Oil prices gain and traded higher on Wednesday after an industry report said U.S. crude stockpiles fell last week.

Brent crude futures rose 51 cents, or 0.6 percent, to $62.89 a barrel by 0405 GMT, while West Texas Intermediate (WTI) futures were up 54 cents, or 0.9 percent, to $57.94 a barrel.

Prices had ended lower on Tuesday, squeezed by speculation of sanctions-hit Iranian crude returning to the market following U.S. President Donald Trump’s move to fire national security adviser John Bolton, a noted Iran policy hawk.

But they rebounded after American Petroleum Institute (API) data late on Tuesday showed U.S. crude oil and gasoline stocks fell last week, while distillate stocks built.

“Oil should remain supported in Asian trading, mostly supported by the overnight API crude inventory data,” said Jeffrey Halley, senior market analyst at OANDA.

The API numbers had U.S. crude inventories down by 7.2 million barrels in the week ended Sept. 6 to 421.9 million, compared with analysts’ expectations in a Reuters poll of a decrease of 2.7 million barrels.

Iran’s oil exports were slashed by more than 80 percent due to re-imposed sanctions by the United States.

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Source: foxbusiness.com

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YOUNGSTOWN, Ohio – Oil and natural gas production in Ohio’s Utica-Point Pleasant shale play rose in the second quarter. This is as 614.22 billion cubic feet of gas and 5.81 million barrels of oil were produced. Most are by wells in the state.

Those numbers are up from 609.45 billion cubic feet of gas and 5.07 million barrels of oil. This is the data in the first quarter. This is according to data from the Ohio Department of Natural Resources’ quarterly report.

In comparison, Mahoning County produced just 340.21 million cubic feet of gas. Moreover  is 2,139 barrels of oil and Trumbull County accounted for 127.83 million cubic feet of gas and 1,774 barrels.

Top performer in Oil and Gas Production

The top-performing natural gas well in Columbiana County. It was EAP Ohio LLC’s Sevek 18-12-3 210H well in Washington Township. The well produced 1.96 billion cubic feet of gas. Leading the county in oil production was Chesapeake Exploration LLC. Ayrview Acres 27-16-5 5H well with 971 barrels of oil.

In Mahoning County, the Hilcorp Energy Co.CLL-2 6H well in Poland was top in natural gas production. They are at at 67.78 million cubic feet of gas. Meanwhile, Northwood Energy Corp.’s Hendricks MAHN2AHSU well in Ellsworth Township led oil production in the county with 839 barrels.

And for Trumbull County, Pin Oak Energy Partners had both the top-performing natural gas and oil wells. The Buckeye 1H well produces 33.46 million cubic feet of natural gas. Lastly, the Brugler 1H well produces 327 barrels of oil. Both wells are in Hartford Township.

Activity in the Utica-Point Pleasant shale play continues to be concentrated in southeastern Ohio, as the ODNR report was made up mostly of entries for Belmont, Carroll, Guernsey, Harrison, Jefferson and Monroe counties.

Leading the state in gas production was the Ascent Resources Utica LLC Gordon N CRC JF 3H well in Jefferson County’s Cross Creek Township, just outside of Stebuenville. The well produced 3.57 billion cubic feet of gas.

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Source: businessjournaldaily.com

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The U.S. deputy energy secretary told CNBC Monday that America wants to achieve energy dominance regardless of what happens to oil prices.

OPEC has struggled to shore up crude futures this year.

It has once again raised questions about whether the Middle East-dominated group really wields that much influence over world crude markets.

 

 

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Source: CNBC.com

World energy demand is growing, and America’s oil and natural gas companies are investing to meet it — sustainably. That’s critical because International Energy Agency projections show that fossil fuels will supply 78% of global energy needs by 2040, even as renewable sources expand. Read more below about the American Petroleum Institute Oil report.

U.S. supply has kept pace — sustaining world-leading production, contributing virtually all international supply growth and helping offset OPEC supply cuts — despite less drilling activity. This technological prowess makes old-school assumptions obsolete. With companies becoming more efficient and cost-effective, production could grow even if investments were to fall.

More important, the statistic is one more indication of our success reducing our environmental footprint. Growing energy demand doesn’t mean we can’t cut greenhouse gas emissions. The United States happens to lead the world in reduction of carbon dioxide since 2000. Thanks to growing use of natural gas in power generation, U.S. carbon emissions are at their lowest levels in a generation. That’s success we can replicate globally through growing exports of liquefied natural gas.

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Source: usatoday.com

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The OPEC+ coalition of producers achieved in July a compliance rate of 159 percent.

According to OPEC, the production cuts, combined with “ongoing healthy oil demand so far”, have “arrested global oil inventories growth and should lead to significant draws in the second half of the year.”

 

 

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Source: OILPRICE.COM