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U.S. oil producers have said they plan to slow production to reduce supplies and thus boost the costs.
But experts say that oil production will stay ramped up into 2020, and will slow later next year and after.
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Source: Toledoblade.com
Shale Rail released plans to add an additional new track.
The Wysox location has the capacity to transload over 80,000 tons per month of frac sand.
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Source: northamericanshalemagazine.com
Natural gas rates will go up next month under new rates. The PUC approved an overall increase of $5.3 million, or 8.5%.
The company said the monthly bill of a typical customer using 62 therms per month will increase by $3.89, or 8.3%. It is from $46.69 to $50.58. Commercial customers who average 264 therms per month will increase by $17.96, or 11.5%, from $156.73 to $174.69. Industrial customers using an average 1,748 therms per month will increase by $135.50, or 13.8%, from $983.63 to $1,119.13.
In a statement, the PUC said the cost of the natural gas supply spiked over the last year. This is due to a pipeline explosion last winter, which cut the regional gas supply and caused prices to increase. The state allows companies to pass along their purchase costs to customers without a markup on the price.
Monthly average natural gas prices at most key regional trading hubs in 2019. It reached its highest levels in February, and they were relatively low and stable from April through December. In the Northeast, additional imports of liquefied natural gas (LNG) into New England limited price spikes during the winter of 2018–19. Despite a cold snap in the Midwest in February 2019, natural gas prices at Chicago Citygate were lower than during previous extreme weather events.
However, in the Pacific Northwest, unseasonably cold weather at the end of winter coupled with regional supply constraints. It and decreased storage inventories led to significant price spikes at the Northwest Sumas hub in March. Additional pipeline takeaway capacity in the Permian region eased some infrastructure constraints and increased regional prices at the Waha hub in western Texas after six consecutive months of prices lower than $1/MMBtu (March through August).
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Source: bendbulletin.com
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Texans are now voting on 10 amendments to the state constitution.
Proposition #4 deals with a state income tax.
Proposition #7 pertains to the permanent school fund, which invests revenue from state-owned lands — such as leasing mineral rights to oil and gas companies.
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Source: KTEN.com
London (CNN Business)Reports of another attack on oil supply in the Middle East pushed prices higher early on Friday.
The report immediately lifted Brent crude oil prices by 2% to above $60 a barrel.
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Source: CNN Business
Bureau of Land Management acting chief William Perry Pendley today slammed calls by some Democratic presidential contenders to ban oil and gas leasing on federal lands. Want to know more about the issue of banning oil?
“A tremendous amount of the energy we use every day, whether it’s gasoline or natural gas or oil, comes from federal lands. So much of the oil and gas comes from public lands,”
Pendley broadly stressed the importance of developing oil and natural gas resources on federal lands and waters despite criticisms that the Trump administration has placed energy development above all other priorities.
When asked at the panel session about the climate impacts of extracting fossil fuels from federal lands, Pendley said the economic value of developing resources is critical to rural Western communities, such as along the Western Slope.
“The development of these resources is the life’s blood for these people,” he said. “The most important environment for most people is, do they have a home? Can they provide fuel? Next, can they provide food? Can they provide the wherewithal for their families? And that means jobs. And the BLM and industry, whether it’s the recreational industry or the oil and gas industry, provides those jobs.”
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Source: eenews.net
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It was Texas, North Dakota, and New Mexico that saved us from a crude price spike a few weeks ago.
U.S. crude oil production will steadily rise from 13.1 million b/d in 2020 to 14.2 million b/d by 2035.
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Source: Forbes.com
The Marcellus and Point Pleasant-Utica Shale plays in the Appalachian Basin contain an estimated mean of 214 trillion cubic feet of undiscovered.
“Watching our estimates for the Marcellus rise from 2 trillion, to 84 trillion, to 97 trillion in under 20 years demonstrates the effects American ingenuity and new technology can have,” said USGS director Jim Reilly.
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Source: kallanishenergy.com
Houston-based Occidental Petroleum Corp. (NYSE: OXY) has been planning to sell $10 billion to $15 billion worth of assets since inking a deal to acquire The Woodlands-based Anadarko Petroleum Corp. earlier this year.
The $55 billion acquisition, including the assumption of debt, closed Aug. 8, and Occidental provided an update on its divestiture and deleveraging efforts on Sept. 30.
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Source: bizjournals.com
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What’s past is prologue: more oil, more natural gas. No kidding. These two essential fuels supply nearly 65% of the energy used in the U.S. and global economies.
Given that economic and population expansion are the primary indicators of more energy demand, global energy demand is set to boom 45% by 2050.
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Source: Forbes.com
