Clarksons Research: Offshore oil and gas sector is “well set”

The latest semi-annual Offshore Review and Outlook report has been released by Clarksons Research, profiling continued improving activity, utilization and day rates across the offshore oil and gas market. Summarizing the latest report, Steve Gordon, Managing Director of Clarksons Research, commented, “Offshore markets continue to strengthen, with the Clarksons Offshore Index (covering Rig, OSV and subsea day rates) up 29% y-o-y to 89, the highest level since 2014 (2013: 102, 2017: 45). “Macroeconomic concerns aside, offshore oil & gas vessel markets seem “well set” for further positive gains against a backdrop of supportive energy prices, improved demand and limitations in

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Oil up 1% despite crude build, as dollar weakens ahead of Fed rate move

Oil prices rose about 1% to a one-week high on Wednesday despite a surprise weekly build in U.S. crude inventories, as the dollar slid to a six-week low ahead of the U.S. Federal Reserve’s decision on interest rates which could affect the fuel demand outlook. Brent futures rose 89 cents, or 1.2%, to $76.21 a barrel by 1:32 p.m. EDT (1732 GMT), while U.S. West Texas Intermediate (WTI) crude rose 77 cents, or 1.1%, to $70.44. That puts both crude benchmark on track for their highest close since March 14. The U.S. dollar fell to its lowest level since Feb.

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Region’s Shale Gas, Oil Production Expected to Increase

YOUNGSTOWN, Ohio – Oil and natural gas produced from the Utica/Point Pleasant and Marcellus shale formations in eastern Ohio, Pennsylvania and West Virginia are projected to increase next month, according to the latest data provided by the U.S. Energy Information Administration. The EIA’s most recent drilling productivity report shows that

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Chesapeake cutting rigs, trimming capex in face of oversupply

CEO Dell’Osso says the company ‘is built for the volatility we are experiencing’ and will wait for export capacity to come to market. With natural gas supplies outpacing demand and winter’s weather running milder than expected, Chesapeake Energy Corp., Oklahoma City, is pulling from the market three of its roughly

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New home buyers are backing out of deals. Why?

As mortgage rates inch closer to 7%, hundreds of thousands of inflation-weary homebuyers across the U.S. are backing out of deals. Nationwide, the number of newly pending contracts to buy a home plunged from 58,000 to 55,000 during the week ending Feb. 17, Altos Research found. That’s its first decline since the

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Preston Pipe Report – February 2023

(by Paul Vivian and Rick Preckel, www.prestonpipe.com) Market Monitor – A review of our forecast from the November issue left demand intact but shifted the

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