WTI is trading up on the day, but still slightly below what the Dallas Fed Survey says is the breakeven for Permian players, with drilling activity in the basin holding fast at 289—a figure that is 29 fewer than this same time last year. The count in the Eagle Ford also stayed the same this week, at 47. Rigs in the Eagle Ford are 8 below where they were this time last year.
West Texas Intermediate futures added 1.9% to settle near $62.50 a barrel, the third gain in the four past sessions, after China signaled openness to trade negotiations with the Trump administration. Pre-conditions for the talks would include a more consistent US position and a willingness to address China’s concerns around American sanctions and Taiwan, according to a person familiar with the Chinese government’s thinking.
Crude oil prices were trading up prior to the crude data release by the U.S. Energy Information Administration after the American Petroleum Institute (API) reported on Tuesday a build of 6.037 million barrels in U.S. crude oil inventories amid a small gasoline draw. The Brent benchmark was trading up 0.01% at 10:28 a.m. ET at $74.50—a roughly $1 per barrel increase over this same time last week. The WTI benchmark, meanwhile, was trading up 0.18% at $71.33—a roughly $1.60 per barrel rise over last week’s levels.
The newly constituted Board of Directors of the US Export-Import Bank has approved the direct loan of up to USD 4.7 billion to support engineering, procurement and construction for the Mozambique LNG project in Mozambique’s Cabo Delgado province, the bank announced on Wednesday.
the operator of the project, had indicated earlier this year it expected the loan would be green-lighted, and it is also expecting the resolution of a commitment of up to USD 1 billion from the UK.
State-owned CPC Corp. and the economy ministry are in negotiations with an Alaska-based export plant for supplies, Taipei-based Central News Agency said, citing an unidentified ministry official. CPC and the ministry didn’t immediately respond to requests for comment.
Venezuela boasts the largest proven oil reserves in the world, and US refiners are chewing through Venezuela’s heavy crude at an increasing pace, reaching a six-year high in December to 300,000 bpd. Venezuela’s oil is critical for US refiners such as Chevron and Valero.
Black Gold Exploration Corp. has announced the addition of 822 acres to the package of oil, gas and mineral leases in Clay County and Vigo County, Indiana that are subject to its ongoing joint venture (JV) with LGX Energy Corp., bringing the total leased acreage to 911.9 acres. When originally announced on August 7, 2024, […]
Environmental groups say BOEM’s air quality rules are outdated by decades
U.S. power-generating companies are announcing plans for the highest volume of new natural gas-fired capacity in years as the AI boom is driving demand for electricity.
-Nearly a fifth of crude oil production and 28% of natural gas output in U.S. Gulf of Mexico federal waters remains offline in the aftermath of Hurricane Francine, the U.S. offshore energy regulator said on Sunday.