ENERGY

Authored by Robert Rapier via OilPrice.com,

• Texas dominates U.S. oil production, contributing 42.6% of the total output, mainly due to the Permian Basin.

• New Mexico has seen a dramatic 190% increase in oil production over the past five years, becoming the second-leading oil producer in the U.S.

• California faces a 30.7% reduction in oil production over the past five years, largely due to political and geological challenges.

U.S. oil production has increased by 21% (more…)

Oil prices are sliding back again this morning, after surging yesterday to erase Tuesday's losses, following a bigger than expected crude draw reported by API (but notably large product inventory…

Crude prices soared today, round-tripping yesterday's losses, after traders apparently woke up to the tensions in the MidEast.

Traders have largely looked past shipping disruptions in the Red Sea and the threat of a wider war in the Middle East over the past few weeks as those factors have yet to impact global oil supply and output, but the Danish shipping giant Maersk said today it would indefinitely suspend shipments through the Red Sea.

But major fatalities following (more…)