Equatorial Guinea has applied to join OPEC: OPEC source Jan 23, 2017 07:23AM

LONDON (Reuters) - Equatorial Guinea has now applied to join the Organization of the Petroleum Exporting Countries, an OPEC source familiar with the matter said on Monday, which would bring the oil producer group's membership to 14 countries.

The African nation, which said earlier that it was seeking to join OPEC, is one of the non-member producers that has agreed to cut output in the first half of 2017 alongside OPEC in an effort to boost oil prices.

... (continue reading...)
Oil prices rebound on weaker dollar, production cuts Jan 22, 2017 07:32PM

By Naveen Thukral

SINGAPORE (Reuters) - Oil climbed on Tuesday as a weaker U.S. dollar and production cuts announced by OPEC and other producers buoyed the market, but an increase in drilling activity in the United States is likely to keep a lid on prices.

Brent crude , the international benchmark for oil prices, was up 38 cents, or 0.7 percent, at $55.61 a barrel by 0741 GMT. U.S. West Texas Intermediate (WTI) crude futures added 37 cents... (continue reading...)


Baker Hughes Total rig count 694; Oil rig count 551, gas rig count 142 Jan 20, 2017 01:02PM

Baker Hughes (NYSE: BHI) Total rig count 694; Oil rig count 551, gas rig count 142.


UPDATE: Weekly Crude Inventory Increases by 2.3M Barrels, Says EIA Jan 19, 2017 11:03AM (Updated - January 19, 2017 11:03 AM EST)

Crude Inventory +2.35M Barrels vs +128K Expected

  • Cushing -1.27M vs +154K Expected
  • Gasoline +5.95M vs +2.08M Expected
  • Distillate -968K vs +561K

U.S. crude oil refinery inputs averaged about 16.5 million barrels per day during the week ending January 13, 2017, 639,000 barrels per day less than the previous week’s average. Refineries operated at 90.7% of their operable capacity last week. Gasoline production decreased last week,... (continue reading...)


UPDATE: Natural Gas Inventory -243 bcf vs -236 bcf Expected Jan 19, 2017 10:32AM (Updated - January 19, 2017 10:32 AM EST)

Natural Gas Inventory -243 bcf vs -236 bcf Expected

Working gas in storage was 2,917 Bcf as of Friday, January 13, 2017, according to EIA estimates. This represents a net decline of 243 Bcf from the previous week. Stocks were 431 Bcf less than last year at this time and 77 Bcf below the five-year average of 2,994 Bcf. At 2,917 Bcf, total working gas is within the five-year historical range.

Stocksbillion cubic feet (Bcf) Year... (continue reading...)

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