‘We Are Likely Heading into an Oil Price War’: Crude Prices Rally After Big Supply Drop
Oil prices are up — are gas prices soon to follow? Brent crude, which influences crude oil prices worldwide, increased 4.2% to $42.36 per barrel last week — and remained as high as $41.65 as of Tuesday. West Texas Intermediate futures — an influencer of U.S crude oil prices — rose 4.9% to $40.16 a barrel last Wednesday, according the Wall Street Journal, still hovering at $39.72 nearly a week later.
Even with the recent rebound, however, prices remain way below pre-coronavirus levels. Oil extended its gains following the Energy Information Administration’s release of weekly inventory data that showed the seventh decline in U.S. crude-oil stocks over eight weeks, with inventories dropping to a five-month low.
Bitcoin Heating Up in the Permian
Tom Masiero, Great American Mining Company, talks about how his emission management work in the Bakken mining Bitcoin is heating up in the Permian. However, that may be the energy issue at the moment, managing the heat.
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Prepare for 2021
“And yeah, you never know what the price is going to go down to, but, you know, seeing where it’s already gone to earlier this year and the slow climb up, I feel as we’re, as we’re seeing the trend that’s like two steps forward and one step back and two steps forward and one step back. But overall, it’s been in a positive light. And if you look at the Nymex and if you look at the forward pricing and things, you know, next year, regardless of how the elections go, it’s looking like it’s going to be in the 50-dollar range. You know, we’re doing all of our estimates for our partners and our future partners at 40-dollar pricing or below to be able to make sure the economics work at those lower numbers.” – Imran Khan, Swan Energy
Living The Crude Life
“People think that somehow in states like North Dakota this is a simpler thing. I’ve been involved in energy projects all around the world. California, in the United States, is considered the toughest, and I would say what North Dakota put us through is every bit as tough as what you would face in California.” – William Prentice, CEO, Meridian Energy Group
Investments grow in the Permian Basin as oil and gas market shows signs of recovery
An American energy investment company pledged $8.5 million to a project to develop oil and gas assets in the Permian Basin owned by Shell Oil Company.
U.S. Energy Development Corporation announced the transaction on Sept. 16 to acquire interest in the horizontal well development project in Loving County near the New Mexico-Texas state line.
The Columbia Project’s total development cost was estimated at about $24 million and will include three horizontal wells in the Permian.
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