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Top Headlines: Aramco Awards Deals Worth $10B and More
Saturday, December 04, 2021Check out some of Rigzone's top stories this week.
Omicron Extended Pressure on Oil this Week
Friday, December 03, 2021Oil slid for a sixth straight week, marking the longest stretch of weekly declines since 2018, as the omicron variant jolts markets and OPEC+ continues to hike supply.
Oil Traders Stampede to Exit
Friday, December 03, 2021Oil traders and investors are shutting down their books at a rapid pace.
Bears Out in Full Force This Week
Friday, December 03, 2021Rigzone's regular market watchers look at the emergence of a bear market, the Omicron Covid variant, OPEC+'s recent decision and more.
Oil Prices Finish Higher as OPEC+ Yield Leeway for Modifications
Thursday, December 02, 2021Traders had widely expected OPEC+ to defer the 400,000 barrel a day supply increase with concern growing that the omicron coronavirus variant will hurt demand.
BofA Still Bullish on Oil Despite Omicron
Thursday, December 02, 2021Bank of America is sticking to its $85-a-barrel forecast.
Oil Falls as Omicron Threatens the U.S.
Wednesday, December 01, 2021Oil fell in another volatile session with the first identified U.S. case of omicron jolting markets ahead of OPEC’s meeting with partners tomorrow to discuss output production.
Shale Output Discipline Begins to Pay Off
Wednesday, December 01, 2021Publicly listed oil producers have drastically changed their business model since Covid-19.
Crude Prices Drop Below $65 for the First Time in 3 Months
Tuesday, November 30, 2021Oil dropped over 5% as the Fed signaled a quicker move towards tighter monetary policy.
Shell Won't Abandon Green Transition in Face of High Oil Prices
Tuesday, November 30, 2021Shell is adhering to its energy transition strategy.
USA Proceeds with SPR Release Despite Price Drop
Tuesday, November 30, 2021"We are not reconsidering," White House Press Secretary Jen Psaki told reporters.
Trader Super-Cycle Belief Has Been Dented
Tuesday, November 30, 2021Without that belief, the likelihood of prices regaining $85 per barrel quickly appears limited.
Crude Up as Traders Assess Omicron and SPR Releases
Monday, November 29, 2021Oil rose sharply early Monday following the crash on Black Friday but fizzled late in trading as various market signals were assessed.
Continued Oil Price Reduction Commentary Expected
Monday, November 29, 2021Rigzone's regular energy prognosticators look at expected U.S. Government moves, OPEC+ reactions and more.
Oil Rebounds as Traders Size Up Covid Threat
Monday, November 29, 2021Brent rallied, climbing along with West Texas Intermediate, after the global benchmark posted the seventh largest ever dive in last week's final session.
Oil Crashes on New Variant Implications
Friday, November 26, 2021Crude suffered one of worst crashes on record this Black Friday.
Oil Crashes as New Covid Variant Roils Markets
Friday, November 26, 2021Both benchmarks tumbled on Friday with the emergence of the new variant.
SPR Release Symbolic and Political
Friday, November 26, 2021Rigzone's regular market watchers look at the effects of the U.S. Strategic Petroleum Reserve release, rig count trends, potential price spikes and more.
New Type of Price War is Brewing
Thursday, November 25, 2021A new and unchartered type of price war is brewing, according to Rystad Energy.
Oil Down After Biggest USA Supply Build in 3 Weeks
Wednesday, November 24, 2021A government report showed U.S. stockpiles increased 1.02 million barrels last week.
Traders Pile Into $70 Longer Term Crude Price
Wednesday, November 24, 2021Oil traders are betting that longer-term crude prices could be set to spike.
China Ambiguous on USA-Coordinated Release
Wednesday, November 24, 2021China has been ambiguous in its position over a U.S.-coordinated release of strategic oil reserves.
Oil Up on Underwhelming SPR Announcement
Tuesday, November 23, 2021Oil climbed by the most in two weeks as a landmark plan from consumer countries to tap their strategic oil reserves was less severe than markets expected.
Biden Orders Release of USA Oil Reserves
Tuesday, November 23, 2021The U.S. will release 50 million barrels of crude from its strategic reserves.
Texas Upstream Employment Rises Again
Tuesday, November 23, 2021The rise marked the sixth consecutive month of job growth for the industry since April.
Oil Rises as OPEC+ May Offset Strategic Releases
Monday, November 22, 2021Oil advanced amid speculation that OPEC and its allies may not add as much supply to the market as previously planned if the U.S. releases crude reserves in coordination with other nations.
Crude Prices Drop With Emergency Supply In Focus
Friday, November 19, 2021Oil logged its biggest weekly drop since August.
Goldman Says Joint SPR Release Already Priced In
Friday, November 19, 2021The bank has a price forecast of $85 a barrel for Brent in the final quarter of this year.
Crude Futures Rose Thursday
Thursday, November 18, 2021WTI futures rise after testing support level.
USA and China Discuss Strategic Reserve Oil Release
Thursday, November 18, 2021China has already tapped its strategic petroleum reserve at least twice this year.
Oil Settles Near Six-Week Low
Wednesday, November 17, 2021Speculation on a release from strategic reserves drove crude prices lower on Wednesday.
Rosneft Sees Oil Edging to $120
Wednesday, November 17, 2021Global oil prices may rise to as high as $120.
Oil Settles Mixed on Choppy Trading
Tuesday, November 16, 2021Crude ended session mixed with traders focused on potential SPR release.
Shale Making Too Much Money to Rescue Biden
Tuesday, November 16, 2021U.S. oil explorers are making more money than at any time since the shale revolution began over a decade ago, according to Deloitte LLP.
IEA Says End of Oil Price Rally in Sight
Tuesday, November 16, 2021Demand growth remains robust but supply is catching up.
Crude Ends Session Mixed
Monday, November 15, 2021WTI reversed track during the session to end higher on lack of U.S. Strategic Reserve action from Biden Administration.
Oil Near $150 the Last Time $4 Gasoline Hit 3 States
Monday, November 15, 2021The average price of gasoline is already above $4 a gallon in California and Hawaii.
Schumer Urges Biden to Tap SPR
Monday, November 15, 2021Biden, whose popularity has dropped, in part, as many Americans blame him for failing to contain inflation, has hinted he may take actions aimed at taming fuel prices.
Top Headlines: Maersk Drilling Merging with Noble Corporation and More
Saturday, November 13, 2021Check out some of Rigzone's top stories during the last week.
Oil Down on the Week
Friday, November 12, 2021Crude completed the longest string of weekly losses since March on Friday amidst continued speculation that the Biden Administration will tap Strategic Oil Reserves.
Trader Makes $250 Oil Bet
Friday, November 12, 2021The equivalent of 5 million barrels of Brent $250/$300 call spreads traded late on Thursday.
Oil Fluctuates on Ever-Changing Signals
Friday, November 12, 2021Rigzone's regular market watchers look at oil price trends, industry demand, COP26 outcomes and more.
California Gasoline Price Close to Record High
Friday, November 12, 2021Retail prices in the state of California were averaging $4.65 per gallon, just two cents shy of hitting the record high set in 2012, according to AAA data.
Oil Settles Higher on Choppy Trading
Thursday, November 11, 2021The Biden Administration is in focus as traders weigh odds of a response to rising prices.
SPR Should Not Be Used to Manipulate Oil Market
Thursday, November 11, 2021The Independent Petroleum Association of America (IPAA) has its say.
Oil Drops on Stronger Dollar
Wednesday, November 10, 2021Oil dropped on Wednesday on a stronger dollar and an unexpected stockpile report.
EIA Report Sends Crude Higher
Tuesday, November 09, 2021Oil jumped Tuesday as prospects for a strategic supply release diminished when an EIA Short-Term Energy Outlook report set expectations for oversupply early in 2022 and a corresponding reversal of energy prices.
Oil Demand Back at 2019 Levels and Set to Rise
Tuesday, November 09, 2021The strong demand call by the top oil trader adds to bullish sentiments issued by production major BP Plc.
Oxy Loses Money on Oil Hedge
Tuesday, November 09, 2021Occidental, one of the Permian Basin's biggest producers, lost an estimated $339 million from its oil and gas hedges this year through Sept. 30.
USA Has Arsenal of Tools to Battle High Oil Prices
Tuesday, November 09, 2021Rystad Energy's senior oil markets analyst examines the situation.