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Rig count breaks 800, Permian back on top

oil rig, rig count, Baker Hughes

After a small slump last week, the Permian basin is back on top in U.S. rig count gains released March 24. The Baker Hughes U.S. rig count gained a total of 20 new rigs this week, with a total of 809 rigs exploring for oil and gas. Baker Hughes reported 21 new rigs exploring for oil and gas, totaling 652, ...

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What are the long term effects of the Dakota Access showdown?

Dakota Access

The standoff at the site of the Dakota Access pipeline is still fresh. It represents a moment in North Dakota history that won’t easily fade. The manner in which the situation played out could have farther reaching impacts than we ever thought possible. Hart Energy’s Political Sidetrack Podcast features Troy Eid, an experienced attorney on Native American consultations for energy and ...

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Crude oil: Are we seeing a short term low?

oil barrel, market quick take, crude oil market

Today’s Market Quick take from Eugene Graner at Heartland Investor Services gives us a quick 4 1/2 minute update on the crude oil markets and short term outlook. Inside this 4 ½ minute video, he shows how oil might bounce from some support before the second shoe drops. Today’s low of $47.70 shows a price decline, despite a projection that EIA data ...

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Repsol announces largest U.S. oil discovery in 30 years

alaskan oil discovery, alaska oil, Repsol

Spanish oil company Repsol announced what it is calling “the largest U.S. onshore discovery in 30 years,” according to a March 9 press release. Repsol, and its partner Armstrong Energy discovered what they believe is approximately 1.2 billion barrels of recoverable light oil from Alaska’s North Slope in the Nanushuk play. Repsol isn’t new to Alaska. The company has been ...

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EIA: Natural gas, crude production fell in 2016

crude production, oil production

According to the U.S. Energy Information Administration March 8, 2017 report, U.S. natural gas production and crude production both fell in 2016. Average crude oil production in the lower 48 states in 2016 fell to 8.39 million barrels per day (b/d). This is a decrease of 6.1 percent from the 2015 average, or approximately 0.55 million b/d. Natural gas withdrawals also decreased ...

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Eugene Graner: Did oil top in January? [video]

north dakota oil, bakken pumpjacks, oil production

A “winter rally high” in January showed oil at a high around $55 per barrel. Eugene Graner, from Heartland Investor Services, walks us through crude oil prices and what he thinks the market will do next, including a discussion of OPEC and crude oil inventories. Visit Heartland to see this week’s Market Quick Take video. About Heartland Investor Services: Heartland Investor Services ...

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Is it the beginning of the end for the Bakken?

bakken, bakken production

On March 1, 2017, petroleum geologist Art Berman wrote, “It’s the beginning of the end for the Bakken Shale play.” Berman gives several reasons why the Bakken oil fields will never return to its former glory. Here are the highlights: A decline in production that began January 2015. Berman says its “probably not reversible. New well performance has deteriorated. Gas-oil ...

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