News

What's Next For Oil Prices?

Nick Cunningham, Oil Price | June 22, 2020

Crude oil has rebounded to $40 per barrel and hoping to stay there. Some analysts have come out with more bullish forecasts for the near-term, but plenty of risks remain. “Good production discipline on the part of OPEC+ coupled with a massive involuntary reduction in production in the US on the one hand, plus the rapid recovery of demand on the other, have caused supply surpluses to be eroded significantly more quickly than anticipated,” Commerzbank wrote in a note on Monday.

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Permian operators to drive US output revival

Manash Goswami, Argus Media | June 15, 2020

The US Permian basin of Texas and New Mexico is expected to take a lead in restarting shale wells shut in over the past two months, as operators with stronger balance sheets and lower costs take advantage of a crude price recovery.

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New Mexico Partners with Oil and Gas Industry to Curb Flaring, Activists Call for its End

Adrian Hedden, Albuquerque Journal | June 19, 2020

New Mexico could be closer to a solution aimed at reducing the use of flaring in its oilfields through a partnership with one of the Permian Basin’s major operators.

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Petroleum industry says demand grew 14 percent last month amid economic reopening

Rachel Frazin, The Hill | June 18, 2020

A major oil and gas industry group said Thursday that demand for petroleum, which fell earlier this year amid the coronavirus pandemic, increased by 14 percent last month over demand in April.

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API’S May Monthly Statistical Report Shows Signs of Recovery Following Gradual Reopening of State Economies

Press@API.org, API Energy | June 18, 2020

The gradual reopening of state economies drove a notable rebound in U.S. energy markets in the month of May with U.S. petroleum demand increasing 14 percent to 16.2 million barrels per day (mb/d), according to data released today in the American Petroleum Institute’s May 2020 Monthly Statistical Report (MSR) and Q2 2020 Industry Outlook.

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Rumors of Fossil Fuels’ Death Are Greatly Exaggerated

Dan K. Eberhart, Inside Sources | June 17, 2020

Oil prices have finally rebounded in recent weeks from below zero after a tumultuous spring with unprecedented pricing pressures on multiple fronts.

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