OilPrice.com Daily News Update
All the latest in Oil, Gas, Commodity news and analysis
Renewables Dominate The Headlines, But Oil And Gas Remain King
by Irina Slav
17 Apr 2021 at 4:00pm
The transition to a global energy system that runs on renewable energy rather than finite and dirty coal, oil, and gas is arguably the number-one topic in the media, sometimes eclipsing even the pandemic. Yet, for all the enthusiastic talk, it seems that we are nowhere near accomplishing the transition?and it may already be too late to do anything about climate change anyway, according to some climate scientists. ?Embedded power structures and support for a dying industry?: these are the factors that are keeping oil and gas as?
Why Gasoline Prices Often Rise In Spring
by Robert Rapier
17 Apr 2021 at 2:00pm
Although it wasn?t strongly emphasized in the recent discussions on the rise in gasoline prices, those prices to rise nearly every spring. But why does it happen? There is no question that it does happen. If you check the history of gasoline prices at the U.S. Energy Information Administration?s (EIA) website you can see that gasoline prices almost always rise between January and May. In fact, this happens about 90% of the time. Last year was an exception because of the plunge in energy demand due to the Covid-19?
Global Oil Demand Boosted By Strong Road Fuel Consumption
17 Apr 2021 at 12:00pm
Rystad Energy?s comprehensive Covid-19 monthly report calculates the effect of the pandemic on our lives and offers updated estimates for global energy markets. By monitoring recent developments, travel restrictions, quarantine obligations and new government policies, we are able to make frequent fact-based updates to our estimates. Below are some of our forecasts from the April 2021 edition of the report, published on 15 April. Please note that some historical numbers may differ from month to month as governments revise their official?
Are Bitcoin?s Environmental Risks Overblown?
by Haley Zaremba
17 Apr 2021 at 10:00am
Bitcoin and other cryptocurrencies have received a lot of negative attention in recent months and years for their absolutely staggering energy consumption. Bitcoin alone consumes approximately the same amount of energy the Netherlands thanks to the extremely energy-intensive ?mining? process in which miners hook up computers--in some cases entire warehouses full of them--to solve complex computational puzzles to verify transactions (a process known as ?proof of work?) in the public blockchain ledger on which the cryptocurrency?
China?s Shale Gas Industry Is Finally Taking Off
by Tatiana Serova
17 Apr 2021 at 8:00am
During the first two months of 2021, the Chinese oil and gas giant Sinopec managed to bring 28 new shale gas wells on stream in the country. The company also announced that the shale gas production from its major Fuling field jumped by 20% compared to last year. And despite the recent collapse in oil and gas prices, as well as the uncertainty brought by the Covid-19 pandemic, Sinopec remains optimistic on the future of shale gas. Its latest achievement was the completion of the first phase of a new shale field in Weirong, adding 1 billion cubic?
Saudi Aramco Restarts Projects To Boost Oil Production Capacity
by Tsvetana Paraskova
16 Apr 2021 at 3:00pm
The world?s largest oil company and biggest oil exporter, Saudi Aramco, has resumed tendering and development work on major offshore oil expansion projects that would give Saudi Arabia another 1.15 million barrels per day (bpd) of production capacity by 2024, Argus reported on Friday, citing a contractor with knowledge of one of the projects. After the oil price and demand collapse last year, to which Saudi Arabia itself contributed by breaking up the OPEC+ pact for a month, Aramco idled offshore rigs and postponed the start of the expansion?
Nigeria Set To Start-up 100 Oil & Gas Projects By 2025
by Charles Kennedy
16 Apr 2021 at 1:30pm
As many as 100 oil and gas projects are set to start in Nigeria by 2025, accounting for 23 percent of all projects starts in the industry in Africa within the next five years, data and analytics company GlobalData said in a new report. Petrochemical projects will hold the highest share of new startup projects in Nigeria through 2025, with 28 projects, followed by 25 expected upstream oil and gas projects, 24 refinery projects, and 23 midstream projects, according to GlobalData estimates. In the upstream, some of the notable projects include?
Texas Freeze Led To 10.6% Higher Natural Gas Withdrawals
by Charles Kennedy
16 Apr 2021 at 12:30pm
Due to the winter storms in February, net natural gas withdrawals from storage this heating season exceeded the five-year average by 10.6 percent, the Energy Information Administration (EIA) said on Friday. The first few months of the 2020/2021 winter heating seasons saw milder temperatures than normal, but the cold snap in February resulted in record demand for heating, while wellheads froze and reduced natural gas production in the United States. As a result, working natural gas in storage in the Lower 48 states as of March 31, 2021?the?
Oil Demand Is Finally Bouncing Back
by Tom Kool
16 Apr 2021 at 12:00pm
Oil demand is finally bouncing back despite the fact that Covid cases are rising and additional travel restrictions have been put in place.For more great energy content, make sure you subscribe to the Oilprice youtube channel for breaking news and analysis.Friday, April 16th, 2021Oil prices moved higher this week after the demand outlook improved. While Covid cases are up significantly from a few weeks ago, and travel restrictions have proliferated, demand still looks strong and on the rise. IEA raises oil demand forecast. The IEA raised its?
U.S. Rig Count Increases As Oil Prices Hold Above $60
by Julianne Geiger
16 Apr 2021 at 10:14am
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 7 this week, bringing the total rig count to 439. Last week, the U.S. oil and gas rig count increased by 2. The total number of active oil and gas drilling rigs in the U.S. is now just 90 fewer than this time last year. The oil rig count increased by 7 this week, bringing the total oil rig count to 344 this week. The number of gas rigs increased by 1 to 94. The number of miscellaneous rigs fell by 1. The EIA?s estimate for oil production?
Russia: OPEC+ To Gradually Ease Production Cuts In May-July
by Tsvetana Paraskova
16 Apr 2021 at 9:00am
The OPEC+ alliance will gradually ease the collective production cuts between May and July, as the ministers agreed earlier this month, Russia?s Deputy Prime Minister Alexander Novak told reporters on Friday. The decision was taken by OPEC+, and the gradual reversal of part of the cuts will take place between May and July, Novak said, as carried by the Russian news agency Interfax. Russia, the key partner of OPEC in the OPEC+ group, decided together with its allies led by Saudi Arabia to ease the collective production cuts by over 1 million?
U.S. Oil Bankruptcies Shoot Up In Q1 2021
by Tsvetana Paraskova
16 Apr 2021 at 8:00am
The number of North American producers that filed for bankruptcy protection in the first quarter of 2021 reached the highest number for a first quarter since 2016, yet the wave of bankruptcies has significantly slowed since the peaks in the second and third quarter of 2020, law firm Haynes and Boone said in its latest tally to March 31. The Oil Patch Bankruptcy Monitor showed that eight producers filed for bankruptcy this past quarter, which was the highest Q1 total since 2016 when 17 oil producers in North America sought protection from creditors.?
Chinese Refineries Processed 20% More Crude In March
by Irina Slav
16 Apr 2021 at 7:30am
The throughput of Chinese refineries last month averaged 14.08 million bpd last month, up by 19.7 percent on the year thanks to the recovery in demand for fuels and China?s stocking up on finished products before maintenance season begins. Reuters reports the total amount of crude that passed through Chinese refineries during March was 59.79 million tons, and while a substantial increase on the year, it was lower than the throughput of Chinese refiners during the first two months of the year. The total refinery throughput for the first quarter?
Oil Demand Could Peak By 2026: Goldman Sachs
by Irina Slav
16 Apr 2021 at 7:00am
Despite a bullish stance on the short-term future of oil demand, Goldman Sachs has a grimmer prediction for the longer-term future of the commodity: in a Bloomberg report, the investment banking major was quoted as expecting ?anemic? demand for oil from the transport sector after 2025. ?Government policies driving higher efficiency gains and lower emissions have had the strongest bearing on road transport demand,? Goldman analysts said in the report. ?Petrochemicals will become the new baseload for oil demand, driven?
3 Oil Stocks To Watch This Spring
by Alex Kimani
15 Apr 2021 at 5:00pm
Oil bulls who have been praying for oil prices to cross the $70 per barrel mark to affirm a full recovery after a very encouraging 6 month-long rally have unfortunately been disappointed. Oil prices seem to have hit a ceiling at the high 60s and are currently flirting with the low 60s with a Covid-19 resurgence raining on the bulls' parade thanks to new lockdowns in key consumer regions such as India and the UK. Still, the U.S. oil and gas sector remains in good stead; J.P. Morgan has estimated that Permian's Delaware Basin oil drillers now require?