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  • HOUSTON/ NEW YORK, March 21- A dreaded scenario for U.S. oil bulls might just be becoming a reality. In key shale areas such as Eagle Ford or Wolfcamp and Bone Spring in Texas such backlog has fallen by as much as a third over the past six months, according to data compiled by Alex Beeker, a researcher at Wood Mackenzie. About 660 wells could be the equivalent of between...

  • March 18- U.S. energy firms this week added one oil rig after 12 weeks of cuts, data showed on Friday, after oil futures have soared over 50 percent since falling to a 12- year low in mid February. The total oil rig count rose to 387 in the week to March 18, compared with 825 oil rigs operating in the same week a year ago, oil services company Baker Hughes Inc said in its...

  • RIG-OL-USA- BHI> In 2015, drillers cut on average 18 oil rigs per week for a total of 963 for the year, the biggest annual decline since at least 1988. Still, many analysts think the combined rig count will rebound later this year with signs that prices have bottomed after U.S. crude futures hit a 12- year low of $26.05 a barrel in February and U.S. gas futures fell to a...

  • SINGAPORE, March 16- Oil prices rose early on Wednesday after falling in the previous session, with U.S. producers showing increasing signs of financial distress and as focus shifted to U.S. inventory data due later in the day. West Texas Intermediate crude futures were trading at $36.94 per barrel at 0117 GMT, up 60 cents from their last settlement.

  • NEW YORK, March 14- The first major upstream oil and gas bankruptcy filing of the year could occur this week as SandRidge Energy Inc, Venoco Inc and Energy XXI Ltd reach the end of grace periods following millions in missed interest payments. The three oil and gas exploration and production companies with operations across the United States, said they would skip a...

  • March 14- Oil and gas services provider C&J Energy Services Ltd on Monday named Chief Financial Officer Randy McMullen as its chief executive officer, succeeding founder Josh Comstock who died on Friday. The cause of his death had not been determined, forensics office in Harris County, Texas said on Friday. McMullen, who joined C&J in August 2005, will continue in...

  • SINGAPORE, March 14- Oil prices were stable in early trading on Monday, with global oversupply and slowing economic growth weighing on markets but prospects of falling production lending crude some support. West Texas Intermediate crude futures were trading at $38.36 per barrel at 0055 GMT, down 14 cents from their last settlement, but international...

  • March 11- The number of rigs drilling for oil and natural gas in the United States has fallen to the lowest level since at least 1940, oil services company Baker Hughes Inc said on Friday, as energy firms continued to slash activity amid the deepest energy price rout in a generation. Oil rigs RIG-OL-USA- BHI> alone fell for a 12th week in a row this week with the rig...

  • *Iran intent on raising output to regain market share. SINGAPORE, March 11- Oil prices jumped on Friday supported by fresh investment and a strong yuan, which makes fuel cheaper for Chinese importers, but analysts warned that any price rally was pre-mature as a global glut remained in place. U.S. crude futures were trading at $38.66 a barrel at 0409 GMT, up 82 cents and...

  • *Iran intent on raising output to regain market share. West Texas Intermediate crude futures were trading at $38.29 per barrel at 0225 GMT, up 45 cents from their last close. "The funds have turned bullish and the market seems determined to stay at or around $40," said Pete Donovan, broker at Liquidity Energy in New York.

  • SINGAPORE, March 10- Producers have been locking in recent gains across the crude futures price structure, selling forward contracts and potentially undermining further recovery because they do not trust a jump in front-month oil since January. Front-month benchmark Brent crude futures have surged more than 40 percent from 12- year lows hit early this year...

  • BRUSSELS, March 8- European Union antitrust enforcers have resumed their investigation into U.S. oilfield services provider Halliburton Co's proposed takeover of Baker Hughes and will decide by July 11 whether to approve the $35 billion deal. The European Commission, which halted the investigation on Feb. 18, said it had received further information from...

  • WILMINGTON, Del, March 8- The $500 billion midstream sector is bracing on Tuesday for a ruling from a U.S. bankruptcy judge that could determine if energy producers can use Chapter 11 to shed contracts with pipeline operators for transporting oil and natural gas. Bankruptcy Judge Shelley Chapman in Manhattan will read her ruling at 2:30 pm ET on a request by...

  • SINGAPORE, March 8- Chevron has started up its massive Gorgon LNG project in Australia and will soon be shipping more of the super-chilled fuel into an oversupplied market, eroding producer revenues but also likely hastening the advent of a liquid Asian spot market. "Homeless LNG accounts for more than a quarter of expected supply through 2025," said Jason Feer...

  • *Market shifts attention to China's 2016 economic plans. SINGAPORE, March 7- Oil prices rose on Monday, extending a rally that has lifted crude benchmarks by more than a third from this year's lows, as tightening supply and an improving global outlook strengthened the sentiment for a market recovery. Front-month Brent crude futures were trading at $39.10 per...

  • SINGAPORE, March 7- Oil prices jumped on Monday, extending a rally that has lifted crude by over a third from this year's lows, as tightening supply and an improving global outlook strengthened the sentiment for a market recovery. West Texas Intermediate futures were trading at $36.55 a barrel, up 63 cents from the last close and 40 percent above February lows.

  • SINGAPORE, March 7- Oil prices opened strongly on Monday after rallying in the previous session, as tightening supplies supported the market and sentiment around a market recovery strengthened. Front-month Brent crude futures were trading at $39.08 per barrel at 0019 GMT, up 36 cents from their last settlement. West Texas Intermediate futures were trading at...

  • WILMINGTON, Del, March 4- Small U.S. oil-and-gas producer Quicksilver Resources Inc began making its case in court on Friday for using its bankruptcy to reject a pipeline contract, a move that trade groups warned could undermine the $500 billion midstream industry. "We're here today on a white-hot issue," Sarah Schultz, a lawyer for Quicksilver, said at Friday's...

  • WILMINGTON, Del, March 4- Small U.S. oil-and-gas producer Quicksilver Resources Inc began making its case in court on Friday for using its bankruptcy to reject a pipeline contract, a move that trade groups warned could undermine the $500 billion midstream industry. "We're here today on a white-hot issue," Sarah Schultz, a lawyer for Quicksilver, said at Friday's...

  • *Calgary bars filled with bankers eyeing up deals. CALGARY, Alberta, March 2- Executives at some of Canada's biggest pension funds say they are looking more closely at the oil and gas sector, attracted by low valuations, but will take a scrupulous approach to deals given the uncertain oil price outlook. So we see excellent opportunities for long-term investors, "...