Bank Of America: Brent Will Recover To $60 In H1 2021

By Irina Slav - Aug 17, 2020, 9:00 AM CDT

Bank of America expects oil prices to recover to $60 a barrel for Brent crude in the first half of next year thanks to shrinking global inventories and prices improving faster than previously expected.

Oil Prices Hit Four-Month High On Vaccine Hopes

By Tsvetana Paraskova - Jul 21, 2020, 11:00 AM CDT

Oil prices surged early on Tuesday to their highest level since Saudi Arabia and Russia broke up the OPEC+ pact in early March, thanks to promising results in a coronavirus vaccine trial and the European Union reaching a historic stimulus package deal after five days of marathon talks.

As of 10:37 a.m. EDT on Tuesday, WTI Crude prices were surging by 3.41 percent at $42.20, while Brent Crude prices were rising by 3.28 percent on the day to $44.69.

Oil Soars On Bullish EIA Inventory Report

By Irina Slav - May 20, 2020, 9:39 AM CDT

A week after it served a much-needed boost to markets with a crude oil inventory draw, today the Energy Information Administration strengthened the mood by reporting an oil inventory draw of 5 million barrels for the week to May 15.

Oil Jumps 11% On Signs Of Demand Recovery

By Tsvetana Paraskova - May 18, 2020, 10:00 AM CDT Join Our Community

U.S. benchmark oil prices surged by 11 percent early on Monday to a two-month high of over $32 a barrel amid signs of demand recovery and accelerated production cuts from all oil producers, making a repeat of last month’s negative WTI Crude prices a day before expiry increasingly unlikely.

North American oil producers slash output faster than OPEC skeptics expected

By Jessica Resnick-Ault

NEW YORK (Reuters) - North American oil companies have slashed production faster than skeptical OPEC officials and industry analysts expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis of U.S. state and company data.

Oil companies warned about false Railroad Commission inspectors

Authorities and industry groups are warning oil companies warned about people falsely claiming to be inspectors with the Railroad Commission of Texas, the state agency that regulates the oil and natural gas industry.

Craddick opposes prorationing plans, Commissioner says RRC can use other methods

By Mella McEwen, MRT.com/Midland Reporter-Telegram

Published 8:49 pm CDT, Monday, May 4, 2020

After weeks of considering whether to implement statewide oil production cuts for the first time in 50 years, the Railroad Commission appears poised to vote “no” on the issue at Tuesday's public meeting.

Texas Oil Quotas ‘Dead,’ Says Regulator Who Touted Them

A lame-duck Texas regulator who proposed mandatory oil-output cuts said the effort is “dead” a day before the biggest U.S. crude-producing state was set to vote on the measure.

Texas Railroad Commission Will Consider An Oil Production Cut That Is Too Late To Matter

With news this morning that Chesapeake Energy is preparing to file for bankruptcy, The Texas Railroad Commission (RRC) will once again take up the concept of invoking prorationing on oil production at its conference on May 5.

For a While This Week, Oil Was Cheaper Than Dirt. Should We Be Worried?

Producers, who failed to anticipate how quickly storage would fill up this month, are now scrambling to turn off the taps—at least those who can.