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 […]
Crude Prices Ride the Supply Wave
According to a report from Stratas Advisors, crude prices found additional foundation in the first week of June from stronger fundamentals. This development arose thanks to OPEC and its allies, who decided to extend the cuts agreed last April for one month more. The 9.7 million b/d cuts were to end originally in June, but […]
Basin Impact on State Treasury Weighs in at $13+ Billion
The Permian Basin Petroleum Association (PBPA) released on May 29 a first-of-its-kind report developed by the Texas Taxpayers and Research Association (TTARA) entitled “Permian Basin Enriching Texas.” The report documents the outsized impact of the Permian Basin, which contributes roughly $9 billion out of $13.4 billion in statewide revenue and nearly 70 percent of statewide […]
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