U.S. oil and gas rig count was unchanged at 603 for the week ending October 30 according to Baker Hughes data, its third consecutive week without a change and the fourth straight above 600.
Improved operational performance helped BP capitalize on favorable markets in Q3 2026, lifting underlying replacement cost profit, its version of net income, 48% from the previous quarter to a record $8.5 billion, the company said in its earnings presentation October 30.
Pemex has been mired in debt and plagued by setbacks for many years now, but a JV with Woodside Energy may signal the beginning of a turnaround. The 100-Mb/d Trion project, Pemex’s first ultra-deepwater development, is proceeding on schedule and budget and is slated to deliver its first oil in 2028.
Forget ghosts and monsters; this Halloween, the scariest thing in the energy industry is the tanker market, where a spooky jump in demand and frighteningly tight vessel supply have sent freight rates soaring to scream-inducing heights.
U.S. crude oil production came roaring back in the week ended October 23, reaching an all-time high of 14 MMb/d (far right of chart below), according to the EIA’s latest Weekly Petroleum Status Report.
Last week’s crude rally lifted benchmarks but left Canadian heavy barrels struggling to stay afloat.
Freight rates are sky-high. Shipping crude oil from the U.S. Gulf Coast to China on a VLCC cost more than $80 million earlier this month, double what it was in September and 5X a year ago. Today, we look at the unique combination of factors that are helping drive freight rates to record highs.
Freight finally took a breather last week, but Gulf Coast exporters remain a long way from relief, facing shipping bills that would have been difficult to imagine before this year.
U.S. oil and gas rig count was unchanged at 603 for the week ending October 16 according to Baker Hughes data, holding above 600 for a second consecutive week.
