EIA: US Crude Stocks Soar; Gasoline Inventory Plunges

U.S. crude oil inventories surged last week to another record high, while gasoline stocks went the other direction, posting their largest one-week drop in nearly six years, the Energy Information Administration (EIA) said March 8.Crude inventories rose 8.2 million barrels (MMbbl) in the week to March 3, compared with analysts’ expectations for a 2 MMbbl build.
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US Energy Sector Could Be Rocky For Investors In 2017

The energy sector is the stock market’s dud so far in 2017 after a banner performance in 2016, and the rest of the year could also be rocky for investors due to the unclear path for crude oil prices.Energy outdid all other sectors in 2016, up nearly 24% thanks to a late-year rally on anticipation that impending production cuts from major oil producers would lift crude prices and after the election of Donald Trump as U.S.
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Senate Revokes BLM Planning Rule

The U.S. Senate on March 7 revoked a rule that aimed to give the public more input into federal land management decisions, the latest move by the Republican-led Congress to undo Obama administration environmental regulations.[Read More …] Source: Daily Dose of ShaleDirectories.com News
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Permian Pitfalls: Pricey Deals Force E&Ps To Spend Money They Don’t Have

HOUSTON—In 2016, Permian Basin A&D had an unmistakable rah-rah element: each successive, high-price deal built on the last, like storied baseball player Joe DiMaggio’s streak of 56 consecutive hits.David Deckelbaum, senior E&P analyst at KeyBanc Capital Markets, said 2016 had the feel of the dot-com boom.“Back in the 2000s, every Thursday or so there was a new tech IPO and you just played it because the last one worked the week before,” Deckelbaum said at the KeyBanc Capital Markets Breakfast in February.Permian deals gained similar traction.
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US Interior Department To Offer 73 Million Acres In GoM Lease Sale

The U.S. Department of the Interior will offer 73 million acres in the Gulf of Mexico (GoM) in a proposed region-wide lease sales, Interior Secretary Ryan Zink said in a March 6 statement.The lease sales are under a new five-year program that will include all available areas in federal waters offshore Texas, Louisiana, Mississippi, Alabama and Florida.The first sale, Lease Sale 249, is scheduled for August and will include about 13,725 unleased blocks, located from three to 230 miles offshore, in the Gulf’s Western, Central and Eastern planning areas in water depths ranging from 3 m to 3,400 m (9 ft to more than 11,115 ft).[Read More …] Source: Daily Dose of ShaleDirectories.com News
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Pruitt Moves on Ethane at EPA

The U.S. Environmental Protection Agency last week announced it was withdrawing an Obama administration requirement that oil and natural gas drillers provide information on methane emissions from their operations, Kallanish Energy reports.
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CERAWeek: Enbridge CEO, Senator Say Top Need Is Access To Markets

The U.S. senator and the midstream CEO did not exactly break into a duet of the optimistic “Something’s Coming” from “West Side Story” but they offered similar themes during CERAWeek’s opening dialogue on March 6 about the need for North American energy infrastructure.“America is clearly on the cusp of a major energy renaissance that can help revive our economy, create tens of thousands of jobs, spur a revitalization of manufacturing and enhance our national security,” said Sen.
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PA DEP Sec McDonnell Defends Overreach of GP-5/5A

At last week’s Oil & Gas Awards’ 2017 Northeast Industry Summit, MDN editor Jim Willis heard former Pennsylvania Dept. of Environmental Protection (DEP) Secretary, Michael Krancer, say that the DEP’s proposed changes to General Permit (GP) 5 and 5A are “a big deal” and that the permits, as drafted, have the potential to stop PA [Read More …] Source: Daily Dose of ShaleDirectories.com News
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IEA Predicts Tight Oil Market Without Cash Infusion

A “second wave” of U.S. shale oil growth that will bump U.S. light oil production by 1.4 million barrels per day (MMbbl/d) won’t be enough to meet rising global demand without significant investment, the International Energy Agency (IEA) said in its “Oil 2017” report.That could lead to another round of price volatility, the agency said.U.S.
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Increased Drilling Budgets for 2017

Friday it was reported that U.S. Drillers added more rigs for the seventh straight week.  For the past several months the commodity price of natural gas has been on a rollercoaster depending on the day and weather outlook however hoovering around $2.75 for a while now (spot price today @ 2.81).
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IEA: Oil 'Supply Crunch' By 2020 Unless Investments Rebound

Global oil supply may struggle to match demand after 2020 when the pinch of a two-year decline in investment in new production could leave spare capacity at a 14-year low and send prices sharply higher, the International Energy Agency (IEA) said March 6.Investors generally are not betting on a sharp rise in the price of crude oil anytime soon, but the contraction in global spending in 2015 and 2016 and growing global demand means the world could well face a “supply crunch” if new projects are not soon given the go-ahead, the IEA said in its five-year “Oil 2017” market analysis and forecast report.Most supply growth is expected to come from the U.S., where the IEA said shale, or light tight output, will grow by 1.4 million barrels per day (MMbbl/d) by 2022 even if prices remain close to current levels $60/bbl and the response from the production side could be stronger still if prices rise.[Read More …] Source: Daily Dose of ShaleDirectories.com News
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Christopher Jarvis, Kevin Sylla Join Foothills Exploration’s Senior Management Team

Christopher Jarvis and Kevin Sylla were appointed to the senior management team, Foothills Exploration Inc. said March 3, noting that Jarvis will become executive vice president of finance for Foothills Exploration and vice president of risk management for Foothills Petroleum Inc., and that Sylla will become director and CEO of Foothills Petroleum Inc.Jarvis is currently a director of Foothills Exploration.
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Protesters Try to Resurrect Failed ND Pipeline Fight in Lancaster

Anti-fossil fuelers opposed to the Williams Atlantic Sunrise Pipeline projects–a $3 billion, 198-mile pipeline running through 10 Pennsylvania counties to connect Marcellus Shale natural gas from PA with the Williams’ Transco pipeline in southern Lancaster County–are using the same (losing) playbook to oppose Atlantic Sunrise as they used to oppose the Dakota Access Pipeline.
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