Industry News

Saudi Arabia WAR THREAT: Oil tankers BOMBED – Saudis BAN exports through Red Sea straits

IRAN-BACKED Yemeni rebels aligned have launched an attack on two oil tankers passing through the strategically important Red Sea shipping lane of Bab al-Mandeb – prompting Saudi Arabia to announce that was “temporarily halting” all oil shipments along the route. Read Full Article Here:

The 7 reasons behind U.S. oil’s sharpest daily point drop in almost 3 years

The biggest weekly drop in U.S. crude supplies couldn’t halt the drop in oil prices Wednesday as traders chose to focus on expectations for higher global output. Read Full Article Here:

This Is How Much U.S. Households Lose As Gas Prices Rise

U.S. households are feeling the pinch and are expected to have around 0 less disposable income as higher gasoline prices are offsetting part of the tax cuts from earlier this year Read Full Article Here:

Oil hits $75 for first time since 2014 on supply outages in Libya and Canada

Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted U.S. crude to levels not seen since late 2014. Read Full Article Here:

Oil surges 3.6%, settling at $70.53, after US says crude buyers must cut Iran imports to zero

Crude prices surged by more than 3 percent on Tuesday after the U.S. State Department said it will require companies to cut all oil imports from Iran to zero by November. The announcement exacerbates concerns about a shortage of oil at a time when Venezuela’s production is in terminal decline and the market is grappling with short-term supply disruptions from Canada and Libya. Last week, OPEC and other producers including Russia agreed to raise output to prevent price spikes. U.S. West Texas Intermediate crude futures ended Tuesday’s session up $2.45 a barrel, or 3.6 percent, to $70.53, erasing earlier losses and breaking above $70 for the first time since May 25. International benchmark Brent crude was up $1.60, or 2.1 percent, at $76.33 per barrel by 2:29 pm. ET. [,…] Read Full Article H...

Oil and gas industry is coming for Colorado’s sand dunes

Alana Miller writes that the Great Sand Dunes, a national treasure, may be compromised if the Trump administration goes forth with a plan to allow oil and gas drilling nearby. Read Full Article Here:

E&P Salary Report Matches Growing Stability In Industry

The oil and gas industry is making a strong recovery from the downturn and an indication of the bounce back is the uptick in salaries, according to CSI Recruiting’s 2018 E&P Salary Report. The salaries, particularly for engineers, are not quite as strong as they once were, but CSI Recruiting’s president, Jeff Bush, said the numbers are moving in the right direction. CSI Recruiting polled 2,900 professionals in the U.S. who are currently employed in full-time, salaried positions within E&P operators. For the skill sets of reservoir engineers, drilling engineers, production/operations engineers and engineering technicians/analysts, the overall average salaries improved from 2017 in all but drilling engineers. […] Read Full Article Here:

Here’s what could happen to oil if everyone’s OPEC expectations are wrong

June has been a crazy month for market-moving global events, and the tail end of this week is shaping up the same way, if OPEC succeeds in shaking up the status quo. The next 24 to 48 hours could turn into a “headline-driven-free-for-all, so buckle in,” is the sage advice from OANDA’s head of trading, Stephen Innes. He’s referring to this week’s three-day OPEC summit, which ends Saturday […] Read Full Article Here:

Oil and gas workers still mainly old white males despite diversity gains: study

A new study shows that Canada’s energy sector workforce became larger and more diverse from 2006 to 2016, but remains predominantly the domain of older, white men. PetroLMI says the number of people directly employed in oil and gas grew by about 25,000 to almost 190,000 over a tumultuous decade that included booming growth due to record high oil prices and thousands of layoffs when prices crashed. Read Full Article Here:

Energy camp fuels interest in oil and gas industry

For the fourth year high schoolers from the area have gained knowledge on the inner workings of the oil and gas industry at the Shell Energy Venture Production Camp hosted by Fletcher Technical Community College. “The program is aimed at sparking an interest in the oil industry for high school students,” said camp mentor Hunter Lindley. “The oil and gas industry in Louisiana is huge. Camps like these are beneficial to the future of the state’s oil and gas industry.” […] Read Full Article Here:

Petrofac boss says digital revolution can bring ‘whole world’ of oil jobs – News for the Oil and Gas Sector

Petrofac’s John Pearson believes the digital transition can better the life of those working in oil and gas by offering “a whole world” of new jobs. Speaking at the Future Oil and Gas Conference in Aberdeen, Mr Pearson said that a digital world will not “limit” workers to jobs which are merely local, but worldwide. … Read Full Article Here:

What Happened To The IPO Market For Oil And Gas Independents?

The IPO market for oil and gas independents has evaporated, as the cost of replacing assets – including leaseholds, reserves and drilling inventory – exceeds the market value of publicly traded shale companies. Understanding when that might change requires an understanding of market fundamentals. Read Full Article Here:

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