WTI Soars As U.S. Oil Rigs See Biggest Decline Of The Year

Baker Hughes has reported that the number of oil and gas rigs in the United States fell for yet another week, this time dipping 11 rigs—most of which was a loss to the number of oil rigs—the largest decline in the number of oil rigs this year. WTI and Brent continue on their upward trend as even more analysts agree on the increased likelihood that OPEC will extend their production cut agreement throughout all of 2018, and as EIA reports a continued drawdown of crude oil inventories in the US. Prices will likely increase even more as…

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PDVSA Not Out Of The Woods Just Yet

Yet another of PDVSA’s bond is due on Thursday—this time in the amount of $1.169 billion. The bond is coming due just after another critical bond payment was received in the nick of time on Wednesday which was due last Friday—a bond that had no grace period—but other bondholders shouldn’t exhale just yet. Last Friday’s critical bond payment may have been received, but where PDVSA found the cash to make the payment is yet unclear, and where they will find the cash to make today’s bond payment—if they…

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Huge Crude Draw Pushes Oil Prices Even Higher

The American Petroleum Institute (API) reported a huge draw of 5.087 million barrels in United States crude oil inventories, largely in line with an S&P Platts’ survey of analysts that expected inventories would draw down by 1.4 million barrels for the week ending October 27—continuing the extended drawdown in recent weeks. Gasoline inventories, according to the API, saw a major draw of 7.697 million barrels for the week ending October 27, against an expectation of a much more modest draw of 1.7 million barrels.  Other analysts,…

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U.S. Oil & Gas Rig Count Falls As Brent Breaks $60

As Saudi’s comments regarding the OPEC extension send the Brent Crude benchmark over $60 in mid-day trading for the first time in more than two years, oil and gas rigs in the United States fell for yet another week, according to Baker Hughes, dipping 4 rigs.   The total oil and gas rig count in the United States now stands at 909 rigs, up 352 rigs from the year prior, with the number of oil rigs in the United States increasing by 1 this week and the number of natural gas rigs decreasing by 5. Canada saw a decline of 11 in the number…

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Why Millennials Can’t Bank On Clean Energy Jobs

According to the Bureau of Labor Statistics, the job expected to see the most growth in terms of hiring over the next nine years is an energy-related job: solar photovoltaic installer—but Millennials beware—the term “top growing” is a bit misleading. The number of solar photovoltaic installers is expected to double by 2026, which sounds super promising on its own. Millennials, after all, are always looking for those meaningful jobs instead of those dirty oil-industry jobs, but millennials beware—there were just 11,300…

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Oil Prices Up After API Reports Huge Gasoline Draw

The American Petroleum Institute (API) reported a small build of 519,000 barrels in United States crude oil inventories, while an S&P Platts’ survey of analysts expected inventories would draw down by 425,000 barrels for the week ending October 20. Gasoline inventories, according to the API, saw a huge draw of 5.753 million barrels for the week ending October 20, against a smaller expected draw of 2.3 million barrels.   Both WTI and Brent benchmarks were up on lingering concerns that the US/Iran standoff could disrupt oil supplies,…

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Rig Count Plunge Set To Boost Oil & Gas Prices

The number of active oil and gas rigs in the United States took a steep dive this week, dipping 15 rigs—the third straight weekly loss. The total oil and gas rig count in the United States now stands at 913 rigs, up 360 rigs from the year prior, with the number of oil rigs in the United States decreasing by 7 this week and the number of natural gas rigs decreasing by 8. The oil rig count now stands 293 above the count one year ago, shedding a total of 32 oil rigs in the last ten weeks. Natural gas rigs have fallen four rigs in the last 10…

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Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw

Crude oil inventories are still coming down. The American Petroleum Institute (API) reported a huge draw of 7.130 million barrels in United States crude oil inventories, compared to an S&P Platts’ survey of analysts that expected inventories would draw down by 3.9 million barrels for the week ending October 13. Gasoline inventories, according to the API, saw a surprise build of 1.941 million barrels for the week ending October 13, against an expected draw of 340,000 barrels. Both WTI and Brent benchmarks were up on Monday on concerns…

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Saudi Arabia Looks To Shelve Aramco IPO

Oil giant Saudi Aramco is thinking about reneging on its much talked about plans to publicly list a 5% stake in the company, Financial Times sources said on Friday. Last month, the Saudi government came up with contingency plans for a possible delay, according to Bloomberg sources, which didn’t go into detail about what the drivers behind the delay could be. A day after media reported that the IPO could be delayed, Aramco sent an email to media dispelling the notion that the IPO could be delayed, saying instead that the IPO was indeed on…

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Oil Prices Rise Amid Falling U.S. Rig Count

The number of active oil and gas rigs in the United States decreased this week by 8 rigs. The total oil and gas rig count in the United States now stands at 928 rigs, up 389 rigs from the year prior, with the number of oil rigs in the United States decreasing by 5 this week and the number of natural gas rigs decreasing by 2. Miscellaneous rigs decreased by a single rig. The oil rig count now stands 311 above the count one year ago, shedding a total of 20 oil rigs in the last eight weeks. (Click to enlarge) The spot price for WTI rose earlier on…

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