By Julianne Geiger – May 20, 2022, 12:15 PM CDT The number of total active drilling rigs in the United States rose by 14 this week, on top of the 9 rig increase in the week prior, according to new data from Baker Hughes published on Friday. The total rig count increased to 728 this … Read more
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Valves near a drilling rig at a gas processing facility on the Arctic Yamal peninsula, Russia, on May 21, 2019.MAXIM SHEMETOV/Reuters Near the start of the war, as the sanctions piled up, the Russian economy was thought to be doomed, possibly forcing President Vladimir Putin to sue for early peace. Almost three months later, there … Read more
US West Texas Intermediate crude oil futures are ching higher on Friday, putting it in a position to finish higher for the week, as a planned European Union ban on Russian oil balanced demand concerns over slowing global economic growth. The price action this week suggests a stalemate between bullish traders hoping a European Union … Read more
More than two dozen banks and other financial firms have declared themselves as non-hostile to the Texas energy industry after the state went after the financial industry threatening to shut off its access to the Texas financial system. In March, Texas Comptroller Glenn Hager asked 19 financial companies, including the world’s largest asset manager and … Read more
Russia is prepared to send any supplies rejected by European countries to other regions such as Asia, if the European Union (EU) brings in an oil embargo, warning the country’s Deputy Prime Minister Alexander Novak. He argued that Europe, which relies on Russia for around a quarter of its crude imports, would have to find … Read more
The average investor might not think much about the oil price spread between West Texas Intermediate (WTI) and Brent Crude, which is usually only a couple of dollars per barrel–but the difference is actually vital, and one that every would-be oil investor needs to understand. To be fair, the price of WTI should be higher … Read more
Saudi Aramco made headlines Last week when it dethroned Apple as the most valuable company in the world, hitting a market cap of $2.43 trillion as of last Wednesday. How did this happen in the era of Big Tech and the pariah oil industry? The answer to that is easy enough. Oil prices have been … Read more
A couple of weeks ago, Putin went on record calling the war in Ukraine a “tragedy” and claiming that economic sanctions imposed on his country had “failed.” Turns out he wasn’t exactly bluffing. Three months into the most severe and coordinated sanctions by Western governments, Russia’s economy is proving to be a hard nut to … Read more
The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million barrels, compared to analyst predictions of a 1.533 million barrel build. The draw comes even as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending May 13. US crude inventories have shed … Read more
New, small oil trading companies are replacing the commodity majors that are suspending their business relations with Russia amid Western sanctions against Moscow. Bloomberg reports that there are some legacy traders still exporting Russian crude, as well as several smaller players and a few new entrants into the field. The biggest Russian oil trader right … Read more