ENERGY

By David Messler of OilPrice.com

Summary:

• Devon Energy seeks to fill gaps in its Bakken acreage through potential merger with Enerplus.

• Enerplus' high-productivity assets and low lease operating costs make it an attractive target for Devon.

• Shareholder dissatisfaction looms amidst Devon's past acquisitions and declining stock performance.

The merger and acquisition deals are coming in the shale patch, at a rate almost too fast to document. Last (more…)

Oil prices extended gains overnight after API reported big product draws (which offset a large crude build) and on geopolitical concerns rising once more after Israel launched an extensive wave of attacks in Lebanon, Israel Defense Forces spokesperson Daniel Hagari said on social media Wednesday.

Additionally, OPEC’s top official said Tuesday that global oil demand is set to expand strongly, while a monthly outlook from the group revealed limited compliance with the members’ (more…)

Oil prices extended recent gains today, despite chaos across other asset classes, on concerns supply could be disrupted as Iran tested a ballistic missile in the Gulf of Oman, while demand hopes were led by OPEC raising its economic forecasts.

Oil was also supported by a major technical break.

The question is, can oil maintain this through the inventory data.

API

• Crude +8.5mm (+2.8mm exp)

• Cushing +512k

• Gasoline -7.2mm (-1.0mm exp) – biggest (more…)