Standard Chartered: sentiment in the oil and commodity markets closely mirrors the beginning of 2023.
Oil traders fear that market surpluses will be larger in the current year than they were last year.
Traders expect the U.S. and Europe, not China, to be the main sources of demand weakness this time around.
Talos Energy Inc. has agreed to acquire QuarterNorth Energy Inc., Houston, for $1.29 billion. The deal would add about 30,000 boe/d from offshore US Gulf of Mexico assets for full-year 2024, averaging about 75% oil from about 95% operated assets.
As 2024 presses on, Rigzone asked several U.S. based oil and gas recruitment experts what themes will dominate oil and gas recruitment this year.
A cold snap in the U.S. and continued attacks on ships in the Red Sea have boosted bullish sentiment in oil markets, although increasing product stocks could counter that narrative.
National average gasoline prices rose 0.6 cents from a week ago, hitting $3.04 on Sunday.
The national average price for diesel in the U.S. has seen a 2-cent drop in the last week, now at $3.89 per gallon.
GasBuddy: the escalating situation in the Red Sea created significant volatility.
Qatar paused sending liquefied natural gas tankers through the Bab el-Mandeb Strait after US-led airstrikes on Houthi targets in Yemen raised risks in the vital waterway.
API President: “American voters are watching.”.
The Biden administration had indeed been busy trying to curb oil and gas exploration as much as possible, with the culmination coming late last year when the federal government held the last oil and gas lease sale in the Gulf of Mexico for the next two years.
At the same time, however, the White House gave the go-ahead to the Willow oil project in Alaska.
The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday.
Despite the recent bearishness, investors are still betting heavily on one corner of the market: offshore oil and gas.
The Clarksons Offshore Index is projected to reach all-time high in 2024.
Rig, OSV and Subsea markets are particularly robust, with oil and gas vessel rates now higher than 2014 levels in the majority of sectors/regions.
Oil prices rose on Thursday after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the Middle East.