Crude retracing after a rampant rally

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On this final Friday in August, the crude complex is looking lower into the weekend after yesterday’s nutty 10% rally. The rollercoaster ride across financial markets continues apace, with Chinese equities rallying nearly 5% amid further market intervention from Chinese authorities to prop it up up. Overnight we have had a number of economic data […]
Operator Tim Mouton inspects polymer pellets for quality at the LyondellBasell Bayport Polymers Plant, Monday, October 11, 2010 in Pasadena, TX. (Eric Smith/Houston Chronicle)

Extended low oil prices could slow U.S. petrochemical renaissance

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The bountiful ethane that comes from natural gas liquids and U.S. shale production would become more scarce, according to the IHS report. Ethane is used to make ethylene, which which is the main building block for plastics.
Anadarko Petroleum Corporation CEO Al Walker, gives a speech after his company won top ranked large employer during the Houston Chronicle's Top Workplaces Awards Gala, Thursday, Nov. 8, 2012, in Houston. (Nick de la Torre/Houston Chronicle)

Anadarko CEO: Outlook still uncertain for shale comeback

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Earlier in the year, before initial declines in service costs, Anadarko had estimated it would take $3 billion in capital expenditures to keep production levels flat. Now, Walker said, it would take about $2.7 billion, and there is still room for improvement.
(Photo by Eddie Seal for Bloomberg News)

Billionaire said to be considering sale of U.S. shale gas holdings

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Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is weighing a sale of its U.S. shale gas investments, people with knowledge of the matter said.
In this Thursday, Jan. 28, 2010 file photo, A worker walks past tanks at a Petrochina storage base in Suining, in southwest China's Sichuan province. (AP Photo)

ConocoPhillips halts Sichuan shale gas talks with PetroChina

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While China has sought to replicate the U.S. shale boom, the nation last year cut its 2020 shale gas production target to about a third of its original estimate amid difficult geology, lack of infrastructure and limited exploration rights.
(Photo by Eddie Seal for Bloomberg News)

Wall Street lenders growing impatient with U.S. shale revolution

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Bank regulators have issued warnings on the risks involved in lending to U.S. drillers, threatening a cash crunch in an industry that’s more dependent than ever on other people’s money.
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BHP Billiton makes $2.8 billion writedown in Texas shale

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BHP’s announcement comes at a time when U.S. shale is suffering because of low prices for natural gas and oil, the latter of which is hovering near $52 a barrel.
Roughnecks take a break from working the Peterson Drilling Company rig in Carlsbad, New Mexico, February 26, 2000.  (Photo by Joe Raedle)

Judge could halt oil drilling permits in Mancos Shale

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Two oil companies have drilled 150 wells since 2011 into the hard shale covering oil in the Mancos, an area made accessible through new techniques like horizontal drilling and hydraulic fracturing.
Photographer: Stephen Hilger/Bloomberg News.

IEA: Oil market bottom may still be ahead

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Crude prices may have further to fall before the oil market can re-balance global supply and demand and fix the oil glut that toppled $100 oil last year, the International Energy Agency said Friday.
A rig works in the Barnett Shale. (Enervest)

Methane leaks in Barnett Shale vastly higher than EPA estimates, study shows

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“Nobody had any idea how much methane was being leaked in the Barnett area,” said Robert Talbot, an University of Houston atmospheric chemistry professor who authored the paper.