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Oil price gains hold while Russia keeps OPEC+ waiting on output cut

Oil price gains hold while Russia keeps OPEC+ waiting on output cut

Oil advanced from a one-year low even as Russia kept OPEC+ waiting on a decision about whether to cut production in response to the coronavirus outbreak. Oil production in the US has continued to expand and now stands at a record level of 12.9 million barrels. All the leading producers are committed to the level....

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Oil crests $50/bbl before OPEC+ meets to assess demand

Oil crests $50/bbl before OPEC+ meets to assess demand

Oil traded back above $50 a barrel before OPEC and its allies gather Tuesday for an urgent meeting to assess the impact of the work effect on global demand. OPEC are reportedly planning to meet on coming Tuesday and Wednesday in Vienna to discuss options. Saudi Arabia opens talks on possible Feb OPEC+ meeting. The...

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Texas oil production fell in January as pipeline bottlenecks prompted cut backs

Texas oil production fell in January as pipeline bottlenecks prompted cut backs

The decline pushed overall U.S. production lower by 90,000 bopd. A master artist son of Ukrainian immigrants spends his weekends teaching his apprentice. The Houston Chronicle reports Muslim families pulling into the MAS Katy Center. Attorney General Ken Paxton announced the investigation in a letter to San Antonio officials. A Texas retailer of now-banned bump...

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Marathon mimics private equity hunting next big thing in crude

Marathon mimics private equity hunting next big thing in crude

Marathon Oil Corp. is mirroring private equity. Marathon Oil Corp beat analysts’ estimates for fourth-quarter profit on last month. The company’s net income was $390 million, or 47 cents per share. The company now expects full-year production of 405,000 to 415,000 barrels of oil. In the quarter ended Sept. 30, compared with a net loss...

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API: Industry sets multiple records to meet historic consumer demand

API: Industry sets multiple records to meet historic consumer demand

The American Petroleum Institute’s latest Monthly Statistical Report (MSR) shows the U.S. natural gas. Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day. The global essential oils market size was valued at USD 6.63 billion in 2016, growing at a CAGR of 9.7% during the forecast period. The U.S....

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Vista Proppants has commenced outbound rail transload facility to enhance frac sand delivery

Vista Proppants has commenced outbound rail transload facility to enhance frac sand delivery

A new rail transload terminal facility in Texas designed to improve delivery of frac sand to the Midland and Delaware basins is now operational, the site’s owner, Vista Proppants and Logistics LLC, announced Wednesday. Vista Proppants & Logistics (VPROP) has commenced commercial operations in Pecos, Texas, the newest addition to its terminal network. Vista Proppants and Logistics,...

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Canadian heavy crude surges as rail shipments keep climbing

Canadian heavy crude surges as rail shipments keep climbing

Canada’s heavy oil has quietly become the hottest commodity in North American energy. Optimism is back in the industry as prices are surging toward $70 US per barrel, and thoughts of $100 return. The discount of Western Canadian Select at Hardisty, Alberta, to West Texas. Quarterlies from such players as Suncor Energy Inc. and Cenovus Energy Inc....

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Oil halts record losing streak as Saudis advocate supply cuts

Oil halts record losing streak as Saudis advocate supply cuts

Oil prices fell nearly 1 percent on Friday as global supply increased and investors worried demand growth could slow, pressuring U.S. crude to its longest stretch of daily declines since 1984. Crude futures benchmarks have slid about 20 percent or more since peaking in early October. Oil climbed the most in 2 1/2 weeks, halting...