Oil and Gas Industry

USA Crude Oil Inventories Increase Week on Week

Oil & Gas‚ Oil and Gas Industry | intent | April 17, 2025 | Comment off

Crude oil in the SPR stood at 397.0 million barrels on April 11, 396.7 million barrels on April 4, and 364.9 million barrels on April 12, 2024, the report revealed. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.605 billion barrels on April 11, the report highlighted. Total petroleum stocks were down 1.8 million barrels week on week and up 3.2 million barrels year on year, the report outlined.

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BP Faces Shareholder Showdown Amid Oil Price Crash

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

Shareholders, especially activist hedge fund Elliott, will want to make their position known at the AGM votes on Thursday. Activist investor Elliott, which has been pushing for dramatic changes at BP since amassing a 5% stake in the supermajor, is likely to express its continued frustration with BP’s performance by voting against the re-election of directors.

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China Uses Gray Trade Tactics To Circumvent U.S. Tariffs

Oil & Gas‚ Oil and Gas Industry‚ Uncategorized | intent | April 16, 2025 | Comment off

The March export numbers could be a glimpse into what’s coming, but not immediately. In fact, some analysts expect a slowdown in Chinese exports in the coming months while the dust from the tariffs settles. “Exports will likely weaken in coming months as the U.S. tariffs [have] skyrocketed,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, told CNBC. He added that “in the short term, I expect chaos in supply chains and potential shortage in the U.S. that may drive up inflation.”

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The Quiet Takeover of U.S. Utilities

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

As for the security of supply, this also gets a check. Almost all our natural gas and coal are domestically produced. And we export both. Since US demand for power is rising, with natural gas the fuel of choice for a generation, the main risk to long-term affordability is the eventual depletion of our principal gas fields. Also, the US sits atop a roughly three-hundred-year supply of coal if the industry chooses to heed the latest admonitions from the Trump administration with respect to “clean, beautiful coal.” In short, the US, unlike many nations, can remain energy self-reliant for the foreseeable future.

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Crude Oil Products Inventories Plummet But Oil Prices Still Down

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 0.3 million barrels again to 397 million barrels in the week ending April 11. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.

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Oil Prices Reverse Gains as Traders Take a Break

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

China, meanwhile, reported March oil imports of over 12 million barrels daily, which was the highest import rate since August 2023, and came thanks to a ramp-up in purchases from Iran and Russia as traders found ways around the latest U.S. sanctions on both exporters. China’s crude oil imports over the first two months of the year fell by 5% compared to the same period of 2024 as the farewell round of sanctions that the Biden administration imposed on Russian energy affected international flows.

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Trump Considers Tariffs on Critical Mineral Imports

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

Over the long term, however, an effort to reduce the dependence on imports will pay off. Last week, China instituted export curbs on certain critical minerals like it did several years ago with Japan amid a trade dispute. In other words, China is no stranger to using its dominance in the sector as lever against trade partners with import dependence. China produces as much as 90% of the world’s rare earths output. This prompted a push by Western nations to diversify into their own rare earth supply chains but doing this has proven much trickier than talking about it.

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Nabors Extends Corva Co-op to Advance Drilling’s Digital Transformation

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

Nabors said the technology solution is designed to unify rig and remote operations through real-time data processing and cloud integration, enabling immediate, on-site drilling insights via Corva applications when connectivity allows. This flexible system allows customers to utilize RigCLOUD and Corva separately or in conjunction, with potential integration of the SmartROS operating system for enhanced automation.

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