|Day's Range||57.06 - 57.44|
WTI oil futures were poised to slide for the week, while Brent could be looking at modest gains, as investors continue to watch for news on a pipeline outage in the North Sea and an update on rig counts....
A growing number of oil tankers sit idle because no one authorizes payments. An alleged crackdown on graft in Venezuela, seen by critics as an effort by President Nicolas Maduro to consolidate power, has sown panic across the country's energy industry and all but paralyzed state-run Petroleos de Venezuela SA, or PDVSA, according to people at the company and across the sector. The ongoing purge, in which prosecutors have arrested at least 67 executives including two recently ousted oil ministers, now threatens to further harm operations for the OPEC country, which is already producing at near 30-year-lows and struggling to run PDVSA units including Citgo Petroleum, its U.S. refiner.
Investing.com - Crude prices were narrowly mixed on Friday with weekly US rig count data ahead expected to set the tone.
By Henning Gloystein SINGAPORE (Reuters) - Oil prices moved up on Friday, lifted by the Forties pipeline outage in the North Sea and ongoing OPEC-led production cuts, although rising output from the United States kept a lid on markets. U.S. West Texas Intermediate (WTI) crude futures were at $57.28 a barrel at 0757 GMT, up 26 cents, or 0.5 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $63.47 a barrel, up 16 cents, or 0.25 percent, from their previous close.
Natural gas has played a vital role in the global energy mix since the shale revolution and a renewed focus on climate change, but its future is far from certain
China’s crude oil imports from the US were the highest in November. In the past month, almost 289,000 barrels per day of US crude hit China’s shores.
Between March 3, 2016, and December 13, 2017, natural gas active futures rose 65.6%. On March 3, 2016, natural gas fell to a 17-year low.
In November, China’s crude imports rose to the second-highest level on record. In November, China’s crude oil imports were 37.04 million tons.
US crude oil production rose by 73,000 bpd (barrels per day) to 9,780,000 bpd on December 1–8, 2017, according to the EIA.
On December 8, 2017, the price of WTI crude oil was $57.36 per barrel. This price was nearly 2.0% below the price of $58.36 per barrel when the market closed on December 1.
According to EIA estimates, the natural gas inventory for the week ended December 1, 2017, is 3,695 Bcf (billion cubic feet). This reading is just 2 Bcf above the 3,693 Bcf recorded for the week ended ...
In its November drilling productivity report, the EIA stated that oil production is expected to rise 58,000 barrels per day in December 2017.
OPEC’s crude oil production fell by 252,000 bpd (barrels per day) to 32,463,000 bpd in November 2017, according to the EIA.
Approximately 15.2% of the analysts tracking Whiting Petroleum (WLL) stock recommend a “buy," while 21.2% of the analysts recommend a “strong buy."
On December 6, 2017, the short interest ratio for Whiting Petroleum (WLL) stock was ~19.4%, compared with ~3.14% in January 2017.
Whiting Petroleum’s (WLL) implied volatility is currently ~63.2%. This level is ~2.6% lower than its 15-day average implied volatility of ~64.9%.
On December 13, 2017, US crude oil (USO) (DBO) January futures fell 0.9% and closed at $56.6 per barrel. Recording production could be lowering oil prices.
The Zacks Analyst Blog Highlights: BP, ConocoPhillips, Northern Oil and Gas and Carrizo Oil & Gas
The global oil and gas industry is more vulnerable to cyberattacks than you might think, a threat that is going to be one of the industry’s key challenges in 2018
US distillate inventories fell by 1.3 MMbbls (million barrels) to 128.1 MMbbls on December 1–8, 2017, according to the EIA.
January WTI crude oil (USL) (DWT) futures contracts fell 0.9% to $56.6 per barrel on December 13, 2017. Brent oil futures fell 1.4% to $62.4 per barrel.
Shale producers are roaring back to life, pushing the global oil supply to its highest level in a year and undermining OPEC’s efforts to rebalance the market through production cuts, the International ...