Industry Guides & How-To Resources with specific types of property or business. Check our valuable guides on this page today at Ranger Land & Minerals.

Crude oil futures rose Wednesday as Federal Reserve Chair Jerome Powell indicated that interest rates will likely come down this year.

Signs of Rising Gasoline Demand

Crude oil futures rose Wednesday. As Federal Reserve Chair Jerome Powell indicated that interest rates and signs of rising gasoline demand will likely come down this year. Though the central bank is moving cautiously.

The West Texas Intermediate contract for April gained 98 cents, or 1.25%, to settle at $79.13 a barrel. May Brent futures added 92 cents, or 1.12%, to settle at $82.96 a barrel.

Powell told the House Financial Services Committee Wednesday. That the Fed needs to see “a little more data” before moving on rates. Though he expects the central bank will begin loosening policy this year. As it gains more confidence that inflation is under control.

In prepared remarks, the Fed chairman said the central bank thinks rates have peaked. Lower interest rates typically stimulate the economy, which leads to more demand for crude.

Tamas Varga, an analyst at oil broker PVM, told clients in a note Tuesday that uncertainty surrounding interest rate cuts is “public enemy No. 1” of a protracted oil rally.

“The Fed chair’s testimony and the ECB interest rate decision on Thursday could revive hopes for a June reduction in borrowing costs,” Varga wrote in a research note.

Click here to read the full article
Source: CNBC

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

US crude oil inventories rose modestly last week as refineries ramped up capacity use, according to data released Wednesday by the US EIA.

Rose Modestly

U.S. crude oil stocks rose modestly last week. As refineries ramped up capacity use, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude-oil stocks–excluding the Strategic Petroleum Reserve–were up by 1.4 million barrels, to 448.5 million barrels, in the week ended March 1, and were about 1% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would rise by 1.3 million barrels.

Oil stored in the SPR increased by 706,000 barrels, to 361 million barrels.

The EIA estimated U.S. crude oil production at 13.2 million barrels a day, down by 100,000 from the previous week. Crude imports rose by 837,000 barrels a day, to 7.2 million barrels a day, while exports slipped by 91,000 barrels a day, to 4.6 billion barrels a day.

U.S. refineries ran at 84.9% of capacity, up from 81.5% the previous week.

Decreased More than Expected

Stocks of gasoline and distillate fuels decreased more than expected as demand rose. Gasoline stocks were down by 4.5 million barrels, at 239.7 million barrels, and were 2% below the five-year average, the EIA said. Demand for gasoline rose by 547,000 barrels a day, to 9 million barrels a day. Gasoline stocks were expected to decline by 1.4 million barrels, according to the Journal survey.

The EIA estimated U.S. crude oil production at 13.2 million barrels a day, down by 100,000 from the previous week. Crude imports rose by 837,000 barrels a day, to 7.2 million barrels a day, while exports slipped by 91,000 barrels a day, to 4.6 billion barrels a day.

Click here to read the full article
Source: Market Watch

If you have any questions or thoughts about the “US Crude Oil Stocks” topic, feel free to contact us here or leave a comment below.

Crude oil price settles around 80.00$ barrier and keeps its stability above it to support the chances of continuing the expected bullish trend on the intraday and short-term basis.

Keeps its Stability Above It

Crude oil price settles around 80.00$ barrier and keeps its stability above it. To support he chances of continuing the expected bullish trend on the intraday and short-term basis. Organized inside the bullish channel that appears on the chart. Noting that our next targets begin at 81.55 and extend to 82.70.

The current market dynamics suggest that there is a potential for further upward movement in the upcoming trading sessions. It is crucial to keep a close eye on the price levels, particularly the minor support at 79.70. A break below this support level could trigger a temporary decline in the price. Leading to a test of key support areas starting from 78.70 and potentially extending to 78.25 before any significant attempt at a resurgence.

Investors and traders should monitor these support levels closely. As they can provide important cues about the market sentiment and future price movements. Testing key support areas is a common occurrence in trading patterns and often precedes a new attempt at upward movement. By staying informed and vigilant, market participants can make well-informed decisions and capitalize on potential opportunities that may arise as the price fluctuates in response to changing market dynamics.

Click here to read the full article
Source: economies.com

If you have any questions or thoughts about the Crude Oil Price topic, feel free to contact us here or leave a comment below.

The US oil & gas industry's recent success underscores its resilience and ability to thrive in the face of political, environmental challenges

Despite the Biden administration’s ambitious climate goals, the oil and gas industry in the United States has seen unprecedented growth and profitability. The top 10 listed oil and gas producers in the US have reported a combined net income of $313 billion in the first three years of President Biden’s term (Financial Times), this is three times the $112 billion generated during the same period under President Trump.

This surge in profitability can be attributed to several factors, including record-high production levels as well as significant cost reduction particularly in the oil rich Gulf of Mexico. In December 2023, US oil production reached 13.5 million barrels per day, surpassing all previous records. According to the US Energy Administration, by 2024 the US will reach the daily production of 14 million barrels per day. Additionally, natural gas production exceeded 105 billion cubic feet per day for the first time. These achievements have solidified the US as a global energy leader, with the country now ranking as the second-largest exporter of crude oil and the largest exporter of liquefied natural gas (LNG), overtaking Qatar.

Click here to read the full article
Source: BENZINGA

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

In the latest U.S. oil and gas merger, Chord Energy and Enerplus have agreed to combine in an approximately $11B stock and cash transaction

In the latest U.S. oil and gas merger, Chord Energy and Enerplus have agreed to combine in an approximately $11 billion stock and cash transaction, which will create a premier Williston basin-focused exploration and production company.

The combined firm will have a premier position in the Williston Basin in North Dakota and Montana with deep, low-cost inventory, around 1.3 million net acres, combined Q4 23 production of 287,000 barrels of oil equivalent per day (boepd), and enhanced free cash flow generation to return capital to shareholders, the two companies said in a joint statement.

“The combined company is expected to generate meaningful free cash flow from its low-cost asset base, improving efficiencies and disciplined capital spending through a wide range of commodity price scenarios,” Chord Energy and Enerplus said.

Click here to read the full article
Source: Oil Price

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

2 US oil & gas companies will merge in a $26bn deal, the latest in a wave of acquisitions designed to buy up the best land for drilling.

Two American oil and gas companies have said they will merge in a $26bn (£21bn) deal. The latest in a wave of acquisitions designed to buy up the best land for drilling.

Diamondback Energy has agreed to buy Endeavor Energy Resources in a takeover. That will create a company with a value of about $50bn (£40bn).

The surge in merger activity within the energy sector has been largely fueled by the rise in oil prices following Russia’s invasion of Ukraine in 2022. The escalating tensions and subsequent economic uncertainties have prompted companies to capitalize on their increased profits by expanding their operations and boosting output.

In an effort to maintain their competitive edge and capitalize on the current market conditions, energy companies are looking to consolidate their resources through mergers and acquisitions.

Despite the short-term economic benefits of increased production, experts warn of the long-term consequences of further fossil fuel development.

The International Energy Agency (IEA) has cautioned. That continued investment in new fossil fuel projects could exacerbate global warming beyond safe limits. As the world grapples with the urgent need to transition to cleaner sources of energy. The pursuit of short-term gains through increased oil production may compromise efforts to mitigate the impacts of climate change.

The current merger frenzy within the energy sector underscores the complex trade-offs between economic growth and environmental sustainability.

Click here to read the full article
Source: The Guardian

If you have any questions or thoughts about the “oil companies” topic, feel free to contact us here or leave a comment below.

The EIA estimated that US crude oil production reached “an all-time high in December of more than 13.3 million barrels per day.

Record oil and gas production

America’s oil and natural gas producers are innovating to produce more than ever. We’re also easing emissions and bringing reliable, affordable energy to Americans and our global allies.
In its latest short-term energy outlook, the Energy Information Administration estimated that U.S. crude oil production reached “an all-time high in December of more than 13.3 million barrels per day.”

The production of oil and natural gas in the United States plays a crucial role in stabilizing prices for consumers. These commodities are traded on global markets, and their prices can be influenced by a myriad of factors, including geopolitical events and decisions made by stakeholders across the world.

In times of turmoil or disruption in the global oil market, such as supply disruptions or political tensions in major oil-producing regions, having a robust domestic production capacity helps mitigate the impact of these external shocks on American consumers. By reducing the reliance on foreign sources and increasing domestic output, the U.S. is better equipped to weather fluctuations in global oil prices, providing a sense of stability and security for consumers.

Particularly Evident

The significance of strong U.S. oil and gas production is particularly evident when considering the potential actions of “bad actors” in the global market. In an interconnected world where energy markets are highly sensitive to external events, the actions of rogue states or non-state actors can have profound consequences on oil prices and supply chains.

By bolstering domestic production, the U.S. can insulate itself to some extent from these external risks and maintain a degree of control over its energy security. This not only helps in ensuring a stable supply of energy for American households and businesses but also contributes to the country’s overall economic resilience in the face of global uncertainties.

Click here to read the full article
Source: Fremont Tribune

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

 

If you have further questions related to the “Record oil and gas production” topic, feel free to reach out to us here.

Chevron Corp. beat earnings estimates and raised dividends after posting record oil and natural gas production.

Chevron Corp. beat earnings estimates and raised dividends after posting record oil and natural gas production, boosting Chief Executive Officer Mike Wirth’s effort to rebound from a year of missed performance targets.

Adjusted earnings of $3.45 a share exceeded the Bloomberg Consensus estimate by 23 cents. Chevron raised its dividend by almost 8% to $1.63 a share, also ahead of forecasts.

The No. 2 U.S. oil and gas operator incurred $3.7 billion of charges stemming mostly from assets in its home state of California and the dismantling of decades-old infrastructure in the Gulf of Mexico. Annual production climbed 4%, primarily boosted by rising output in the Permian basin and other U.S. fields.

Click here to read the full article
Source: World Oil

—–

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

As per the report from the US EIA, the US claimed the title of the largest global crude oil producer in 2022.

Oil and Gas Market size is projected to grow. From USD 8.7 billion in 2023 to USD 10.9 billion by 2028, at a CAGR of 4.7%. According to a new report by MarketsandMarkets™. The rise in infrastructural development, global economic growth, and rise in exploration of new oil fields. Accelerates the growth of the Oil and Gas Pumps Market.

Browse in-depth TOC on “Oil and Gas Pumps Market”
164 – Tables
50 – Figures
206– Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=72491540

This report segments based on application into three categories: upstream, midstream, and downstream.

Anticipated to Dominate

In the oil and gas industry, the midstream sector is precede to dominate the market share throughout the forecast period. This segment is crucial for the efficient transportation and storage of hydrocarbons. Serving as the bridge between upstream exploration and downstream refining processes. Midstream activities encompass a wide range of operations. Including the transportation of crude oil, natural gas, and other petroleum products through pipelines, tankers, and trucks.

Additionally, the sector is responsible for the storage of these resources in terminals, refineries, and storage facilities, ensuring a steady supply chain from production sites to end users.

The Increasing Demand For Energy Resources

The growth of the midstream sector can be attributed to the increasing demand for energy resources worldwide, prompting companies to expand their infrastructure and invest in new technologies to enhance operational efficiency. With the rising production of oil and gas in various regions, the need for reliable midstream services has become more pronounced.

Moreover, factors such as regulatory changes, geopolitical developments, and market dynamics have also influenced the expansion of the midstream industry. As a result, companies in the oil and gas sector are focusing on strengthening their midstream capabilities to meet the growing demands of the global energy market.

Click here to read the full article
Source: yahoo!finance

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

Production in Utah's oil-rich Uinta Basin is at an all-time high. Texas oilman Jim Finley is credited with opening the floodgates.

A Bit Of A Ghost

The Utah’s oil boom: Jim Finley is a bit of a ghost. Outside of oil industry circles, few people have probably ever heard of the man. He rarely speaks in public.

Utah's oil boom

One exception was in October 2021. When Finley the CEO of Texas-based Finley Resources. Presented to a coalition of seven oil-producing counties in eastern Utah. Following his speech, coalition board members and staff applauded Finley for his investments in Utah’s oil-rich Uinta Basin, and thanked him for making time to speak. One person noted that he is a particularly difficult man to get hold of.

“Sometimes nobody knows where I am,” Finley said.

“On purpose,” someone else chimed in. Finley chuckled.

A Key Role

The Texas oilman has played a key role. In spearheading the kind of oil boom that has long evaded the remote basin. In just over a decade, he’s become one of the top producers in the Uinta. And is now playing an outsize role in shaping Utah’s energy future.

Finley has thrown his support behind a controversial rail line that would make it easier for him and the basin’s five other producers to export oil to out-of-state markets, while simultaneously boosting export capacity via trucking and existing rail. He has his fingers in every aspect of basin production, from drilling oil and mining sand for hydraulic fracturing to operating a transloading facility and a growing fleet of oil trains. Powerful political allies have helped him expand his empire, primarily by funneling public money toward infrastructure projects that benefit the oil sector.

Chris Kuveke, a researcher at BailoutWatch, a watchdog group that provided HuffPost with extensive research on Finley’s portfolio and operations, called Finley “the mastermind” of the basin’s current oil boom.

“He has a long history of using campaign finance and lobbying as influence to get his projects where he wants them to be,” Kuveke said. “And he knows what he’s doing. He has a serious track record of influencing the industry that he wants to grow, being a linchpin. And that’s what he’s doing in the Uinta.”

 

Click here to read the full article
Source: HUFFPOST

If you have any questions or thoughts about the Utah’s oil boom topic, feel free to contact us here or leave a comment below.