ven after a record $200 billion dealmaking frenzy last year, US oil and gas producers haven’t consolidated nearly enough. On a-per-barrel basis, there are still too many companies, too many chief executives, and too many drilling rigs wooing a limited pool of available capital.
TotalEnergies has agreed to acquire the 20% interest held by Lewis Energy Group in the Dorado leases operated by EOG Resources (80%) in the Eagle Ford shale gas play, increasing its natural gas production capacity in Texas and further strengthening its business integration in the U.S. LNG value chain.
Crude oil prices were in the red today after the Energy Information Administration reported an inventory build of 3.2 million barrels for the week to March 22.
Oil prices fell for a second day, dropping more than 1% on Wednesday on surging U.S. stockpiles and signs that the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week.
Global oil prices settled lower Friday for a third day in a row as the US dollar rose to the highest level in more than a month in the wake of the move by the Fed to pencil in three possible rate cuts this year, dovish remarks from the Bank of England and the surprise rate cut from the Swiss National Bank.
Oil prices rebounded on Thursday as U.S. crude and gasoline stock drawdowns lent support despite signs that the US Federal Reserve may keep interest rates higher for longer.
LONDON-Oil prices pulled back on Wednesday as the prospect of delays to U.S. interest rate cuts and a jump in U.S. crude stocks that trounced expectations offset a boost from a potential extension to OPEC+ supply curbs.
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Profits for the biggest US oil and gas producers have almost tripled under President Joe Biden, even as the industry berates his administration’s “hostile” policies and warns that a second term would be “disastrous” for the sector.
Saudis Continue Sending Oil via Tense Red Sea
by Bloomberg|Matthew Martin & Anthony Di Paola|Friday, January 26, 2024
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Saudis Continue Sending Oil via Tense Red Sea
Aramco is bucking threats on Red Sea vessels from Yemen’s Houthi rebels.
Image by sandsun via iStock
Saudi Aramco, the world’s largest oil company, is continuing to send tanker loads of crude and fuels through the southern Red Sea, where Houthi militants have for months been menacing merchant ships in response to Israel’s war in Gaza.
Oil futures fell by nearly US$1 on Thursday, extending losses from the previous day, as a surprise jump in US crude stocks weighed on the market along with fears of a recession that were heightened by disappointing US retail sales and output data.