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Hurricanes and Oil Glut
Hurricanes in the Gulf of Mexico used to be a significant factor in short term oil production, inventories, and prices. However, a recent article in “Rigzone” observes that Mother Nature and the shale revolution have combined to minimize, if not eliminate, this effect. For the last two years, hurricane activity in the Gulf has been… Read More
Domestic Reserves Increase
“Rigzone” cites data recently released by the U. S. Energy Information Administration (EIA) indicating that proved oil and natural gas reserves reached record levels in 2014 as a result of the shale revolution. The drilling boom of the last decade, driven by high prices, horizontal drilling, and advances in hydraulic fracturing has transformed the domestic… Read More
Rig Count Continues to Fall
“Rigzone” reports that the Baker Hughes oil rig count dropped again last week. This was the 12’th reduction in the last 13 weeks, and a decrease of 9 from the previous week. The oil rig count is now at 555, the lowest level since June, 2010, and about one third of where it was a… Read More
The Curse of Competence?
Unseasonably warm weather has driven down demand for natural gas. However, as “World Oil” reports, a debottlenecked pipeline system, prolific reserves and efficient operations have increased supply and inventories. The resulting glut has driven prices to the lowest seasonal levels in two decades. According to the U. S. Energy Information Administration (EIA), a reduced number… Read More
Permian Hottest Shale Play
While the oil price collapse has been devastating to oil field operations in most shale plays, “Rigzone” reports that this is certainly not the case in the Permian Basin of West Texas. The Basin covers an area the size of Syria. County roads are still jammed with trucks and energy companies are looking for deals.… Read More
