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

November 3, 2017 Julianne Geiger 0

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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Huge Crude Draw Pushes Oil Prices Even Higher

October 31, 2017 Julianne Geiger 0

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

October 27, 2017 Julianne Geiger 0

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

October 27, 2017 Julianne Geiger 0

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

October 24, 2017 Julianne Geiger 0

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

October 20, 2017 Julianne Geiger 0

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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The World’s Top Crude Trader Sees Brent Crashing To $45

October 18, 2017 Julianne Geiger 0

The world’s largest oil trader sees the price of the Brent barrel falling almost $14 to $45 in 2018, from its current price of $58.01, according to Ian Taylor, CEO of Vitol Group. Taylor is predicting a surge in oil production from US drillers—an event that would likely drag oil prices downward in 2018 to $45 per barrel. Despite the general optimism in the industry regarding oil prices, Taylor sees this optimism as false hope. “I think there’s a chance oil could fall closer to $40 than $50, because I think there’s…

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

October 17, 2017 Julianne Geiger 0

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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Oil Prices Rise Amid Falling U.S. Rig Count

October 13, 2017 Julianne Geiger 0

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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Husky Energy Set To Restart Pipeline

October 12, 2017 Julianne Geiger 0

Husky Energy (TSE: HSE) received a greenlight to restart its pipeline after successfully undergoing testing, inspection, and evaluation of a previously ruptured pipeline, according to local media. Last July, Husky’s pipeline leaked about 225,000 liters of heavy oil mixed with a diluent, about 40 percent of which made its way into the North Saskatchewan River. That was 15 months ago, and the pipeline has been idle ever since. The Saskatchewan government gave the go-ahead to restart the pipeline on Wednesday, but the approval doesn’t…

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