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Tag Archives: West Texas Intermediate

Oil market may have bottomed out: Reuters poll

Oil prices have probably touched bottom and should recover in the second half of 2015 as the collapse in the market over the last year begins to curb production, a Reuters survey of analysts showed on Friday. Oversupply is likely to keep a lid on oil over the next few months, and prices could retreat a little in the short ...

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Watch the shale spread: Brent vs WTI crude oil prices

The gap between West Texas Intermediate (WTI) and Brent expanded to its biggest in a year at almost $12 a barrel as U.S. oil stocks hit records while global demand supported Brent. The surging U.S. production and inventories point to an “oversupplied market which is hard to ignore,” ANZ Bank said in a report on Friday. Prior to the rise ...

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Senators rally behind oil trade with Mexico

Last week, 21 senators sent a letter to the U.S. Department of Commerce urging officials to promptly sign off on an oil trade of heavy Mexican crude oil in exchange for Light U.S. crude. The letter, which includes endorsements from energy-state representatives such as Lisa Murkowski, R-Alaska, John Cornyn, R-Texas, Ted Cruz, R-Texas and Heidi Heitkamp, D-N.D. calls for an ...

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More risks today in oil and gas, CEO survey finds

The reality facing oil and gas industries has changed dramatically over the past year, and nearly two-thirds of oil and gas CEOs say their companies face more risks than they did three years ago against today’s backdrop of oversupply and low commodity prices, according to a survey from accounting firm PricewaterhouseCoopers. “For oil and gas companies, an increasing tax burden, ...

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Rig drop slows

Permian Basin oil companies released six rigs in the past week, raising the possibility that the rate of cutback is slowing after the tremendous reductions of the previous weeks. The region had 362 rigs running on Friday, per the latest count from Baker Hughes. That is 204 fewer rigs than Nov. 26, the day before the Organization of Petroleum Exporting ...

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Daily Bakken production over 1.2 million barrels

Last Friday, director of the North Dakota Department of Mineral Resources Lynn Helms expressed his confidence in oil price recovery and avoiding the large tax trigger. According a report by The Bismarck Tribune, the Department of Mineral Resources released state’s preliminary oil and gas production figures for the month of December. The numbers indicate that 1.23 million barrels of oil ...

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Top 5 Eagle Ford stories of the week

5. IHS study suggests U.S. oil production to halt by mid-year A new report released by Colorado-based IHS Energy suggests that oil production in the United States could come to a screeching halt by the middle of this year. According to the report, growth is still expected in the early months of 2015, but that momentum will begin to level off ...

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Prices causing lawmakers to examine Bakken tax incentives

If the low price of crude oil continues, North Dakota state legislators may reconsider extending tax incentives for oil producers, according to the Forum News Service (FNS). North Dakota Insurance Commissioner Ryan Rauschenberger said, “If we end up having a few more months like this, it could raise awareness and get some analysis done.” The statement was made in an ...

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Oil crashes after 4-day rally; U.S. inventory renews glut worry

NEW YORK, Feb 4 – Oil prices crashed on Wednesday, with U.S. crude losing 9 percent in one of its biggest daily routs ever, as record high oil inventories in the United States cut short a four-day rally. The abrupt turn, coming after a 19 percent price gain between Thursday and Tuesday, also raised questions on whether the market had ...

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IHS study suggests U.S. oil production to halt by mid-year

A new report released by Colorado-based IHS Energy suggests that oil production in the United States could come to a screeching halt by the middle of this year. According to the report, growth is still expected in the early months of 2015, but that momentum will begin to level off in the second half of this year amidst prices at ...

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