity is poised to drive oil deals valued at $100 million plus. Whoever is there to take the scraps off...

Saudi minister says oil at $60 by year-end not ‘unthinkable’

The oil-price could recover to $60/bbl by the end of 2016, said Saudi Arabia’s Energy Minister, just weeks after agreeing to...

U.S. crude oil imports rise during first-half 2016, first increase since 2010

During the first half of 2016, U.S. gross crude oil imports increased by 528,000 barrels per day (b/d), or 7%, compared...

Price Downturn Results in Asset Write-Downs of more than $185 billion

SINCE THE PRICE of oil suddenly dropped in late 2014, nearly 400 public oil and gas companies have written down over...

Oil execs see 2017 as a year of recovery, Deloitte survey finds

The two-year downturn in the oil and gas industry may be coming to a close. An annual survey released by Deloitte,...

Oil extends gain after U.S. crude supply tumbles to 7-month low

Oil extended gains after government data showed U.S. crude inventories declined to the lowest level since February. Crude stockpiles decreased 6.2...

Oil is setting up for a monster rally

Bank of America Merrill Lynch is bullish on the energy sector again. In a note out Tuesday, Savita Subramanian, the head...

Oil Bankruptcies Leave Lenders With ‘Catastrophic’ Recovery Rate

U.S. oil bankruptcies haven’t been this “catastrophic” for lenders in a long time, in what may be the worst bust of...

Texas company to purchase Yates Petroleum in $2.5B deal

One of the largest oil and gas producers in the U.S. is purchasing a privately-held New Mexico company and some of its subsidiaries in a...

Market Alert: Oil majors’ debt climbs to record high

The total debt held by four of world’s largest oil companies has hit a record high. According to data collected by...

M&As are back as oil industry shifts from survival to growth

Multi-billion-dollar oil and gas deals are back on the table. More than $11 billion of transactions were announced globally in July...

Haynes and Boone, LLP Oil Patch Bankruptcy Monitor

Haynes and Boone has tracked 90 North American oil and gas producers that have filed for bankruptcy since the beginning of...

2016 on pace for worst E&P year since Great Depression, but improvement seen

According to the latest mid-year forecast assembled by World Oil magazine, only 14,430 wells will be drilled in the U.S. this year, on par with...

Capitalizing on opportunities: Private equity investment in oil and gas

Our survey reveals PE funds are aiming to raise more money to invest in the industry. However, we also found a...

U.S. crude oil exports are increasing and reaching more destinations

The number of countries receiving exported U.S. crude oil has risen since the removal of restrictions on exporting U.S. crude oil...

Oil at five-week high as OPEC sources, Russia, talk of cooperation

Oil settled up nearly 2 percent on Tuesday, hitting five-week highs for a second straight day as sources at OPEC spoke...

Oil tycoon Pickens boosted energy holdings as rigs bottomed out

Oil tycoon T. Boone Pickens boosted the value of his energy holdings by more than a third in the second quarter,...

U.S. rig count up 17 this week to 481, Texas up 13

The number of rigs exploring for oil and natural gas in the U.S. increased by 17 this week to 481. A...

U.S. operators need $60 oil to stage real comeback, IEA says

While shale drilling in the U.S. is on the rise again, prices need to climb nearer to $60/bbl for U.S. producers to...

IEA: Crude Production to Fall Behind Demand

‘Our balances show essentially no oversupply during the second half of the year,’ International Energy Agency says The world’s production of...

The Real-Estate Magnate Who’s Riding the Hottest Stock in the Oil Patch

Investors have been sifting through the rubble of the oil bust in search of bargains ever since crude prices collapsed two...

Kuwait is hiking gas prices by up to 83%

Drivers in Kuwait may be in for a serious case of ‘sticker shock’ as gas prices soar next month. The price...

Crude slump sees oil majors’ debt burden double to $138 billion

HOUSTON (Bloomberg) — When commodity prices crashed in late 2014, oil executives could look at their mining counterparts with a sense...

Why oil bears shouldn’t count on U.S. shale rebound

Oil market bears argue that rebounding production in U.S. shale regions will add to the global glut of crude, slowing the...

State Of The Oil Market

US production decline is accelerating and not as resilient as initially purported. The global oil market is now undersupplied. Based on...

Forget The Glut – This Is Why Oil Prices Will Rise

The rate of oil production decline in the United States will accelerate in the 3rd quarter. It has already started. Per...

Oil prices set to peak sooner than expected on supply shortage, Barclays says

Barclays is the latest bank to raise its forecast for medium-term oil prices, saying it now expects them to peak sooner...

U.S. oil companies closer to balancing capital investment with operating cash flow

Although the crude oil price decline since 2014 has led to significant reductions in operating cash flow for U.S. oil companies,...

U.S. Oil Rig Count Increases For 6th Time In 7 Weeks

The US oil and gas rig count rose by 7 this week, with Baker Hughes adding 6 more oil rigs to...

Citibank: We’re nearing a bull market for oil

Citigroup is “especially bullish” on commodities in 2017, the bank says. “The oil market is treading water for now, but the...

IEA releases Oil Market Report for July

Record pumping rates in the Middle East and recovering flows in Nigeria consolidate OPEC market share Global oil supplies rose by...

BHI: US oil rig count records another double-digit increase

Again boosted by oil-directed units, the tally of active US drilling rigs gained 9 units to 440 during the week ended...

TAEP: Upstream job losses in Texas eclipse 100,000 despite rising oil prices

HOUSTON, June 27 06/27/2016 ByOGJ editors An increase in crude oil prices in Texas to $43.38/bbl in May from $27.08/bbl in February couldn’t...

Raymond James: Get Ready for $80 Oil

“When oil drilling activity collapses, oil supply goes down too!” Rebounding after a two-year collapse, it’s only this month that oil’s...

Oil jumps on large US crude drawdown, fading Brexit fears

Oil prices jumped more than 2 percent on Wednesday after the U.S. government reported a larger-than-expected weekly drawdown in crude inventories,...

World Economic Order Shaken- Oil Prices Dive After UK Votes To Leave EU

The world economic order has been shaken. Oil prices are plummeting Friday morning after the UK on Thursday voted to leave...

U.S. Oil Production Fell 150,000 Barrels Per Day in May

Posted in The Petroleum Truth Report on June 8, 2016 U.S. crude oil production fell 150,000 barrels per day in May and the...

Oil at $85 by the end of the year: Rothman

While market watchers exclaim there’s a crude glut, that excess oil is nowhere to be found, according to Cornerstone Analytics’ founder....