Author: omc_admin

U.S. crude oil production surged to an all-time high in March, reaching 13.488 million barrels per day, according to newly released monthly EIA data. That edges out the previous monthly record of 13.450 million bpd set in October 2024, and an increase over the 13.153 million bpd in February. The increase reflects steady momentum from the Permian and Gulf Coast operators—even as drilling activity slows elsewhere.But while the supply side flexed its muscle, demand told a different story.Total petroleum product supplied—a broad proxy for U.S. oil demand—fell to 19.95 million bpd (Table 3), the lowest in a year and down…

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EOG Resources is making a bold northeast push, announcing Friday it will acquire privately held Encino Acquisition Partners for $5.6 billion, including debt. The move positions EOG as a dominant Utica shale player, with 1.1 million net acres and 275,000 boe/d in combined production.The seller, Encino Energy, backed by the Canada Pension Plan Investment Board, controls 675,000 net core acres in the play—most of it contiguous and liquids-rich. That’s precisely what EOG is after. CEO Ezra Yacob called it a “third foundational play” to go alongside the company’s stalwart positions in the Delaware Basin and Eagle Ford.EOG plans to fund…

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Then comes the twist: Trump reverses course days later. Tariffs are delayed, watered down or scrapped altogether under the guise of “negotiation.” The market breathes a sigh of relief and smart traders take profits. As GSC’s Head of Trading, Phil Carr, notes: “For Gold traders, it’s a familiar pattern – buy the tariff panic, ride the rally, sell into the reversal, and reload for the next Trump tweetstorm.” It’s volatility on demand and Gold thrives on it! Real Example, Real Profits The latest example unfolded just this week. Last Friday, Gold surged past $3,363 an ounce – its highest level…

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By Julianne Geiger – May 30, 2025, 12:12 PM CDT The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Friday, following a 10-rig decrease last week, and a 6-rig decrease the week before that.The total rig count in the US fell by 3 to 563 rigs, according to Baker Hughes, down 37 from this same time last year.The number of oil rigs fell by 4 to 461 after falling by 8 during the previous week—and down by 35 compared to…

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President Donald Trump will hold a rally Friday at a U.S. Steel plant near Pittsburgh, a week after signaling that he had cleared a controversial merger with Japan’s Nippon Steel.Trump is scheduled to deliver remarks at 5 p.m. ET at U.S. Steel’s Irvin Works in West Mifflin, Pennsylvania, according to the White House. Investors and union members will listen for answers from the president on what shape the deal he announced between U.S. Steel and Nippon will take.Trump described the deal as a “partnership” in a May 23 post on his social media platform Truth Social. The president said U.S.…

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U.S. gasoline consumption over Memorial Day weekend, the start of the U.S. driving season, rose by 2% from the same weekend last year as consumers took advantage of lower prices at the pump.The higher demand at the start of the summer driving season suggests good profits for the U.S. oil refiners that make the fuel, at least for now.The lower gasoline prices compared to last year gives a big push up to U.S. gasoline consumption. Prices were $3.162 per gallon of regular gasoline nationwide on Friday, according to AAA data. That’s $0.40 a gallon cheaper than at this time last…

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Klaipėda Port is moving toward its goal of becoming the first in Lithuania and the Baltic States to produce and supply green hydrogen for vessels, various types of port equipment, and private transportation. Construction works will begin soon – a construction permit has been received. “Klaipėda Port has set an ambitious goal – to become the first in Lithuania and the Baltic region operating a green hydrogen production station. Being the first means stepping into uncharted territory. That is not always easy, but it is undoubtedly worth it. By choosing the green path, Klaipėda Port demonstrates its commitment to the…

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A turbulent week for global energy markets saw oil prices slide amid OPEC+ uncertainty and escalating U.S.-China tensions.The double whammy of OPEC+’s unpredictability and Donald Trump’s heated rhetoric over China ‘totally violating its agreement’ with the US put oil prices under renewed pressure, sending ICE Brent slightly below $64 per barrel with WTI balancing on the edge of the $60 per barrel threshold. Should the weekend bring an OPEC+ surprise of a bigger-than-expected unwinding, the downslide could very well continue in the first week of June.OPEC+ Wants to Shock the Oil Market Even More. Whilst oil markets are more or…

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Welcome to Leadership Lessons — real stories from supply chain leaders on how they built their careers, what they’ve learned along the way, and where they’re headed next. In this edition, we talk with Kamal Ahluwalia, Chief Executive Officer at Resilinc. He opens up about the early days of Apple, adopting Navy SEAL-inspired leadership principles, and why he’s all in on building an AI-first company for the supply chain world. What’s RelatedSupply Chain 24/7: Thanks for joining me. Can you share a bit about your upbringing? Kamal Ahluwalia: I grew up in India and was the youngest of three siblings. My…

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  US President Donald Trump said early on Friday (US time) that China had violated the agreement it reached on tariffs with US officials in Geneva several weeks ago. “China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr NICE GUY!,” Trump said in a post on his Truth Social platform. Trump did not specify what China had done – or failed to do, but US Treasury Secretary Scott Bessent told Fox News on Thursday that trade talks with China were “a bit stalled” and said getting a deal over the finish…

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