Oil Steady At $50 Amid Falling U.S. Oil Rig Count

The number of active oil and gas rigs in the United States fell this week by 1 rig.   The total oil and gas rig count in the United States now stands at 935 rigs, up 424 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 increasing by 4.  Canada’s rig count additions appears to be leveling off, and despite its large swings in the number of active rigs on a weekly basis, has roughly the same number of oil rigs in operation that it had back at the…

Venezuela Publishes Oil Prices In Yuan For First Time

In a move that is largely seen as Maduro giving Washington the middle finger, Venezuela has made good on its promise to layoff the U.S. dollar, publishing its oil prices in yuan on Friday. Last Friday, Maduro had announced the forthcoming change, but that threat came after 14 years of similar threats, made by former leader Hugo Chavez, who was sure the dollar would someday lose its place in the currency pecking order. Venezuela’s choice to price its oil in yuan is an interesting, if not toothless maneuver, that goes against earlier reports…

U.S. Oil Rig Count Continues To Collapse

The number of active oil and gas rigs in the United States fell this week by 8 rigs. The total oil and gas rig count in the United States now stands at 936 rigs, up 430 rigs from the year prior, with the number of oil rigs in the United States decreasing by 7 this week and the number of gas rigs decreasing by 1. Canada, meanwhile, added 10 oil rigs for the week ending September 15. Oil rigs in the United States now number 749—333 rigs above this time last year. Although the number of oil rigs are still up significantly year on year, the increases…

Oil Prices Rise After API Reports Largest Gasoline Draw On Record

The American Petroleum Institute (API) reported a build of 6.181 million barrels in United States crude oil inventories, compared to analyst expectations that inventories would build by 10.1 million barrels for the week ending September 8 as many refineries in the Gulf Coast remain offline and demand in Florida wanes in the wake of the most recent hurricane. Gasoline inventories fell more than anticipated—by 7.896 million barrels for the week ending September 8, against an expected draw of 4.0 million barrels. Crude oil prices rose on Tuesday…

Oil Prices Slip Amid Falling U.S. Rig Count

The number of active oil and gas rigs in the United States rose this week by 1 rig. Baker Hughes Rig Count last week was largely unchanged as well, with data for 47 counties South Texas largely unavailable last week due to the Hurricane, according to BH. The total oil and gas rig count in the United States, two weeks post-Harvey, now stands at 944 rigs, up 436 rigs from the year prior, with the number of oil rigs in the United States decreasing by 3 this week and the number of gas rigs increasing by 4. Oil rigs in the United States now number 756—342…

U.S. Oil Rig Count Flat Despite Hurricane Harvey

The number of active oil and gas rigs in the United States rose this week by 3 rigs, largely dispelling earlier analyst notions that Hurricane Harvey would delay as much as 10 percent of upcoming fracking work, and suspend roughly half the rigs in Eagle Ford. The total oil and gas rig count in the United States, post Harvey, now stands at 943 rigs, up 446 rigs from the year prior, with the number of oil rigs in the United States flat this week and the number of gas rigs increasing by 3. Oil rigs in the United States now number 759—352 rigs…

API Reports Significant Crude Oil Draw, Small Gasoline Build

The American Petroleum Institute (API) reported a major draw of 5.78 million barrels in United States crude oil inventories, compared to analyst expectations of a draw of 1.75 million barrels for the week ending August 25. Gasoline inventories rose by 476,000 barrels for the week ending August 25. Crude prices fell on Monday and Tuesday as traders fear crude oil inventories will rise as Hurricane Harvey takes offline refining capacity in the United States, potentially for weeks until refineries are back running at full capacity. Although there…

Oil Prices Rise Amid Falling U.S. Rig Count

The number of active oil and gas rigs in the United States fell this week by 6 rigs. Combined, the total oil and gas rig count in the US now stands at 940 rigs, up 451 rigs from the year prior, with the number of oil rigs in the United States decreasing by 4 and the number of gas rigs decreasing by 2. Oil rigs in the United States now number 759—353 rigs above this time last year. Canada lost 6 oil rigs again this week, with the number of gas rigs increasing by 9—bringing Canada’s total to 217 oil and gas rigs—71 above the…

Oil Prices Slip After API Reports Build In Gasoline Inventories

The American Petroleum Institute (API) reported a major drawdown on U.S. crude oil inventories of 3.595 million barrels—one-third of last week’s API-reported draw of 9.2 million. Cushing inventories were also down 462,000 barrels, for the week ended August 18.  Gasoline inventories rose significantly, up 1.402 million barrels, while distillates were up 2.048 million barrels. At 4:49 pm EST, right after the API data release, WTI was at $47.63, while Brent was trading at $51.69. (Click to enlarge) On Friday, crude oil prices had…

Oil Prices Climb As Oil Rig Count Drops

The number of active oil and gas rigs in the United States fell this week by 3 rigs as drillers in the United States proceed more cautiously as oil prices fail to sustain any significant increase. Combined, the total oil and gas rig count in the US now stands at 946 rigs, up 455 rigs from the year prior, with oil rigs in the United States decreasing by 5 and gas rigs increasing by 1. Oil rigs in the United States now number 763—357 rigs above this time last year. Canada lost 6 oil rigs this week, with the number of gas rigs holding steady—for…

Oil Prices Rise As API Reports Huge Crude Inventory Draw

The American Petroleum Institute (API) reported a major draw of 9.2 million barrels in United States crude oil inventories—the biggest draw since September 2016. The draw compares to analyst expectations of a draw of 3.6 million barrels for the week ending August 11. Gasoline inventories rose by 301,000 barrels for the week ending August 11, compared to analyst expectations that inventories for the fuel would fall by 1.5 million barrels. Crude prices fell on Tuesday—despite an export terminal closure in Libya on the back of worker protests—on…

Oil Rig Count Rises Despite Ballooning Shale Debt

The number of active oil and gas rigs in the United States fell this week by 5 rigs, but the amount of oil rigs increased as drillers in the United States continue to add rigs in defiance of low oil prices, albeit at a slower rate. Combined, the total oil and gas rig count in the US now stands at 949 rigs, up 468 rigs from the year prior, with oil rigs in the United States increasing by 3 and gas rigs declining by 8. Oil rigs in the United States now number 768—372 rigs above this time last year. Canada, which lost 3 oil and gas rigs last…

EIA STEO Revises Its 2018 US U.S. Crude Oil Production

The EIA has adjusted downward its projections for U.S. crude oil production growth in 2018, according to its most recent Short-Term Energy Outlook (STEO) published on Tuesday, but the agency still raised the total U.S. crude oil production expected for 2018. The agency is now forecasting that U.S. crude oil output will rise by 560,000 barrels per day in 2018, down from last month’s projection of 570,000 barrels per day for 2018.  Still, the EIA’s forecast for average U.S. crude oil production in 2018 has been revised upward, based…

OPEC Meeting Fails To Impress Market With Reaffirmation

Iraq, Kazakhstan, and the United Arab Emirates—three of OPEC’s most disobedient members when it comes to adhering to the production cut deal agreed to in November last year—reaffirmed their commitment to the deal at OPEC’s most recent meeting in Abu Dhabi. Malaysia also reaffirmed its support. While the industry was largely hoping that the meeting would bear more fruit than mere affirmations, this latest round of meetings, held Monday and Tuesday, was always touted by OPEC to be nothing more than talks on compliance—or,…

Oil Prices Rise As The U.S. Rig Count Falls

The number of active oil rigs in the United States fell this week by 1 rig as drillers in the United States proceed more cautiously than earlier in the year.  Combined, the total oil and gas rig count in the US now stands at 954 rigs, up 490 rigs from the year prior, with oil rigs in the United States decreasing by 1 and gas rigs decreasing by 3. Canada, which added 14 oil and gas rigs the week prior, lost 3 rigs this week, with the number of oil rigs falling by 5 and gas rigs increasing by 2. Prices lost a bit of ground on the week as signs…

Oil Prices Slammed After API Reports Surprise Build In Crude Inventories

The American Petroleum Institute (API) reported a surprise build of 1.779 million barrels in United States crude oil inventories, compared to S&P Global Platts survey of analysts who expected a draw of 2.8 million barrels for the week ending July 21. This week’s build comes after a major draw last week. Gasoline inventories fell this week, more sharply than expected, with a 4.827-million-barrel draw for the week ending July 28, compared to analyst expectations that inventories for the fuel would fall by 1.3 million barrels. Crude prices…

Pace Of US Oil Rig Count Growth Slows As Prices Climb

The number of active oil rigs in the United States rose this week by 2 rigs showing a growth—albeit a slower one—in oil drilling as US players proceed more cautiously than before. Combined, the total oil and gas rig count in the US now stands at 958 rigs, up 495 rigs from last year, with oil rigs in the United States increasing by 2 and gas rigs increasing by 6 this week. Canada, which added 15 oil and gas rigs the week prior, added another 14 rigs for week this week. Of the 14 new active rigs this week in Canada, 11 were oil rigs.…

Will The UAE Further Boost Its OPEC Compliance?

Following Saudi Arabia’s pledge to do the same, the United Arab Emirates announced on Tuesday its plans to reduce oil exports beginning in September of this year. The announcement was delivered on Twitter from UAE’s Minister of Energy, Suhail Mohamed Al Mazrouei, reiterating its commitment to “share in OPEC production cut.” (Click to enlarge) As for the UAE’s oil customers, we’re talking about mostly Japan, who receives 62 percent of the UAE’s crude oil exports, according to the UAE Embassy website. Saudi…

Oil Prices Leap Higher After API Reports Huge Crude Draw

The American Petroleum Institute (API) reported a huge draw of 10.23 million barrels in United States crude oil inventories, compared to S&P Global Platts survey of analysts who expected a draw of only 2.5 million barrels for the week ending July 21. Gasoline inventories, on the other hand, bucked analyst traditions with a 1.903-million-barrel build for the week ending July 21, compared to analyst expectations that inventories for the fuel would fall by 1.25 million barrels. Crude prices were up over 3 percent on Tuesday afternoon on expectations…

U.S. Oil Rig Count Falls By 1 As Canada Adds 15 Rigs

The number of active oil rigs in the United States fell this week by 1 rig—it’s second loss in four weeks, and its third loss this year—in a sign that the gains we’ve seen week after week are starting to slow. Combined, the total oil and gas rig count in the US now stands at 950 rigs, with oil rigs falling by one and gas rigs falling by one. The market may want to rejoice in this week’s falling US rig count, but things don’t look so good everywhere when it comes to oil prices—Baker Hughes also reported…

API Reports Surprise Build In Crude Inventories

The American Petroleum Institute (API) reported a build of 1.628 million barrels in United States crude oil inventories, compared to analyst’s expectations that this week would see a draw of 3 million barrels for the week ending July 14. Gasoline inventories saw a significant drawdown, although unlikely to totally offset those who were expected a draw in crude oil inventories. Gasoline inventories fell by 5.448 million barrels for the week ending July 14, compared to analyst expectations that inventories for the fuel would fall by only 500,000…

OPEC Dragging Feet On Capping Libya, Nigeria Oil Production

Kuwati’s OPEC governor, Haitham Al-Ghais, said on Friday that it was not yet time to curb crude oil production in Libya and Nigeria—the two OPEC members with the largest production increases over the last two months. The reason for OPEC’s unwillingness to pull the trigger on a cap for its two African members, according to Al-Ghais, is that both countries need to stabilize further. Both countries have seen a significant increase in oil production in May and June. For the month of May, Libya accounted for OPEC’s sharpest increase…

Oil Prices Hold Steady As U.S. Oil Rig Count Rises

The number of active oil and gas rigs in the United States was flat this week overall, after gaining 505 rigs in the last 12 months. But on the oil side, the number of rigs still increased—this week by two—while gas rigs decreased by 2 for a net growth of zero. Combined, the total oil and gas rig count in the US now stands at 952 rigs. Prices rose by mid-day on Friday with Shell’s declaration of a force majeure on Nigeria’s Bonny Light grade, and on yesterday’s IEA report showing a forecast for increased global demand…

Rig Count Climbs Higher After Last Week’s Intermission

The number of active oil and gas rigs in the United States rose again this week, this time by 12, resuming what was the US shale patch’s impressive run of 23 weeks of steady gains, prior to last week’s decrease of a single rig. The number of oil rigs in operation increased by 7, while gas rigs increased by five—putting to rest any lingering optimism that last week’s decrease in rigs was a sign of an upcoming downward trend in the number of active rigs. Combined, the total oil and gas rig count in the US now stands at 952…

API Reports A Larger Than Expected Crude Draw

The American Petroleum Institute (API) handed oil markets a sliver of hope this afternoon by reporting a sizeable draw of 5.764 million barrels in United States crude oil inventories, compared to analyst’s expectations that this week would see a more modest 2.83-million-barrel draw for the week ending June 30. And the market is in desperate need of that optimism, after prices fell sharply earlier today on reports that Russia is taking a rather tough stance against deeper OPEC/NOPEC production cuts. At 4:06pm EST, WTI was trading down 4.42…

U.S. Rig Count Reverses After 23-Week Streak

The number of active oil and gas rigs in the United States fell by a single rig this week, and thus concludes the US shale patch’s impressive run of 23 weeks of steady gains. The decrease comes as oil prices are on track to record their worst first-half performance since H1 1998. The number of oil rigs in operation decreased by two, while gas rigs increased by one. Combined, the total oil and gas rig count in the US now stands at 940 rigs, which is 509 rigs over a year ago today. While the numbers were down for the first week in a long time…

Oil Prices Slide After API Reports Crude, Gasoline Build

The American Petroleum Institute (API) reported a build of 851,000 barrels in United States crude oil inventories, compared to analyst’s rather steady-as-she-go-yet-still-too-optimistic expectations that this week would see between a 2.3-million-barrel and 3.25-million-barrel draw for the week ending June 23. Today’s build is likely to take all the wind out of any remaining optimists’ sails, after prices recovered earlier Tuesday by about 2% as investors prematurely priced in what they thought would be a small crude oil inventory…

U.S. Oil Rig Count Rises For 23rd Week In A Row

The number of active oil and gas rigs in the United States rose again this week by 8—marking 23 weeks of gains and continuing to press upon battered markets who are growing increasingly dissatisfied with OPEC’s production cut efforts to rebalance the supply and demand equation. The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 941 rigs, which is 520 rigs over a year ago today, when oil prices were significantly higher than they were today.…

Oil Prices Get Tiny Reprieve As API Reports Modest Crude Draw

The American Petroleum Institute (API) reported a draw of 2.72 million barrels in United States crude oil inventories, compared to analyst expectations that the EIA would report a 2.0-million barrel draw for the week ending June 16. This week’s inventory draw almost completely offsets last week’s API-reported crude inventory build of 2.75 million barrels. Oil prices started off the week with a rather poor showing, only worsening on Tuesday. As so often is the case, prices rallied on Tuesday—if you are inclined to call it a rally—from…

No Respite For Oil Prices As U.S. Rig Count Gains, Canada Adds 27 Rigs

The number of active oil and gas rigs in the United States rose again this week by 6—making 22 weeks of gains, continuing the longest growth streak in oil and gas rig increases since at least 1987, which is the earliest date that Baker Hughes Excel data is available. Last week, both the US and Canada saw significant increases in the number of active oil and gas rigs—11 in the US and 33 in Canada. This week, Canada saw another large growth spurt, adding 27 rigs. The number of oil rigs in operation increased by 6, while gas rigs increased…

Oil Prices Plunge After API Reports Surprise Build In Crude Inventories

The American Petroleum Institute (API) reported a build of 2.75 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.7 million barrels for the week ending June 9—a 5.45-million-barrel discrepancy that is bound to unsettle already unsettled markets. It seems that oil inventories are particularly unpredictable as of late, with last week, the API and EIA reporting remarkably disparate figures in the amount of crude oil inventory movement—a 7.9-million-barrel discrepancy…

U.S. Rig Count Continues Its Ascent Unabated

The number of active oil and gas rigs in the United States rose again this week by 11—making it 21 weeks of consecutive gains—the longest growth streak since at least 1987, which is the earliest date that Baker Hughes Excel data is available. As if the 11 rigs added to the U.S. repertoire weren’t enough, Canada added 33 rigs this week as well. The number of oil rigs in operation increased by 8, while gas rigs increased by 3. Combined, the total oil and gas rig count in the U.S. now stands at 927 rigs, which is 513 rigs over a…

Oil Prices Rise Following Another Big Inventory Draw

The American Petroleum Institute (API) reported a draw of 4.62 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of only 3.5 million barrels for the week ending June 2. This week’s draw, according to the API, is the seventh week of draws in the last 10 weeks, with a total draw of almost 27 million over the last ten weeks. (Click to enlarge)Oil markets have been, for the last couple of weeks, cautious and slow to react to the positive news of crude oil inventory draws. This…

Oil Prices Fall As U.S. Rig Count Rises For 20th Straight Week

The number of active oil and gas rigs in the United States rose for the twentieth straight week, Baker Hughes reported on Friday—this time by 8, as drillers in the US make do with current barrel prices even below $50. The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 916 rigs—more than double the number of rigs in operation a year ago, when WTI barrel prices were about $49.05—higher than today’s price per barrel for WTI. Say…

Oil Prices Spike After API Reports Biggest Crude Draw This Year

The American Petroleum Institute (API) reported a draw of 8.67 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of only 2.8 million barrels for the week ending May 26. The news of a larger than expected draw will no doubt be welcomed by the industry, as oil prices in the last couple of weeks have seem particularly resistant to the efforts of OPEC to rebalance the oil market, and it appears equally as resistant to dwindling US oil inventories—the latter of which has been…

Unstoppable: U.S. Adds Oil, Gas Rigs As OPEC Extends Deal

The number of active oil and gas rigs in the United States rose for the nineteenth straight week, Baker Hughes reported on Friday by 7, signaling that the US Shale patch is, for OPEC, an unstoppable force. The number of oil rigs in operation increased by 2, and gas rigs increased by 5. Combined, the total oil and gas rig count in the US now stands at 908 rigs, or 504 above the count a year ago. This is on top of drilled but uncompleted wells in the US, which are also on the rise, swelling from 5,534 in March 2017 to 5,721 in April 2017, according…

Oil Prices Rise As API Reports Draws Across The Board

The American Petroleum Institute (API) reported a draw of 1.5 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.3 million barrels for the week ending May 19—the second such expectation in two weeks. While 1.5 million barrels is not a huge draw, this week’s crude oil inventory draw was accompanied by across the board draws for gasoline, distillates, and oil at the Cushing, Oklahoma facility as well. (Click to enlarge)Gasoline inventories fell by a sizable 3.15…

Rise In Rig Count Threatens To Undermine Recent Oil Price Spike

The number of active oil and gas rigs in the United States rose for the eighteenth straight week, Baker Hughes reported on Friday—this time by 16. The number of oil rigs in operation increased by 8, and gas rigs increased by the same number. Combined, the total oil and gas rig count in the US now stands at 901 rigs, or 497 above the count a year ago. The last time oil and gas rigs in the US exceed 900 was May 1, 2015. At 12:27pm EST, WTI was trading up 2.21% for the day at $50.44—having crossed the ever-important $50-per-barrel mark.…

Oil Prices Slip After U.S. API Reports Build In Crude Stocks

The American Petroleum Institute (API) reported a build of 882,000 barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.3 million barrels for the week ending May 12. This week’s build ends a run of five draws over the last six weeks, using API data. Gasoline inventories fell by 1.88 million barrels, according to the API. Gasoline inventories continue to worry markets, as refiners continue to turn crude oil into gasoline above demand for the fuel. While there was tough talk from…

Oil Rebounds After API Reports Biggest Crude Draw This Year

The American Petroleum Institute (API) reported a hefty draw of 5.789 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a crude oil draw of 1.8 million barrels for the week ending May 5. Gasoline inventories rose by 3.169 million barrels, according to the API, against an expected draw of 700,000 barrels. Gasoline inventories continue to worry markets, as refiners continue to turn crude oil into gasoline above demand for the fuel. So while crude oil has experienced an overall drawdown…

16th Straight Build In Oil Rig Count Increases Pressure On Oil Prices

The number of active oil and gas rigs in the United States rose by 7 on Friday, according to oilfield services provider Baker Hughes, delivering a severe blow to oil prices, which were already down to new lows for 2017. The total oil and gas rig count in the US now stands at 877 rigs, or 462 above the count a year ago. Oil rigs increased by 6, while gas rigs bumped up 2; a single miscellaneous rig was taken out of production. At 12:39pm EST, WTI was trading up 1.25 percent for the day at $46.09, while Brent Crude traded up 1.07 percent at $48.90—about…

U.S. Oil Rig Count Increases For 15th Straight Week

The number of active oil and gas rigs in the United States rose by 13 on Friday, according to oilfield services provider Baker Hughes. The total oil and gas rig count in the US now stands at 870 rigs, or 450 above the count a year ago. Oil rigs increased by 9, while gas rigs bumped up 4. This week marks the fifteenth straight build for oil rigs (+175 or +33.5% since January 13). While gas rigs haven’t enjoyed the same persistently ascending trajectory week to week, they have climbed 10 of the last fifteen weeks, for a total gain of 35 (+25.7%).…

Oil Markets Whipsawed As API Reports Unexpected Crude Build

The American Petroleum Institute (API) reported a build of 897,000 barrels in United States crude oil inventories, compared to analyst expectations that markets would see a bit of relief with a crude oil draw of 1.6 million barrels. The API’s report on gasoline inventories—a 4.4-million-barrel build, hit markets even harder, which follows a blow last week when the markets were shocked when gasoline inventories saw a build of 1.374 million barrels, while analysts were expecting a 2.2-million-barrel draw for the fuel instead. Last week,…

Surprise Build In Gasoline Inventories Shocks Oil Markets

The American Petroleum Institute (API) reported a draw of 840,000 barrels in United States crude oil inventories, compared to analyst expectations for a healthier crude oil draw of 1.5 million barrels. While that news is particularly shocking, gasoline inventories saw a rather unexpected build of 1.374 million barrels—analysts were expecting a 2.2-million-barrel draw for the fuel instead. Last week, the API reported a 1.3-million-barrel draw for crude oil inventories for week ending April 7, while the EIA reported a 2.2-million-barrel draw.…

Oil Prices Pull Higher After API Reports Draws Across The Board

The American Petroleum Institute (API) reported a draw of 1.3 million barrels in United States crude oil inventories, compared to analyst expectations for a crude oil build of 125,000 barrels. API also reported a significant gasoline inventory draw of 3.7 million barrels, compared to predictions of a 1.8-million-barrel draw. Distillates saw a 1.6-million-barrel draw compared to an expected 1.3-million-barrel draw for the fuel. Inventories at the Cushing, Oklahoma, site fell by 358,000 barrels, following last week’s 1.34-million-barrel build.…

OPEC Can’t Stop The Beat: U.S. Adds 10 Oil Rigs

The United States oil and gas rig count jumped by 15 this week, to its highest level since September 18, 2015, according to Baker Hughes’ latest report on domestic drilling activity. The number of oil and gas rigs currently active in the United States now sits at 839, which is an increase of 396 year over year. Prices seemed undeterred by the ambitions of US shale count this week, likely in part due to Canada, which lost a total of 23 rigs this week, more than offsetting the additional rigs in play in the United States. Prior to the Baker…

Oil Prices Rise After API Reports Crude, Gasoline Draw

The American Petroleum Institute (API) reported a draw of 1.83 million barrels in United States crude oil inventories, compared to analyst expectations that domestic supplies would see a smaller draw of .3 million barrels as refiners attempt to meet an increased appetite for gasoline. Oil prices rose earlier on Tuesday on this expectation despite reports that Libya has returned between 200,000 bpd and 250,000 bpd of crude oil into production after last week it declared a force majeure of its Sharara crude from Libya’s Zawiya terminal and…

Head Of Venezuela’s PDVSA To Be Replaced As Oil Production Declines

Petroleos de Venezuela SA (PDVSA) is bracing for more management changes, as its current president Eulogio Del Pino is preparing to exit the role as head of what Forbes once called “The World’s Worst Oil Company”, according to sources familiar with the matter and reported by Bloomberg. Del Pino’s replacement is expected to be Venezuela’s current oil minister, Nelson Martinez, who would ultimately wear two hats: head of the state-run oil giant and Venezuela’s oil minister. This most recent management change—the…

OPEC Compliance Nears 100% On Libyan, Nigerian Outages

OPEC’s compliance to the crude oil production cuts is expected to increase in March, from an already impressive 94 percent compliance rate reached in February. As UAE ratchets up its efforts to curb production and get behind the production cut agreement, compliance is expected to reach 95 percent in March—what Reuters is calling a record high. According to a Reuters survey, despite Saudi Arabia’s slight increase to its March output, the heavyweight producer will still have cut well beyond its fair share since the cuts were implemented…

Oil Prices Inch Higher After API Reports Moderate Crude Build, Gasoline Draw

The American Petroleum Institute (API) reported a build of 1.91 million barrels in United States crude oil inventories, compared to fairly accurate expert predictions that domestic supplies would see a 2-million-barrel build. Oil prices had risen earlier on Tuesday on news of a force majeure of Sharara crude from Libya’s Zawiya terminal and of Wafa condensate loadings from Mellitah terminal, taking 252,000 barrels per day off the top of Libya’s production figures. It has been an industry fear that Libya’s production, exempt from…

Oil Markets Recoil As Inventory Builds More Than Feared

The American Petroleum Institute (API) reported a build of 4.529 million barrels in United States crude oil inventories against expert predictions that domestic supplies would see only a 2-million-barrel build. Oil prices had already fallen earlier on Tuesday in anticipation of a build. At 2:43pm EST, WTI was trading down 1.27% at $48.29 per barrel, with Brent down 1.14% at $51.03 per barrel. For WTI, this is about $.10 lower than Tuesday last week, with Brent prices $.54 down from last week. Both figures With potentially high inventories looming…

U.S. Rig Count Soars, Putting Yet More Pressure On OPEC

This week’s Baker Hughes report shows the U.S. domestic oil and gas rig count up 21 rigs this week, bringing the total to 789 active oil and gas rigs—a fantastic 313-rig increase over last year. The bulk of this week’s gains were oil rigs, which saw a 14-rig gain, while gas saw a build of 6, with one miscellaneous rig added last week. The number of active oil rigs in the United States now sits at 631—244 rigs over the number of rigs this time last year. In sharp contrast, Canada saw a 31-rig decrease to its oil rigs, while…

Oil Bounces Back As API Reports A Surprise Crude Draw

The American Petroleum Institute (API) reported a surprise draw of 531,000 barrels in United States crude oil inventories against expert predictions that domestic supplies would see a small 3-million-barrel build, instilling hopes in the minds of weary oil traders that OPEC’s production cuts are not being entirely undone by U.S. shale drillers. The chart below shows that the API is still showing an overall build over the previous 11 weeks of 34.6 million barrels. (Click to enlarge)Hours before the API data release, WTI and Brent benchmarks…

U.S. Shale Set For 109,000 BPD Increase Next Month

OPEC just can’t seem to catch a break; shale drillers in the U.S. are now expected to increase April oil output by 109,000 barrels per day, according to new information published Monday by the Energy Information Administration. The EIA’s Drilling Productivity Report is now forecasting a 109,000-barrel-per-day increase in oil production from the seven most prolific oil-producing basins in the United States, to reach an average of 4.962 million barrels per day in April 2017, up from 4.853 million barrels per day last month. The April…

Oil Prices Slide After API Reports Large Crude Build

The American Petroleum Institute (API) reported a build of 11.6 million barrels in United States crude inventories against expert predictions that domestic supplies would see a much kinder 1.4-million-to 1.66-million-barrel build. The build in crude oil inventories was almost 10 times what analysts had predicted and marks yet another new high in U.S. inventories. The chart below displays a 10-week cumulative build of 35 million barrels, per API data, since the beginning of the year Cumulative changes in crude oil stocks since Jan 4, 2017 (Click…

Oil Rig Count Hits A 17-Month High

The number of active oil and gas rigs in the United States increased on Friday by 2. Both benchmarks were trading up earlier on Friday on reports of an evacuation of Libya’s oil port earlier in the day, assuaging, albeit temporary, market fears that OPEC’s surprising compliance of 90 percent may offset by nonparticipants’ production increases—including Libya. Further pushing up oil prices earlier in the day was the falling dollar. The total number of active oil and gas rigs in the United States is now 756, according to oilfield…