The US rig count during the week ended Oct. 27 declined for the tenth time in 13 weeks. Baker Hughes’ tally of active rigs fell 4 units this week to 909. US oil-directed rigs gained 1 rig to reach 737. Gas-directed rigs in the US lost 5 units to 172. There continued to be no […]

Natural gas will play an important long-term part in reducing global carbon emissions in addition to its more immediate role of replacing coal to generate electric power, the Oil & Gas Climate Initiative said as it released its third annual report in London on Oct. 27.  Source: News

The Petroleum Safety Authority Norway has launched an investigation into a naphtha leak that forced the evacuation and partial shutdown of Statoil ASA subsidiary Statoil Refining Norway AS’ 9.3 million-tonne/year refinery in Mongstad, north of Bergen, on the morning of Oct. 24.  Source: News

International trade in natural gas jumped by 6.2% in 2016 as Europe gas consumption resumed growth, according to the International Association for Natural Gas (CEDIGAZ). Gas trade amounted 1.107 trillion cu m last year as pipeline trade increased by 6.1% and LNG flows by 6.4%.  Source: News

ExxonMobil Corp. posted third-quarter earnings of $4 billion, up from $2.7 billion in third-quarter 2016 as commodity prices improved and upstream and downstream performance strengthened. The results came despite some downstream expenses related to Hurricane Harvey, which impacted its 584,000-b/d Baytown and 365,000-b/d Beaumont refineries in Texas.  Source: News

Chevron Corp. recorded third-quarter earnings of $2 billion, up from $1.3 billion in third-quarter 2016, even as its net US upstream production posted a year-over-year decline. Source: News

Brent crude oil prices gained more than 80¢ to settle above $59/bbl on the London market Oct. 26 but fell in Oct. 27 trading. The US benchmark gained to remain above $52/bbl on the New York market on Oct. 26. Light, sweet contracts fell in early Oct. 27 trading before the weekly Baker Hughes rig […]