In the wake of the Saudi-Russian Price War, it’s understandable if some care not what the Saudis think about the fortunes of oil and gas in what remains of 2020. That said, there is, for those who care to hear it, a profession of optimism from the Saudi’s top oilman. IHS Markit reported that Saudi […]
Refiners Reconsider Strategies
Demand for transportation fuel has taken a huge hit on oil refineries since late March 2020 amid COVID-19 lockdowns, according to researchers at GlobalData. Being ill prepared to tackle such sudden demand erosion at such a short notice, these refiners had no choice but to limit production, revisit business portfolios, slash capital expenditure, and stall […]
LNG Exports Decline, But…
Following the continued cancellation of U.S. LNG cargos, Adrian Lara, senior oil and gas analyst at GlobalData, suggested that a longer-term positive may reside among the negatives of the situation. Said Lara: “One of the reasons why the United States is experiencing a high number of cargo cancellations has to do with the flexibility embedded […]
GlobalData: Refiners to be Hit Hard
Refiners worldwide hit hard by fuel demand destruction caused by lockdowns and stringent travel restrictions, according to analyst firm GlobalData. Stringent travel restrictions worldwide have wiped out the market for fuel transportation and long storage durations have led to the deterioration of products such as gasoline and jet fuel, as well as increased inventory costs […]
GPA, GPSA Laud Safety Winners
The GPA Midstream Association and affiliated midstream suppliers association GPSA announced in May their midstream industry safety award recipients, honored for their outstanding 2019 safety performances. “The midstream industry is not alone in experiencing unprecedented challenges and tough times right now, so it’s nice to be able to share some good news,” said GPA Midstream […]
Enverus: Go Beyond the Rig Count
Enverus, a leading oil and gas SaaS and data analytics company, has released its latest Fundamental Edge report that explores the ongoing supply response to demand destruction caused by the COVID-19 pandemic. In this report, Enverus presents several additional indicators—beyond the traditional rig count—that are required to successfully quantify today’s worldwide oil and gas production […]
Ritchie Bros. Equipment Auction in Fort Worth Sells $81 Million
Ritchie Bros. conducted its largest ever Fort Worth, Texas, auction June 2-3, selling close to 5,300 equipment items and trucks for $81+ million. Due to the Covid-19 pandemic, the auction was held with online-bidding only and set a new site bidder record in the process, registering 11,600+ people from 68 countries. Approximately 93 percent of […]
State Department Recognizes United Energy Trading
During the month of May, the first shipment of U.S. crude oil bound for Belarus departed port, bound for its destination nearly halfway around the world. The United States’ Department of State recognized the importance of this occasion with a statement they released to the public. According to the State Department, “This competitive deal, by […]
Oilfield Helping Hands Finishes Fundraiser
Oilfield Helping Hands (OHH), a non-profit organization helping oilfield families in financial crisis due to no fault of their own, successfully completed (by May 29) its Front Porch Permian Campaign, benefiting the OHH Permian Chapter supporting oilfield families in the Permian Basin. During the recent quarantine, James Durbin, owner of The Oilfield Photographer, Inc., provided […]
Gravity Reaches Out
Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group, recently announced it is offering its inventory of crude oil storage tanks to operators in the Permian, Haynesville, and Eagle Ford. Gravity, one of the largest providers of mobile fluid containment in the United States, has ample supply available for […]
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