Rig count off 12 from last week

The number of active US drilling rigs dropped by 12 over the past week and is at 775 today, according to information released by Baker Hughes. The count is down 1,154, or 60%, from the same week a year ago. The Canadian rig count rose by one to 191. The number of working rigs in Canada […]

EIA reports 63-Bcf gas injection; stocks nearing record high

By Maria Sanchez Ponderosa Energy Natural gas storage inventories went up by 63 Bcf for the week ended Oct. 23, according to EIA’s storage report released today. The build was in line with market expectations. The December contract for Henry Hub was trading at $2.36 as of this writing, up 6 cents from Wednesday’s close. The […]

Crude prices rally after inventory report

By Sarp Ozkan Ponderosa Energy Although crude oil inventories increased by 3 MMBbl last week, total commercial petroleum inventories decreased by 3.7 MMBbl. The overall draw was driven mostly by a stronger-than-expected distillate fuel draw (3 MMBbl). The distillate product supplied last week was 4 MMBbl/d, a whopping 10% higher than the same period last year. […]

Crude oil inventories up by 3.4-million barrels

US commercial crude oil inventories rose by 3.4-million barrels during the week ending Oct. 23, pushing the inventory level to 480-million barrels, according to data published by EIA today. Inputs of crude oil at US refineries averaged more than 15.6 MMb/d across the week, or 271,000 b/d more than during the prior week. Refineries operated […]

Hurricane Patricia threatens oil and gas operations

Oil and gas operations in Texas and perhaps other areas of the Gulf Coast and Southeast could be impacted by heavy rain and strong winds associated with Hurricane Patricia, which is expected to make landfall in Mexico today as the strongest storm ever recorded in the Western Hemisphere. Patricia is a Category 5 storm with […]

Total rig count unchanged; crude prices move lower

The number of active rigs drilling for crude oil and natural gas in the US is unchanged over the past week, according to information released by Baker Hughes today. The 787 operating rigs as of the week ended Oct. 23 is 1,140 fewer, or nearly 60% lower, than on the same day a year ago. […]

Salt domes in Producing Region lead gas inventory rise

By Maria Sanchez Ponderosa Energy The traditional injection season ends Oct. 31, but as history has proved storage injections can continue through mid-November and as far as into late December for some regions. The record-high inventory of 3.929 Tcf was reported for the week ended Nov. 2, 2012, and storage levels are on track for […]

Natural gas in storage up 81 Bcf

By Maria Sanchez Ponderosa Energy The EIA on Thursday announced an 81-Bcf injection of natural gas into storage for the week ended Oct. 16. The increase in inventory was lower than most market expectations, which were in the mid-80s to low-90s range. It was also lower than the 5-year average of 86 Bcf and also […]

Crude inventory build continues; prices fall

By Sarp Ozkan Ponderosa Energy Refinery inputs averaged 15.3 MMb/d last week (78 Mb/d higher than last week), but this was not enough to hold back an 8-million-barrel commercial crude oil inventory build. As per the nature of maintenance season, the crude inventory build was accompanied by a gasoline draw of 1.5 MMbbl and a distillate […]

Crude oil prices are still too high

DENVER, CO (Oct. 19, 2015) – Crude oil prices have fallen almost 60% since June 2014. But prices are still higher than the fundamentals suggest, and WTI prices that have traded in a range of $45 to $50 a barrel since late July still allow producers to economically produce in several areas. Production may have […]