Oil and Gas

By Irina Slav for Oilprice.com New York, May 3, 2023 – Crude oil prices continued lower after the Energy Information Administration reported yet another weekly inventory draw on crude oil inventories. The report came a day after the American Petroleum Institute estimated inventories had shrunk by almost 4 million barrels in the week to April 28. The EIA estimated inventories had shed 1.3 million barrels in the period, which compares with a draw of 5.1 million barrels for the previous week. Whatever the size of the draw, it was unlikely to …

By Julianne Geiger for Oilprice.com New York, May 2, 2023 – Crude oil prices were sent tumbling on Tuesday morning with WTI falling below $73 per barrel, with Brent falling below $77 per barrel on jitters about the economy. Oil futures are set to finish out the day on Tuesday at their lowest levels since the end of March as the market looks toward the Fed’s next policy decision. WTI for June delivery (CLM23) fell $3.12 (-4.18%) on Tuesday by 10:45 a.m. to $72.56 per barrel. Brent crude oil for …

Ajaokuta, April 26, 2023 – The Nigerian National Petroleum Corporation (NNPC) Limited has so far released over $1.1 billion for the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project. Mele Kyari, its Group Managing Director, said this in a statement while on inspection of the projects site in Ahoko, Kogi State. He denied reports the corporation had failed to release funds for the project. The project, which is aimed at providing a steady supply of natural gas to power plants and industries across Nigeria, will stretch over 614 kilometers from Ajaokuta to Kano …

By Irina Slav – Apr 19, 2023, 9:42 AM CDT New York, April 19, 2023 – Crude oil prices inched lower today after the U.S. Energy Information Administration reported an inventory draw of 4.6 million barrels for the week to April 14. This compared with a modest build in crude oil inventories for the previous week, at 600,000 barrels. For the week before that, however, the EIA had estimated a sizeable draw of 3.7 million barrels. In fuels, the EIA estimated mixed changes in inventories for the week ending April 14. Gasoline inventories added …

By Tsvetana Paraskova for Oilprice.com – Apr 03, 2023 .The Joint Ministerial Monitoring Committee met on Monday and confirmed the 1.66 million bpd production cut that was announced on Sunday. Oil prices were more than 6.5% higher on Monday morning, with WTI breaking above $80 and Brent close to $85. OPEC claimed the measure was precautionary and designed to ensure stability in oil markets. New York, April 3, 2023 -The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group met on Monday and made the shocking new production cuts official with …

Lagos, March 29, 2023 – Some analysts have advised the Federal Government to give more priority to gas exploration and domestication of its whole value chain. They gave the advice following the official launch of an oil exploratory drilling campaign in Nasarawa State on Tuesday. The experts expressed their views in the latest edition of Proshares’ Analyst Note, saying these steps were necessary as the global oil market was shrinking. The exploratory drilling is part of efforts to explore crude oil and gas in the country’s frontier basins. The Chad …

By Irina Slav for Oilprice.com New York, March 29, 2023 – Oil prices ticked up today after the U.S. Energy Information Administration reported a crude oil inventory draw of 7.5 million barrels for the week. This compared with a relatively modest inventory build of 1.1 million barrels for the previous week. At 473.7 million barrels, the EIA said, crude oil inventories are six percent above the five-year average for this time of the year. In fuels, meanwhile, the authority estimated a mixed inventory picture, after last week major draws in both gasoline and middle …