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OPEC’s Efforts Pay Off: Oil Is Back in Bull Market

By Alison Sider and Christopher Alessi | Wall Street Journal | Bullish data in September have lifted prices |  An oil refinery and tanks stand near the U.S.-Mexico border. Photo: John Moore/Getty Images | U.S. oil prices returned to bull-market territory while the global benchmark hit a two-year high, as investors gained faith that OPEC will successfully shrink a global supply glut. A drumbeat of bullish data in September, including the International Energy Agency’s upward revision to its demand outlook, has lifted prices. Investors have become more confident that the Organization of the Petroleum Exporting Countries will continue cutting production...

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Trump says the Atlantic, Arctic could soon be open to oil drilling

By Darryl Fears, Washington Post | The White House is making a bid to overturn the Obama administration’s five-year plan forbidding oil and gas exploration in the Arctic and Atlantic oceans and will examine opportunities to drill almost anywhere off the U.S. coast. Interior Department officials said Thursday that opening most of the outer continental shelf to leasing is part of President Trump’s strategy to make the United States a global leader in energy production, stimulate coastal activity and create thousands of jobs. But as onshore oil and natural gas production has surged from horizontal drilling, helping to lower the price...

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Trump to Call for U.S. ‘Dominance’ in Global Energy Production

By Jennifer A Dlouhy, Bloomberg | Donald Trump will tout surging U.S. exports of oil and natural gas during a week of events aimed at highlighting the country’s growing energy dominance. The president also plans to emphasize that after decades of relying on foreign energy supplies, the U.S. is on the brink of becoming a net exporter of oil, gas, coal and other energy resources. As with previous White House policy-themed weeks, such as a recent one focusing on infrastructure, the framing is designed to draw attention to Trump’s domestic priorities and away from more politically treacherous matters such as multiple investigations...

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Rig Count 933: Up 22 Consecutive Weeks

By Oil & Gas 360, Oil & Gas 360 | North Dakota adds most rigs U.S. drilling activity continues to ramp up, stretching the rig rally to 22 weeks, according to Baker Hughes’ Weekly Rig Count. Six additional rigs came online this week, bringing the total number of rigs active in the U.S. to 933. All six of these rigs were land-based, meaning there are now 908 land rigs operating in the country. Inland waters and offshore rigs saw no change, remaining at 3 and 22, respectively. Oil-targeting rigs continue to increase their share of rig activity, adding six this week. One...

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Rig Count Up 2 in Colorado

By The Denver Post, PressReader | The number of rigs exploring for oil and natural gas in the U.S. rose by six this week to 933. A year ago, just 424 rigs were active. Baker Hughes said Friday that 747 rigs sought oil and 186 explored for natural gas this week. North Dakota added three rigs while Alaska, Colorado and New Mexico gained two rigs each. California and Louisiana increased by one. Oklahoma declined by four rigs and Wyoming was down one.

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Oil and gas giant expects to spend $840 million in Colorado this year

By Cathy Proctor, Denver Business Journal | [caption id="" align="alignleft" width="350"] James Schwaberow | Bloomberg | The silhouette of a contractor is seen walking up stairs at an Anadarko Petroleum Corp. oil rig site in Fort Lupton.[/caption] Anadarko Petroleum Corp., one of Colorado’s biggest oil and gas companies, on Tuesday said it would pour about $840 million this year into its operations in the state’s Denver-Julesburg (DJ) Basin, which sprawls north and east of Denver to the state line. The company (NYSE: APC), which has been working in the DJ basin for years, also boosted the amount of oil, natural gas and...

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Colorado’s oil and gas economy poised to propel forward

By Angie Haflich, High Plains Public Radio | [caption id="" align="alignleft" width="386"] Ken Cedeno | Corbis | Getty Images Workers connecting tubes on the Raven Oil Drilling rig near Watford City N.D.[/caption] Like other High Plains states, Colorado’s oil and gas economy is in a position to help propel it forward. As The Denver Post reports, oil prices rose after recent OPEC production cuts and are now high enough to motivate producers to put more rigs to work and translate into more domestic production, said Erica Bowman, chief economist with the American Petroleum Institute. Colorado has 26 drilling rigs running in...

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Brent crude slips towards $56 a barrel as dollar strength counters OPEC cuts

[caption id="" align="alignleft" width="530"] Ken Cedeno | Corbis | Getty Images Workers connecting tubes on the Raven Oil Drilling rig near Watford City N.D.[/caption]  By Reuters, CNBC | Brent crude slipped toward $56 barrel on Monday as a stronger dollar and ample U.S. supplies outweighed OPEC output curbs and rising tensions between the United States and Iran. Brent crude was trading down 64 cents, or 1.1 percent, at $56.54 a barrel by 11:10 a.m. (1410 GMT). U.S. crude fell 45 cents, or 0.8 percent, to $53.38. The dollar rose 0.2 percent versus a basket of currencies. "It's most likely the stronger U.S....

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Prices for oil, natural gas, gasoline heading higher in 2017, says forecast

By Cathy Proctor, Denver Business Journal | Higher prices for crude oil, natural gas and gasoline are among the highlights from the federal Energy Information Administration’s first short-term outlook for 2017. The new forecast projects that U.S. crude oil prices, which averaged $43 per barrel in 2016, will rise this year to an average of $52 per barrel and will add on another $3 per barrel in 2018, to an average of $55. U.S. gasoline prices, which averaged $2.15 per gallon in 2016, are expected to increase to $2.31 per gallon in the first quarter, and average $2.38 per gallon for...

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Global oil, gas discoveries drop to 70-year low: Rystad Energy

By Ron Bousso, Reuters | Oil and gas discoveries around the world dropped last year to their lowest since the 1940s after companies sharply cut back in their search for new resources amid falling oil prices. The decline in discoveries means companies such as Exxon Mobil and Royal Dutch Shell will struggle to offset the natural depletion of existing fields, reinforcing forecasts of a supply shortage by the end of the decade. Total oil and gas resources found in 2016 reached just more than 6 billion barrels of oil equivalent (boe), said Sona Mlada, senior analyst at Oslo-based consultancy Rystad Energy....

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