Julianne Geiger

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Oil Prices Rise Amid Falling U.S. Rig Count

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The number of active oil and gas rigs in the United States decreased this week by 8 rigs. The total oil and gas rig count in the United States now stands at 928 rigs, up 389 rigs from the year prior, with the number of oil rigs in the United States decreasing by 5 this week and the number of natural gas rigs decreasing by 2. Miscellaneous rigs decreased by a single rig. The oil rig count now stands 311 above the count one year ago, shedding a total of 20 oil rigs in the last eight weeks. (Click to enlarge) The spot price for WTI rose earlier on…

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Husky Energy Set To Restart Pipeline

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Husky Energy (TSE: HSE) received a greenlight to restart its pipeline after successfully undergoing testing, inspection, and evaluation of a previously ruptured pipeline, according to local media. Last July, Husky’s pipeline leaked about 225,000 liters of heavy oil mixed with a diluent, about 40 percent of which made its way into the North Saskatchewan River. That was 15 months ago, and the pipeline has been idle ever since. The Saskatchewan government gave the go-ahead to restart the pipeline on Wednesday, but the approval doesn’t…

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Oil Throwback: BP Is Bringing Back The Amoco Brand

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It’s back! After almost a decade on the bench, BP is reviving its Amoco brand in response, the company said, to some internal marketing studies that suggest the brand still resonates with some American consumers. In BP’s words, the Amoco brand will “help resolve local, competitive station conflicts in markets where there may already be one or more BP stations in close proximity.” In non-corporate-speak, that means that BP will put Amoco stations next to BP stations to gain a bigger presence—as opposed to having too…

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Surprise Oil Inventory Build Shocks Markets

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The American Petroleum Institute (API) reported a surprise build of 3.097 million barrels in United States crude oil inventories, compared to an S&P Platts’ survey of analysts that expected inventories would draw down by 400,000 barrels for the week ending October 6. Gasoline inventories, according to the API, saw a decrease of 1.575 million barrels for the week ending October 6, against an expected build of 1.4 million barrels. Both WTI and Brent benchmarks were up on Tuesday as much of US offshore production remains offline after more…

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Over 1 Million Bpd Remain Offline In Gulf Of Mexico

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Both WTI and Brent benchmarks were up on Tuesday as about 58 percent of U.S. Gulf of Mexico crude oil production is still offline, according to the Bureau of Safety and Environmental Enforcement (BSEE) in its Tuesday update on Tropical Storm Nate. That 58 percent still offline equates to 1.024 million barrels of oil per day. Roughly half of the Gulf’s natural gas production remains offline as well, according to the BSEE, or 1485 million cubic feet per day. “Based on data from offshore operator reports submitted as of 11:30 CDT today,…

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Over 1 Million Bpd Remain Offline In Gulf Of Mexico

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Both WTI and Brent benchmarks were up on Tuesday as about 58 percent of U.S. Gulf of Mexico crude oil production is still offline, according to the Bureau of Safety and Environmental Enforcement (BSEE) in its Tuesday update on Tropical Storm Nate. That 58 percent still offline equates to 1.024 million barrels of oil per day. Roughly half of the Gulf’s natural gas production remains offline as well, according to the BSEE, or 1485 million cubic feet per day. “Based on data from offshore operator reports submitted as of 11:30 CDT today,…

The post Over 1 Million Bpd Remain Offline In Gulf Of Mexico appeared first on aroundworld24.com.

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World’s No.1 Oil Trader: U.S. To See Final Oil Output Spike In 2018

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The best is yet to come for US oil production—but it will be a short-lived hurrah, according to Ian Taylor, head of oil trading giant Vitol. US oil production has steadily increased throughout 2017 as US drillers regained their footing after the oil price crash. What started out at 8.946 million bpd of crude oil production in the first week of January has now reached an average of 9.561 million bpd as of September 29, according to the EIA. The EIA is expecting US oil production to reach 9.8 million bpd in 2018, according to the latest Short…

The post World’s No.1 Oil Trader: U.S. To See Final Oil Output Spike In 2018 appeared first on aroundworld24.com.

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U.S. Oil Rig Count Falls As Prices Falter

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The number of active oil and gas rigs in the United States fell this week by 4 rigs. The total oil and gas rig count in the United States now stands at 936 rigs, up 412 rigs from the year prior, with the number of oil rigs in the United States decreasing by 2 this week and the number of natural gas rigs decreasing by 2. The oil rig count now stands 320 above the count one year ago. The spot price for WTI fell earlier on Friday as traders feared further rises in U.S. crude oil inventories as refineries in the US once again brace for stormy weather,…

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U.S. Oil Rig Count Falls As Prices Falter

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The number of active oil and gas rigs in the United States fell this week by 4 rigs. The total oil and gas rig count in the United States now stands at 936 rigs, up 412 rigs from the year prior, with the number of oil rigs in the United States decreasing by 2 this week and the number of natural gas rigs decreasing by 2. The oil rig count now stands 320 above the count one year ago. The spot price for WTI fell earlier on Friday as traders feared further rises in U.S. crude oil inventories as refineries in the US once again brace for stormy weather,…

The post U.S. Oil Rig Count Falls As Prices Falter appeared first on aroundworld24.com.

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Oil Prices Under Pressure After API Reports Large Gasoline Build

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The American Petroleum Institute (API) reported a draw of 4.079 million barrels in United States crude oil inventories, compared to more modest analyst expectations that inventories would draw only 756,000 barrels for the week ending September 29. Gasoline inventories, on the other hand, delivered a blow with a larger than expected build of 4.19 million barrels for the week ending September 29, against an expected build of only 1.088 million barrels. Last week, too, saw a large gasoline build. Both WTI and Brent benchmarks fell again on Tuesday…

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