U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.1 million barrels from the previous week. At 430.8 million barrels, inventories are about 2% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of September 16, […]
Two years ago, oil and gas companies in Texas were laying off employees. This is amid the most severe downturn in the industry’s history. This year, job growth in America’s oil and gas heartland has been so strong. As a result, labor shortages have prevented the industry from expanding. According to the latest data, Texas […]
Oil prices climbed on Monday, despite weaker demand expectations, as concerns about oil supply heading into winter mount. Brent crude futures settled at $94.00 a barrel, up $1.16, or 1.3%. U.S. West Texas Intermediate crude settled at $87.78, up 99 cents, or 1.1%. The latest data from the US Department of Energy shows that US […]
Production taxes paid by the Texas oil and natural gas industry topped $10 billion in fiscal 2022. This is the highest amount the industry has paid in Texas history. The fiscal record was reported after the industry has broken records nearly every month this year in both the number of jobs added and the record […]
There is an oil price hike of 4% on Monday after OPEC+ crude producers agreed to cut output quotas and Russia said it won’t sell its exports to countries that abide by a US-led planned price cap. Members of the Organization of Petroleum Exporting Countries and their allies agreed at a meeting Monday to reduce […]
In a historic achievement, President Joe Biden signed into law the Inflation Reduction Act (IRA) on August 16, 2022. This bill, was recently thought to be on life support with very little chance of congressional passage. It is a sprawling piece of legislation. Also, it lowers prescription drug costs for those covered by Medicare and […]
Global crude oil prices surged past $100 per barrel on Wednesday for the first time in more than three weeks following a warning by Saudi Arabia that oil-producing nations may have to cut output to deal with the recent drop in prices, amid fears of a global recession. The global benchmark Brent Crude Futures index […]
As drilling activity in Texas continues to increase, so are job levels for the state’s oil and natural gas industry. How does it affect the Texas oil And gas employment trends? Citing the latest Current Employment Statistics report from the U.S. Bureau of Labor Statistics, the Texas Independent Producers and Royalty Owners Association (TIPRO) highlighted […]
Iran has considerable volumes and barrels of oil in floating storage. It could quickly release should a deal with the United States be finalized. In an update earlier this month, OilX claimed that Iran has some 40 million barrels. The bulk of which is probably condensate. Vortexa estimates Iranian crude in floating storage at 60 […]
The U.S. oil industry hit a legal roadblock in January. It is when a judge struck down a $192 million oil and natural gas lease sale. That was in the Gulf of Mexico over future global warming emissions from burning the fuels. It came at a pivotal time for Chevron, Exxon, and other industry players. […]
