Oil Prices Rise Amid Falling U.S. Rig Count

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

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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Oil Throwback: BP Is Bringing Back The Amoco Brand

It’s back! After almost a decade on the bench, BP is reviving its Amoco brand in response, the company said, to some internal marketing studies that suggest the brand still resonates with some American consumers. In BP’s words, the Amoco brand will “help resolve local, competitive station conflicts in markets where there may already be one or more BP stations in close proximity.” In non-corporate-speak, that means that BP will put Amoco stations next to BP stations to gain a bigger presence—as opposed to having too…

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Surprise Oil Inventory Build Shocks Markets

The American Petroleum Institute (API) reported a surprise build of 3.097 million barrels in United States crude oil inventories, compared to an S&P Platts’ survey of analysts that expected inventories would draw down by 400,000 barrels for the week ending October 6. Gasoline inventories, according to the API, saw a decrease of 1.575 million barrels for the week ending October 6, against an expected build of 1.4 million barrels. Both WTI and Brent benchmarks were up on Tuesday as much of US offshore production remains offline after more…

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World’s No.1 Oil Trader: U.S. To See Final Oil Output Spike In 2018

The best is yet to come for US oil production—but it will be a short-lived hurrah, according to Ian Taylor, head of oil trading giant Vitol. US oil production has steadily increased throughout 2017 as US drillers regained their footing after the oil price crash. What started out at 8.946 million bpd of crude oil production in the first week of January has now reached an average of 9.561 million bpd as of September 29, according to the EIA. The EIA is expecting US oil production to reach 9.8 million bpd in 2018, according to the latest Short…

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U.S. Oil Rig Count Falls As Prices Falter

The number of active oil and gas rigs in the United States fell this week by 4 rigs. The total oil and gas rig count in the United States now stands at 936 rigs, up 412 rigs from the year prior, with the number of oil rigs in the United States decreasing by 2 this week and the number of natural gas rigs decreasing by 2. The oil rig count now stands 320 above the count one year ago. The spot price for WTI fell earlier on Friday as traders feared further rises in U.S. crude oil inventories as refineries in the US once again brace for stormy weather,…

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Oil Markets React Stoically On Rising Oil Rig Count

The number of active oil and gas rigs in the United States rose this week by 5 rigs. The total oil and gas rig count in the United States now stands at 940 rigs, up 418 rigs from the year prior, with the number of oil rigs in the United States increasing by 6 this week and the number of natural gas rigs decreasing by 1. The oil rig count now stands 325 above the count one year ago. While there is typically a significant lag for correlation between oil prices and rig count movement, the recent rise in oil prices will no doubt encourage US shale…

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Controversial Lake Michigan Nuclear Power Plant To Stay Open

After a failed deal that would have partially funded the decommissioning of Entergy’s Palisades Nuclear Power Plant in Covert, Michigan, the decision has been made to keep the plant open past its original closing date, according to a company press release issued on Thursday. The plant, situated squarely on the shores of Lake Michigan, was originally set to close in October of next year, due to the “business risks of continued operations,” but will now remain operational until Spring of 2022. “We determined that a shutdown…

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Oil Prices Inch Higher After Surprise Crude Draw

The American Petroleum Institute (API) reported a draw of 761,000 barrels in United States crude oil inventories, compared to analyst expectations that inventories would build by 3.422 million barrels for the week ending September 22. Gasoline inventories built for the first time in two weeks, by 1.470 million barrels for the week ending September 22, against an expected draw of 921,000 barrels. Both WTI and Brent benchmarks fell on Tuesday, but they were both still up over $2.00 week on week. WTI hit 7-month high yesterday at the close of trade,…

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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…

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