The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 2 to 603 this week, compared to 731 rigs this same time last year. The number of oil rigs fell by 3 this week, after falling by 7 in the week prior. Oil rigs now stand at 496--down by 90 compared to this time last year. The number of gas rigs rose by 1 this week to 103, a loss of 38 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4.…

The United States has extended a general license through November 15, allowing certain transactions with Venezuelan state oil company PDVSA that are necessary for wind-down operations, according to a notice from the U.S. Treasury Department. The extension covers key players in the industry, including Halliburton, Schlumberger, Baker Hughes Holdings, and Weatherford International PLC. This extension comes amid ongoing political tensions and economic challenges in Venezuela. Recent contract cancellations by entities like Polish refiner Orlen…

The United States has extended a general license through November 15, allowing certain transactions with Venezuelan state oil company PDVSA that are necessary for wind-down operations, according to a notice from the U.S. Treasury Department. The extension covers key players in the industry, including Halliburton, Schlumberger, Baker Hughes Holdings, and Weatherford International PLC. This extension comes amid ongoing political tensions and economic challenges in Venezuela. Recent contract cancellations by entities like Polish refiner Orlen…

The most severe solar storm in nearly two decades could disrupt electric power grids, navigation, radio, and satellite operations on Friday and Saturday, NOAA’s Space Weather Prediction Center (SWPC) said in a warning today, in the first such severe solar storm advisory since 2005. SWPC, a division of the National Weather Service, said that “Space weather forecasters have issued a Severe (G4) Geomagnetic Storm Watch for the evening of Friday, May 10. Additional solar eruptions could cause geomagnetic storm conditions to persist…

Higher Saudi crude prices and weakened refining margins will see Chinese refiners lift lower volumes of oil from the world’s top oil exporter in June compared to May, sources familiar with the plans told Reuters on Friday. This month, China is set to buy a total of 45 million barrels of Saudi crude. The volume is then expected to drop by 5.8 million barrels in June, with the lower supply mostly in the Arab Medium and Arab Heavy crude grades, according to Reuters’ sources.    The Kingdom is also limiting some heavier crude…

Higher Saudi crude prices and weakened refining margins will see Chinese refiners lift lower volumes of oil from the world’s top oil exporter in June compared to May, sources familiar with the plans told Reuters on Friday. This month, China is set to buy a total of 45 million barrels of Saudi crude. The volume is then expected to drop by 5.8 million barrels in June, with the lower supply mostly in the Arab Medium and Arab Heavy crude grades, according to Reuters’ sources.    The Kingdom is also limiting some heavier crude…

The United States wants to force a gradual shift in Iran’s “decision-making calculus” by signing a defense deal with Saudi Arabia and securing the normalization of relations between Riyadh and Israel. “We continue to work with allies and partners to enhance their capabilities to deter and counter the threats Iran poses, impose costs on Iran for its actions, and seek to shift Iran’s decision-making calculus over time,” a U.S. State Department spokesperson told RFE/RL. The security package has several components,…

Strong oil demand and production in North America helped Canadian pipeline giant Enbridge Inc (NYSE: ENB) raise its first-quarter adjusted earnings and beat analyst estimates. Enbridge, operator of Mainline, North America’s biggest oil pipeline network,   reported on Friday adjusted earnings of US$1.46 billion (C$2.0 billion) for the first quarter. Per share earnings rose by 8% year-over-year to C$0.92 per common share, which beat the C$0.81 average analyst estimate compiled by LSEG.     Adjusted core…

Strong oil demand and production in North America helped Canadian pipeline giant Enbridge Inc (NYSE: ENB) raise its first-quarter adjusted earnings and beat analyst estimates. Enbridge, operator of Mainline, North America’s biggest oil pipeline network,   reported on Friday adjusted earnings of US$1.46 billion (C$2.0 billion) for the first quarter. Per share earnings rose by 8% year-over-year to C$0.92 per common share, which beat the C$0.81 average analyst estimate compiled by LSEG.     Adjusted core…

Strong oil demand and production in North America helped Canadian pipeline giant Enbridge Inc (NYSE: ENB) raise its first-quarter adjusted earnings and beat analyst estimates. Enbridge, operator of Mainline, North America’s biggest oil pipeline network,   reported on Friday adjusted earnings of US$1.46 billion (C$2.0 billion) for the first quarter. Per share earnings rose by 8% year-over-year to C$0.92 per common share, which beat the C$0.81 average analyst estimate compiled by LSEG.     Adjusted core…

Strong oil demand and production in North America helped Canadian pipeline giant Enbridge Inc (NYSE: ENB) raise its first-quarter adjusted earnings and beat analyst estimates. Enbridge, operator of Mainline, North America’s biggest oil pipeline network,   reported on Friday adjusted earnings of US$1.46 billion (C$2.0 billion) for the first quarter. Per share earnings rose by 8% year-over-year to C$0.92 per common share, which beat the C$0.81 average analyst estimate compiled by LSEG.     Adjusted core…

Canadian oil and gas producer Crescent Point Energy (NYSE: CPG) reported on Friday that its adjusted net earnings from operations declined by 15% year-over-year in the first quarter of 2024, dragged down by lower crude oil and natural gas realizations.   Crescent Point booked adjusted net earnings from operations of US$137 million (C$187 million) for Q1, down from US$160 million (C$219 million) for the same period of 2023. Net loss was at US$301 million (C$412 million) for the quarter that ended March 31, 2024, primarily driven…

Canadian oil and gas producer Crescent Point Energy (NYSE: CPG) reported on Friday that its adjusted net earnings from operations declined by 15% year-over-year in the first quarter of 2024, dragged down by lower crude oil and natural gas realizations.   Crescent Point booked adjusted net earnings from operations of US$137 million (C$187 million) for Q1, down from US$160 million (C$219 million) for the same period of 2023. Net loss was at US$301 million (C$412 million) for the quarter that ended March 31, 2024, primarily driven…

Canadian oil and gas producer Crescent Point Energy (NYSE: CPG) reported on Friday that its adjusted net earnings from operations declined by 15% year-over-year in the first quarter of 2024, dragged down by lower crude oil and natural gas realizations.   Crescent Point booked adjusted net earnings from operations of US$137 million (C$187 million) for Q1, down from US$160 million (C$219 million) for the same period of 2023. Net loss was at US$301 million (C$412 million) for the quarter that ended March 31, 2024, primarily driven…

Following several weeks of declines, oil prices are now rising once again on a combination of geopolitical risk, rising demand, and supply concerns.Friday, May 10th 2024Oil prices are once again climbing after several weeks of declines. Falling US crude inventories and robust Chinese imports have sparked some bullish sentiment in oil markets. Brent futures are set to post their first weekly gain since early April, moving closer to $85 per barrel, further boosted by the easing of the US labor market (jobless claims the highest in…

1. Environmentalists Push for White House Ban on New US Oil Ports - After US President Joe Biden halted approvals for new LNG terminals this January, climate activists are now pushing the White House to implement a similar regulatory pause for crude oil shipping facilities. - The pressure from Sierra Club comes after the Department of Transportation quietly approved a deepwater port (SPOT) off the coast of Texas developed by Enterprise Products Partners, capable of exporting VLCCs. - There are currently three other crude export facilities…

Yet more house-cleaning this week in the European spy dens as tensions rise among European nations who are now placing bets on the future of Ukraine. The panic is in full force. In the UK, Downing Street is expelling a Russian Defense attache believed to be an undeclared military intelligence officer and revoking diplomatic status over some properties in the UK that are believed to be used for Russian intelligence operations. In Poland, government networks were targeted by Russian cyberspies operating as part of the GRU (Russian military intelligence).…

Politics, Geopolitics & Conflict In the Middle East, this week’s peace talks saw Hamas agree to proposals for a ceasefire laid out by Egypt and Qatar, but Israel proceeded with its incursion into Rafah (southern Gaza), ordering a full-scale invasion. That took peace talks off the table again and came with a warning from the Biden administration that the U.S. would pause bomb shipments to Israel over civilian deaths. On Thursday, Netanyahu responded by saying Israel could “stand alone”. Last week, Turkey cut off its $9+-billion…

Crude oil futures are in a position to close higher for the week after recovering from earlier setbacks. Notably, both Brent and West Texas Intermediate (WTI) crude futures reached one-week highs, driven by positive demand signals from China and the U.S. This recent uplift positions the market to potentially break a four-week decline, providing a critical moment for traders monitoring market directions. US Demand Insights In the U.S., the crude price gains were moderated by concerning demand data. According to the latest Energy Information Administration…

U.S. crude oil exports are rebounding this month, dragging down the prices of physical crude grades in Europe and Africa amid a relatively tepid market, traders told Bloomberg on Friday. After a temporary dip in April, U.S. crude flows to Europe have rebounded so far in May, according to vessel-tracking data that Bloomberg has compiled. In the first three weeks of May, observed U.S. crude oil exports to Europe are estimated to be on the rebound and to average at least 2.1 million barrels per day (bpd), up by a third compared to the average…