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Huge Crude Draw Pushes Oil Prices Even Higher

October 31, 2017 Julianne Geiger 0

The American Petroleum Institute (API) reported a huge draw of 5.087 million barrels in United States crude oil inventories, largely in line with an S&P Platts’ survey of analysts that expected inventories would draw down by 1.4 million barrels for the week ending October 27—continuing the extended drawdown in recent weeks. Gasoline inventories, according to the API, saw a major draw of 7.697 million barrels for the week ending October 27, against an expectation of a much more modest draw of 1.7 million barrels.  Other analysts,…

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U.S. Oil & Gas Rig Count Falls As Brent Breaks $60

October 27, 2017 Julianne Geiger 0

As Saudi’s comments regarding the OPEC extension send the Brent Crude benchmark over $60 in mid-day trading for the first time in more than two years, oil and gas rigs in the United States fell for yet another week, according to Baker Hughes, dipping 4 rigs.   The total oil and gas rig count in the United States now stands at 909 rigs, up 352 rigs from the year prior, with the number of oil rigs in the United States increasing by 1 this week and the number of natural gas rigs decreasing by 5. Canada saw a decline of 11 in the number…

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Why Millennials Can’t Bank On Clean Energy Jobs

October 27, 2017 Julianne Geiger 0

According to the Bureau of Labor Statistics, the job expected to see the most growth in terms of hiring over the next nine years is an energy-related job: solar photovoltaic installer—but Millennials beware—the term “top growing” is a bit misleading. The number of solar photovoltaic installers is expected to double by 2026, which sounds super promising on its own. Millennials, after all, are always looking for those meaningful jobs instead of those dirty oil-industry jobs, but millennials beware—there were just 11,300…

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Oil Prices Up After API Reports Huge Gasoline Draw

October 24, 2017 Julianne Geiger 0

The American Petroleum Institute (API) reported a small build of 519,000 barrels in United States crude oil inventories, while an S&P Platts’ survey of analysts expected inventories would draw down by 425,000 barrels for the week ending October 20. Gasoline inventories, according to the API, saw a huge draw of 5.753 million barrels for the week ending October 20, against a smaller expected draw of 2.3 million barrels.   Both WTI and Brent benchmarks were up on lingering concerns that the US/Iran standoff could disrupt oil supplies,…

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Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw

October 17, 2017 Julianne Geiger 0

Crude oil inventories are still coming down. The American Petroleum Institute (API) reported a huge draw of 7.130 million barrels in United States crude oil inventories, compared to an S&P Platts’ survey of analysts that expected inventories would draw down by 3.9 million barrels for the week ending October 13. Gasoline inventories, according to the API, saw a surprise build of 1.941 million barrels for the week ending October 13, against an expected draw of 340,000 barrels. Both WTI and Brent benchmarks were up on Monday on concerns…

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Saudi Arabia Looks To Shelve Aramco IPO

October 13, 2017 Julianne Geiger 0

Oil giant Saudi Aramco is thinking about reneging on its much talked about plans to publicly list a 5% stake in the company, Financial Times sources said on Friday. Last month, the Saudi government came up with contingency plans for a possible delay, according to Bloomberg sources, which didn’t go into detail about what the drivers behind the delay could be. A day after media reported that the IPO could be delayed, Aramco sent an email to media dispelling the notion that the IPO could be delayed, saying instead that the IPO was indeed on…

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Oil Prices Rise Amid Falling U.S. Rig Count

October 13, 2017 Julianne Geiger 0

The number of active oil and gas rigs in the United States decreased this week by 8 rigs. The total oil and gas rig count in the United States now stands at 928 rigs, up 389 rigs from the year prior, with the number of oil rigs in the United States decreasing by 5 this week and the number of natural gas rigs decreasing by 2. Miscellaneous rigs decreased by a single rig. The oil rig count now stands 311 above the count one year ago, shedding a total of 20 oil rigs in the last eight weeks. (Click to enlarge) The spot price for WTI rose earlier on…

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Husky Energy Set To Restart Pipeline

October 12, 2017 Julianne Geiger 0

Husky Energy (TSE: HSE) received a greenlight to restart its pipeline after successfully undergoing testing, inspection, and evaluation of a previously ruptured pipeline, according to local media. Last July, Husky’s pipeline leaked about 225,000 liters of heavy oil mixed with a diluent, about 40 percent of which made its way into the North Saskatchewan River. That was 15 months ago, and the pipeline has been idle ever since. The Saskatchewan government gave the go-ahead to restart the pipeline on Wednesday, but the approval doesn’t…

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Oil Throwback: BP Is Bringing Back The Amoco Brand

October 12, 2017 Julianne Geiger 0

It’s back! After almost a decade on the bench, BP is reviving its Amoco brand in response, the company said, to some internal marketing studies that suggest the brand still resonates with some American consumers. In BP’s words, the Amoco brand will “help resolve local, competitive station conflicts in markets where there may already be one or more BP stations in close proximity.” In non-corporate-speak, that means that BP will put Amoco stations next to BP stations to gain a bigger presence—as opposed to having too…

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Surprise Oil Inventory Build Shocks Markets

October 11, 2017 Julianne Geiger 0

The American Petroleum Institute (API) reported a surprise build of 3.097 million barrels in United States crude oil inventories, compared to an S&P Platts’ survey of analysts that expected inventories would draw down by 400,000 barrels for the week ending October 6. Gasoline inventories, according to the API, saw a decrease of 1.575 million barrels for the week ending October 6, against an expected build of 1.4 million barrels. Both WTI and Brent benchmarks were up on Tuesday as much of US offshore production remains offline after more…

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