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Weak refinery, export demand weakens prices for Midland crude along Texas coast

Oil & Gas 360ยบ

That compared to an average of 50 cents a barrel a year ago, when record crude production at the top U.S. million barrels in the Permian were cut by the recent cold weather that hit operations, according to estimates from analysts at consultancy Energy Aspects. million barrels last week, its highest level in four months.

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OPEC and the oil price floor

Oilholics Synonymous Report

The last few weeks have brought range-bound volatility to the oil market with Brent futures oscillating between $70 and $75 per barrel. All the while rising numbers of non-OPEC, especially US, barrels continue to hit the market. To email: journalist_gsharma@yahoo.co.uk Gaurav Sharma 2024. That's all for the moment folks.

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Permian Basin Economic and Energy Update: Q4 2024

Oil Gas Leads

The Permian Basin continues to demonstrate resilience and growth as we close out the fourth quarter of 2024. A combination of rising energy prices, stable production, and economic expansion has positioned the region as a key driver of the U.S. per barrel , marking a 5.2% per barrel of oil equivalent (boe) , up 15.6%

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Are we back to fundamentals as oil prices tank further?

Oilholics Synonymous Report

At the time of writing this post, The Oilholic noted that Brent and WTI front month futures contracts had breached their respective $74 and $70 per barrel floors. Then came a revelation that OPEC - deemed the most bullish of the crude oil demand growth forecasters - had revised its prediction lower for 2024 below 2 million bpd.

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SM Energy reports record proved reserves, including 34 percent in Midland Basin

Permian Basin Oil and Gas Magazine

SM Energy of Denver recently reported record oil production for 2024 and also a company record for yearend estimated net proved reserves. million barrels (80,200 barrels per day) up 23 percent from 2023. Production in 4Q in Midland Basin was 4,957,000 barrels of oil (53,900 b/d). Oil production last year was 29.4

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Aramco CEO predicts record oil demand will follow OPEC+ output revival

Oil & Gas 360ยบ

million barrels a day (bpd) this year to just over 106 million bpd, helped for petrochemicals and jet fuel, Chief Executive Officer Amin Nasser said on an earnings call Tuesday. million bpd growth forecast by the International Energy Agency. Oil use is set to rise by 1.3 Thats slightly higher than the 1.05

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$80 is looking like Brent's price ceiling not the floor

Oilholics Synonymous Report

Having breached $75 per barrel floor, Brent futures are now testing $70 with the WTI having fallen through it some time ago. This blogger has long been suggesting that 2024 will end in an oversupply of light sweet crude. To email: journalist_gsharma@yahoo.co.uk Gaurav Sharma 2024. To follow The Oilholic on Twitter click here.

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