More Economics & Oil Market News

Contests of fairness

While sidling toward a sensible-sounding appeal for tax reform recently, President Barack Obama couldn't resist a swerve into populism. "You don't get to pick which rules you play by or which tax rate you pay," Obama said in his weekly address on July 26. "And neither should these companies."

MARKET WATCH: Crude oil futures prices in New York end July below $100/bbl mark

The New York Mercantile Exchange September crude oil contract dropped $2.10 July 31 to close the month below the $100/bbl level, settling at $98.17/bbl. The October contract decreased $1.72 to $97.32/bbl.

MARKET WATCH: NYMEX, Brent oil futures prices both dip

Front-month crude oil futures prices settled lower on the New York market July 30, reaching their lowest closing since July 15, and continued the downward pattern in early trading on July 31.

PwC: 2Q oil and gas M&A activity strongest in 5 years

The US oil and gas industry experienced a substantial rise in mergers and acquisitions during the second quarter, according to a quarterly report by PwC US Energy Practice.

MARKET WATCH: Oil, product prices mixed pending US inventory report

Crude oil and product futures prices were mixed on the New York and London markets on July 29 as US and Europe jointly announced broader sanctions against Russian businesses in retaliation for Russia’s involvement in the ongoing unrest in Ukraine.

WoodMac: Wolfcamp spending could surpass that of Bakken by 2017

Activity in the Wolfcamp shale is expanding and, by as early as 2017, could overtake the Bakken in tight oil spending, according to analysis on the West Texas play from Wood Mackenzie.

Study examines return-investment balance

Europe and Africa are the regions under greatest scrutiny by major oil and gas companies trying to tighten capital discipline in response to pressure to improve shareholder returns, concludes a new report by Wood Mackenzie.

EIA: Firms with flattened cash flow increase borrowing to meet spending

In line with the lowest price volatility in years and stable crude oil prices, cash flow from operations for major energy companies has flattened. Data compiled from quarterly reports suggest that, for the year ending Mar. 31, cash from operations for 127 major oil and gas companies totaled $568 billion, and major uses of cash totaled $677 billion, generating a gap of almost $110 billion, according to a recent study by the US Energy Information Administration.

MARKET WATCH: NYMEX crude oil futures fall as US driving season winds down

Crude oil futures prices fell on the New York market on July 28, which analysts attributed to concerns that demand for gasoline will drop with the end of the summer-driving season. Labor Day is seen as the end of the US summer vacation season and increased gas demand.

IPAA survey: Regulation becoming more burdensome for oil, gas independents

Regulations over the past 5 years have made operations more complex for independent oil and gas producers, according to a recent survey, Profile of Independent Producers 2012-13, released by the Independent Petroleum Association of America.

MARKET WATCH: Crude oil futures prices hold steady above $102/bbl

The New York Mercantile Exchange September crude oil contract ticked up 2¢ on July 25, closing out the week at $102.09/bbl. The October contract increased 15¢ to $100.87/bbl.

EIA: OPEC’s 2013 oil export revenues fall 7%

According to recent estimates from the US Energy Information Administration, members of the Organization of the Petroleum Exporting Countries, excluding Iran, earned about $826 billion in net oil export revenues in 2013, a 7% decrease from 2012 earnings. But this was still the second-largest earnings totals during 1975-2013—the timespan of how long EIA has tracked OPEC oil revenues.

EIA: Summer natural gas injection continues at a record pace

The US Energy Information Administration’s current Short-Term Energy Outlook projects a record build of nearly 2,600 bcf from the beginning of April through the end of October, which would put inventories at 3,431 bcf at the end of October. In line with EIA's expectations, working natural gas storage midway through the summer storage injection season is on pace to for a record overall build.

States with fracing are economically stronger, House panel told

US states that embraced hydraulic fracturing and horizontal drilling staged stronger economic recoveries than those that did not since 2008 when the country plunged into recession, an economist told a House Energy and Commerce subcommittee.

MARKET WATCH: Crude futures prices continue drawback from recent highs

Crude oil futures prices in New York and London markets continued to draw back July 24 from recent high levels. Analysts with Raymond James & Associates Inc. noted that investors shrugged off fears that sanctions imposed by the European Union could impact Russian oil supplies.

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Offshore Middle East Conference & Exhibition

January 26, 2015
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