Oil Sentiment Sours and More  | Rigzone

Oil Sentiment Sours and More  | Rigzone

Here are some of Rigzone’s top upstream stories during the last week, just in case you missed them… Oil Market Sentiment Turns Sour According to Rystad Energy’s senior oil markets analyst Paola Rodriguez-Masiu, the oil market sentiment has turned sour. The Rystad representative noted that the company doesn’t see oil prices bouncing back anywhere near
Light Crude Edges Upward but Down for the Week  | Rigzone
(Bloomberg) — Oil posted its first back-to-back weekly loss since April’s rout with the end of the summer driving season and concern about OPEC’s production compliance weighing on prices. Futures in New York edged up on Friday, but prices fell 6.1% this week coinciding with a retreat in U.S. equities. Traders are also examining data
Oil Loses Summertime Demand Bounce  | Rigzone
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.) A source quoted in a recent wire service article on Rigzone declared the return of the “‘great American road trip’” in response to a major credit card issuer’s finding
UK Urged to Seek Libya Oil Opportunities  | Rigzone
The UK has been urged by Libya’s National Oil Corporation (NOC) to seek opportunities in the Libyan oil and gas sector. Addressing the Libyan British Business Council in London, NOC Chairman Mustafa Sanalla outlined that projects worth billions of dollars could be issued over the coming years if the current oil blockade can be lifted
Permian in for Prosperous and Bright Future  | Rigzone
The Permian Basin’s future is prosperous and bright. That’s what the Permian Strategic Partnership (PSP) stated in its latest report, which was posted on the organization’s website on Thursday. According to the PSP, the region contains more than 92.3 billion barrels of oil, which it noted is about 38 times the proven reserves of Alaska,
Oil Set for First Consecutive Weekly Loss for Months  | Rigzone
(Bloomberg) — Oil headed for its first back-to-back weekly losses since April’s price rout as swelling U.S. stockpiles added to signs that the global energy demand recovery will take longer than previously anticipated. Futures in New York were steady near $37 a barrel and are down around 6% this week. U.S. crude inventories rose for
Oil Prices Decline Again  | Rigzone

Oil Prices Decline Again  | Rigzone

(Bloomberg) — Oil resumed its trek downward after U.S. government data showed growing domestic crude supplies and wavering gasoline demand. Futures in New York fell toward $37 a barrel after an Energy Information Administration report showed domestic crude stockpiles increased for the first time since mid-July. Inventories at the Cushing, Oklahoma, storage hub rose to
Oil Drops After US Stockpile Report  | Rigzone
(Bloomberg) — Oil fell as industry data pointed to a rise in U.S. crude stockpiles. Futures in New York fell toward $37 a barrel after rising 3.5% Wednesday. The American Petroleum Institute reported crude stockpiles climbed by about 3 million barrels last week, according to people familiar with the data, though gasoline inventories fell by
EIA Raises 2020 Oil Price Forecasts  | Rigzone
The U.S. Energy Information Administration (EIA) has raised its Brent and West Texas Intermediate (WTI) oil price forecasts for 2020, the organization’s latest short-term energy outlook (STEO) has revealed. Brent and WTI spot prices will average $41.90 per barrel and $38.99 per barrel, respectively, this year, according to the EIA’s September STEO. These figures mark
Oil Price Adjustment Was Overdue  | Rigzone

Oil Price Adjustment Was Overdue  | Rigzone

From a fundamental basis, the oil price adjustment was overdue. That’s according to oil and gas analysts at Standard Chartered, who expressed the view in a new report sent to Rigzone this week. The analysts highlighted that the correction started on August 31, when front-month Brent reached a five-month high of $46.53 per barrel intra-day.