OPEC, for some quiet moments..

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Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp., are jumping into American shale with gusto, planning to spend a combined $10 billion this year, up from next to nothing only a few years ago. The giants are gaining a foothold in West Texas with such projects as Bongo 76-43, a well which is being drilled 10,000 ft beneath the table-flat, sage-scented desert, and which then extends horizontally for a mile, blasting through rock to capture light crude from the sprawling Permian basin.

Oil giants upending shale turf where wildcat drillers once ruled

Oil closed at the lowest level since November, erasing the gains that followed OPEC’s deal to cut output, as U.S. crude supplies are forecast to climb. Futures dropped 1.8% in New York, erasing an early gain, while the S&P 500 Index fell the most in five months, as investors assessed the prospects for Donald Trump’s pro-growth policies gaining congressional approval. The industry-funded American Petroleum Institute was said to have reported that U.S. supplies rose last week. Government data Wednesday will probably show stockpiles climbed to a record, a Bloomberg survey showed. Prices increased earlier amid speculation OPEC may extend its supply-cut deal past June.

Oil closes at lowest since November, as U.S. supply seen rising

The rally in global oil prices has stalled at the worst possible time for explorers, just as banks reassess credit lines crucial to their growth. This year’s reviews, due to start next month, will arrive with the industry nursing a nasty case of whiplash. Spot prices surged late last year on OPEC’s pledge to cut output, hitting $54.06/bbl in New York. Since then, they’ve fallen 12%, undercut by rising U.S. rig counts. Futures contracts show longer-term prices deteriorating as well.

Oil's bad timing pressures drillers, as banks review loans

The latest published well production data from the Ohio Department of Natural Resources (ODNR) suggests that shale gas production in Ohio contracted by 180 MMcfgd during fourth-quarter 2016, with only 58 new wells turned in line. This represents a 54% year-over-year decline in activity compared to fourth-quarter 2015, with rather flat development over the past year.

Early 2017 recovery in Utica production seems realistic, Rystad says