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Shale Oil & Gas

Enterprise Offers Crude Shipments From Gulf Coast to Cushing

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Enterprise Products Partners LP said it would offer spot shipments of crude on an existing pipeline from the U.S. Gulf coast to Cushing, Oklahoma, the delivery point for benchmark U.S. crude futures, as demand to store oil inland surges.The move marks a sharp reversal from recent pipeline projects that

European Refiners Leave Oil Cargoes On Water

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A growing number of oil tankers across Europe have been unable to unload their cargo over the past month as refining demand crashes, turning them into de facto floating storage, according to shipping data and trading sources.European refineries have had to cut runs after measures put in place to contain the coronavirus outbreak crushed fuel demand.

Oil Storage at Sea Approaching Record Levels

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Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak,

Brent's Fall Creates Steepest Contango in 11 Years

Oil Tanker - Image by Gudellaphoto - AdobeStock

The discount on front-month Brent crude oil futures to later contracts increased to an 11 year high on Thursday, as the coronavirus pandemic continued to cause an unprecedented slump in global demand. The spread on the May to November contracts had widened to as much as minus $10.31 per barrel at 1004 GMT, a level not seen since January 2009.

Libya says Probe of Seized Tanker to Start After Quarantine

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Libya's internationally recognized government will start an investigation into a tanker over alleged sanctions-breaking after a period of quarantine ends in two weeks, the coast guard commander who seized the vessel said on Wednesday.The coast guard at Misrata seized the Gulf Petroleum 4 three days ago,

Shell in Talks to Book Tankers for Crude Floating Storage

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Royal Dutch Shell is in discussions to charter at least three supertankers to store around 6 million barrels of crude oil at sea, shipping sources said on Wednesday.Shell has provisionally booked the vessels, known as very large crude carriers (VLCCs), for storage options for at least three months, the sources said,

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

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Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.

Castleton Closes Shell Shale Deal

Image: Castleton Resources

Houston-based Castleton Resources said that its subsidiary Castleton Commodities International LLC (CCI) has closed on the acquisition of the East Texas and North Louisiana Haynesville Shale assets of BG US Production Company LLC, a subsidiary of Royal Dutch Shell plc.  Pro forma for the acquisition,

EIA, IEA Grossly Overestimating US Shale: ESAI

 Pic: ESAI Energy

ESAI Energy, an oil & energy data provider, believes both the US Energy Information Administration (EIA) and the International Energy Agency (IEA) are overly optimistic in their November projections of US crude oil production in 2020, according to the company’s latest North America Watch.ESAI

US Shale Sector Performs Well

Graph: Rystad Energy

U.S. shale operators are on track to grow 2019 oil production by around 16% over 2018 thanks to impressive operational execution so far this year.The third quarter earnings season revealed that shale companies increased their oil production by about two percent, all while cutting the midpoint guidance for yearly drilling and completions expenses,

US Crude Exports Expected to Double by 2022

Graph: Rystad Energy

The U.S. could see its crude oil exports nearly double by 2022, according to energy research firm Rystad Energy. US crude exports could grow from current levels of 2.9 million barrels per day (bpd) to nearly 6 million bpd by 2022.With US production expected to increase by 1.2 million bpd year-over-year (y/y) in 2020,

Flaring Runs Higher in Permian

Graph: Rystad Energy

Flaring and venting in the Permian Basin has stabilized in the range of 600 million to 650 million cubic feet per day (MMcfd), according to Rystad Energy’s preliminary data for the third quarter of 2019.Venting is gas release without combustion, whereas flaring is the burning of excess capacity.

Frac Water Demand to Increase 30% by 2022

Graph: Rystad Energy

Frac water demand is expected to increase 30% by 2022, with 53% of that increase taking place in the Permian Basin, said Rystad Energy in its recently released “Water Management Report”.The increase in water demand is mostly driven by increases in forecasted completions activity, and the continued trend towards longer laterals.

U.S. Drillers Cut Rigs Again: Baker Hughes

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U.S. energy firms this week reduced the number of oil rigs operating for a seventh week in a row as producers follow through on plans to cut spending on new drilling this year.Drillers cut 3 oil rigs in the week to Oct. 4, bringing the total count down to 710, the lowest since May 2017, General Electric

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