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OilPrice.com

U.S. Oil Stocks Are Seriously Undervalued Right Now

Oil prices appear to have found much-needed support and holding above the psychologically important level of $80/barrel just days after a surprise crude build threatened to derail the bull camp. On Tuesday, the American Petroleum Institute (API) reported another week of large crude oil inventory build at 5.213 million barrels for the week ending October 8. However, the revelation has failed to stop the oil price momentum, with WTI quoted at $81.40 per barrel on Thursday's intraday session while Brent was changing hands at $84.10.
TRAFFIC
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Williston Daily Herald

Helms: Williams County likely to see 20 percent increase in rig counts

Williams County’s newest operator is going to “go gangbusters” with 3-mile laterals and develop parts of the Williston Basin that have not yet been developed, North Dakota Department of Mineral Resources Director Lynn Helms told a crowd of regional officials during the annual Western Dakota Energy Association’s annual conference in Williston this week.
WILLIAMS COUNTY, ND
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TRENDING TOPICS

Column-Global oil market is tight, despite what producers say: Kemp

LONDON (Reuters) - Global petroleum inventories have fallen to their lowest seasonal level for seven years as producers have failed to raise output to match the rapid rebound in consumption since last year’s coronavirus-driven recession. In contrast to shortages in coal, gas and electricity, the oil shortage is largely discretionary,...
ENERGY INDUSTRY
Houston Chronicle

Tomlinson: There's no energy crisis that higher fossil fuel prices will not fix

The only question is whether consumers are willing to pay full price. Recent Headlines have heralded West Texas Intermediate Crude topping $80 a barrel for the first time in seven years. Good news for Texans, but bad news for the rest of the country as average gasoline prices hit $3.18 a gallon, a dollar more than last year.
TRAFFIC

Peak Oil Demand Could Have Serious Consequences For Energy Security

In the past couple of years, arguments and predictions have abounded to the effect that climate change policies and technological advances will lead to a peak in oil demand, possibly in the near future. While some of these predictions are based on aggressive assumptions about the adoption of electric vehicles, others are more prescriptive, suggesting what must be done to accomplish greenhouse gas reduction goals. Foremost among these has been the IEA’s NetZero2050 Scenario, which suggests that all new upstream investment by the oil industry needs to stop, and existing production allowed to decline naturally.
ENERGY INDUSTRY

As Gasoline Prices Surge, Biden Admin Shifts Blame To ‘Anticompetitive Practices’

The Biden Administration on Wednesday reached out to oil and gas producers, seeking their help in bringing down high fuel prices. Relying on three unnamed sources, Reuters reports that the talks have also included discussions on other issues, like reducing methane emissions. White House reporters attempted to ask President Biden himself what he is planning to do about high gasoline prices Wednesday, but the President simply walked away from the podium. An unnamed White House official reportedly said: “We are closely monitoring the cost of oil and the cost of gas Americans are paying at the pump. And we are using every tool at our disposal to address anti-competitive practices in U.S. and global energy markets to ensure reliable and stable energy markets.”
POTUS
CNBC

Goldman Sachs says oil prices could be higher for much longer

Oil prices could stay at higher levels in the years to come as demand rebounds while supply remains tight, said Damien Courvalin of Goldman Sachs. "This is not a transient winter shock like it could be for gas. This is actually the beginning of a material repricing higher for oil," he told CNBC's "Street Signs Asia" on Thursday.
ENERGY INDUSTRY
marcellusdrilling.com

Occidental & Worley Bet the Ranch on Illusion of Carbon Capture

This article is provided FREE for Google searchers. In order to access all content on Marcellus Drilling News, please visit our Subscribe page. If we were an investor in either Occidental Petroleum or Worley, we’d be very worried. In a conversation with Daniel Yergin, vice chairman, IHS Markit, both Vicki Hollub, CEO of Occidental Petroleum, and Chris Ashton, CEO and managing director of Worley discuss their partnership to build a large-scale direct air carbon capture facility in the Permian Basin (expected to startup in 2024) and the potential to scale the technology further. Hollub and Ashton are gambling the future of their companies on so-called carbon capture.
ENERGY INDUSTRY
naturalgasintel.com

U.S. Natural Gas Drilling Activity Slows; Oil Continues to Surge

Even as the U.S. natural gas rig count fell one unit to 98 for the week ended Friday (Oct. 15), a surge in the oil patch lifted the combined domestic tally 10 units higher to 543, according to updated numbers from Baker Hughes Co. (BKR). A 12-rig increase in oil-directed...
ENERGY INDUSTRY
wordpress.com

Heating Costs Likely To Soar, U.S. Foreign Energy Dependence To Increase

You might wish to rethink the importance of natural gas this winter as sunbeams and windmills fall far short of keeping your home water pipes from freezing and your Tesla recharged amid skyrocketing global energy costs. Americans are already feeling the pain as electricity and utility gas prices were up...
TRAFFIC
Black Hills Pioneer

Energy Report

MINNEAPOLIS (AP) — A Minnesota company said Thursday it will expand its ownership in a fleet of oil wells in North Dakota. Minnetonka-based Northern Oil and Gas said it will pay Texas-based Comstock Resources $154 million on the new properties, which are expected to produce 4,500 barrels of oil per day. Comstock Resources is controlled by Jerry Jones, who owns the Dallas Cowboys football team.
ENERGY INDUSTRY
Houston Chronicle

Rig count jumps as oil rolls past $80 a barrel

The number of drilling rigs operating in U.S. oil fields jumped by 10 this week as crude prices topped $80 a barrel. The rig count rose to 543, up from 282 rigs operating a year ago and the highest since April 2020. The tally, however, remains far below the peak of almost 1,100 at the end of 2018, according to oilfield services firm Baker Hughes. The rig count is a leading indicator of the nation’s oil and gas production.
HOUSTON, TX
Popular Science

Plastic production is a fossil fuel problem

The following is an excerpt from Thicker Than Water: The Quest for Solutions to the Plastic Crisis by Erica Cirino. Cancer Alley snakes 85 miles along both banks of the Mississippi, forming a patchwork of sugarcane plantations and petrochemical complexes, the former with a legacy of slavery and soil degradation and the latter with a legacy of spills, explosions, and widespread pollution. As industry has closed in, breathing room has been hard to come by. Many people who live on the industrial fenceline are fearful for their lives.
ENVIRONMENT
Pittsburgh Post-Gazette

The Roosevelt Project presents a vision for southwestern Pennsylvania. It's bringing fossil fuel companies along in the energy transition

In 2018, former U.S. Department of Energy Secretary Ernie Moniz launched The Roosevelt Project, a research effort to help guide the transition to a low-carbon economy. Researchers, mainly from Harvard University and the Massachusetts Institute of Technology, wrote a series of white papers investigating former industrial transitions and probing what constitutes successful cases.
PENNSYLVANIA STATE
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