FROM THE OIL PATCH
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
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.
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
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
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
Biden admin quietly admits White House’s 9,000 unused oil permits talking point is wrong
Fossil fuel industry producing energy despite administration’s ‘inaccurate and misleading numbers,’ API official says The Biden administration quietly updated a federal database that shows how many unused oil and gas drilling permits that it has approved, reducing the number by more than 2,000. The Bureau of Land Management (BLM) revised the current
CRUDE OIL WEEKLY UPDATE (Week Ending 03-17-23)
Crude Oil Summary (EIA): U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending March 10, 2023 which was 430
NATURAL GAS WEEKLY UPDATE (Week Ending 03-17-23)
In the News (EIA): Europe was the main destination for U.S. LNG exports in 2022: U.S. exports of liquefied natural gas (LNG) averaged 10.6 billion
Zekelman Industries Steel Snapshot for February 2023
(by Mike Mechley, Executive VP of Strategic Procurement, www.ZekelmanIndustries.com) Platts February HR Coil $820 up $100 from Jan. Mills have announced four price increases since
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
Pipe Logix Line Pipe Report – February 2023
(by Kurt Minnich, www.pipe-logix.com) US line pipe prices decreased by 2.6% in February with domestic prices down by 2.3% and import prices down by 2.9%.
AISI Press Release on Latest U.S. Imports of Steel Products – February 2023
(American Iron and Steel Institute, www.steel.org (02-08-23) Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, the American Iron and
