The Texas crude WTI Midland’s inclusion in Dated Brent is the most significant overhaul of the measure in decades.

US crude sets world’s most important oil benchmark for first time

/0 Comments/in /by

U.S. oil is already having a profound impact on the world’s most important oil benchmark, effectively setting the price just after its inclusion in the measure.

WTI Midland — produced in the West Texas shales — joined the Dated Brent benchmark on Tuesday, in an effort to revamp a gauge that is used to set the price of more than two-thirds of the world’s crude. So far, that integration has proved successful.

bp Plc has been offering the grade for early June at a low level on a pricing window run by S&P Global Commodity Insights, better known by traders as Platts. As prices of the five other grades that comprise the benchmark were much higher, WTI Midland has essentially served as the key price maker.

Click here to read the full article
Source: Oil & Gas 360

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

Production in the oil-and-gas-rich Permian Basin hits records recently, juicing oil company profits and easing energy supply worries.

US Permian Basin oil production — and profits — have surged

/0 Comments/in /by

Production in the oil-and-gas-rich Permian Basin of West Texas and New Mexico hit records recently, juicing oil company profits and easing energy supply worries.

It shows U.S. oil companies are responding to higher prices, with increased drilling and pumping after what seemed like months of foot-dragging.

Russia’s invasion of Ukraine generated a global oil shock in 2022. U.S. crude climbed over $120 a barrel back in March, and average gasoline prices jumped to more than $5 per gallon in June.

Click here to read the full article
Source: AXIOS

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

Texas energy expected to be key in meeting global demand

/0 Comments/in /by

As 2023 gets underway, the Energy Information Administration is offering its annual short-term energy outlook for the early part of the year.

Among the trends the report has identified are rising natural gas production, increasing liquefied natural gas exports and high winter electricity prices.

So, asked the Texas Independent Producers and Royalty Owners Association, what does this mean for Texas?

“Global production will continue to rise in the coming years and the Permian Basin will play a critical role in meeting energy demand here and abroad,” responded Ed Longanecker, TIPRO president, in an email to the Reporter-Telegram.

Click here to read the full article
Source: mrt

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.