For the week ending August 16, Baker Hughes reported that the Western Canadian gas-directed drilling rig count fell three to 66 (blue line in left hand chart below) and four less than a year ago.

Global petroleum stocks will build in 2025 even if the OPEC+ alliance retains its ongoing production cuts instead of easing them as signaled during their June meeting, the International Energy Agency (IEA) said in its monthly report.

A waterflood project that is scheduled for 2027 at the Shell-operated Vito field in the Gulf of Mexico will raise its recoverable resource volumes by 60 million barrels of oil equivalent (boe). The major announced its final investment decision (FID) on the project Wednesday.  

An oil spill of approximately 820 bbl occurred at a Cresent Midstream pump station in Raceland, LA, about three weeks ago. The oil leaked into a stormwater canal, eventually reaching the Bayou Lafourche.

The headline Consumer Price Index (CPI) — a measure of the overall increase in the price level of goods and services — rose a modest 0.2% from the previous month, matching expectations, and increased 2.9% year-over-year (as shown in the below chart), according to the Labor Department’s July repor