Crude Oil Nears 26-Month High

Source: Bloomberg, Margot Habiby and Mark Shenk (12/28/10)

"Oil advanced after MasterCard reported holiday sales rose 5.5%."

Oil traded near a 26-month high after a report showed U.S. retailers had their best holiday sales in five years and U.S. crude supplies were forecast to extend their biggest monthly decline since December 2006.

Oil advanced after MasterCard reported holiday sales rose 5.5% to $584 billion from Nov. 5 through Dec. 24, compared with 4.1% a year earlier. Oil inventories shrank for the fourth consecutive week, according to the median estimate of analysts in a Bloomberg News survey, the longest stretch of declines in a year.

"We're staying in the $90 area, with an eye on hitting $100 in the new year," said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. "Demand is picking up and should rise further in coming months."

Crude for February delivery gained $0.46 cents, or 0.5%, to $91.46 a barrel at 1:40 p.m. on the New York Mercantile Exchange. Futures have advanced 15% this year. Crude touched $91.88, the highest price since October 2008, yesterday in intraday trading.

Brent crude for February settlement increased $0.49, or 0.5%, to $94.34 a barrel on the London-based ICE Futures Europe exchange.

U.S. fuel consumption averaged over four weeks, a measure of demand, rose to 19.7 million barrels a day in the period through Dec. 17, the highest level since February 2009, according to Energy Department data released last week.

Option Partner to Continue Operations at Energy Firm's Texas Oil & Gas Project
Source: Streetwise Reports (01/23/2021)

The efforts will meet Torchlight Energy Resources' development requirements at Hazel.

Target Price Raised on Energy Firm Making 'Transformative Acquisition'
Source: Streetwise Reports (01/06/2021)

The terms and benefits of Earthstone Energy's purchase of an oil and gas company, an "eye-catching act of deal making," are presented in a ROTH Capital Partners report.

Energy Firm to Combine with Materials, Nanocomposites Company
Source: Streetwise Reports (12/16/2020)

Torchlight Energy Resources sees the transaction providing its shareholders "access to the multibillion-dollar markets that Metamaterial serves."

Oil & Gas Producer Reports on Thailand Operations
Source: Streetwise Reports (12/02/2020)

Pan Orient Energy Corp. reports on continuing drill operations in Thailand.

Energy Company Boosts Thailand Oil Production, Offers 'Low Risk Production Growth'
Source: Streetwise Reports (11/19/2020)

The highlights of Pan Orient Energy's third quarter are presented in a Mackie Research Capital Corp. report.

Texas Oil & Gas Firm to Sell Its Stake in Delaware Basin Project
Source: Streetwise Reports (11/18/2020)

For its interest, Torchlight Energy Resources is to receive $350,000.

Oil & Gas Firm Reports Q3 Operational, Financial Results
Source: Streetwise Reports (11/16/2020)

Pan Orient Energy and its joint venture partner continue producing and selling oil from its L53 Concession in Thailand, which are funding ongoing exploration work there.

Texas Oil & Gas Explorer Completes Fracking of Midland Basin Well
Source: Streetwise Reports (11/11/2020)

The next step for Torchlight Energy's well at Hazel is flowback, which is to start next week.

Altus Midstream Shares Flow Higher on Q3 Earnings and Plans for $1.50/Share Dividend in Q1/21
Source: Streetwise Reports (11/05/2020)

Shares of Altus Midstream Co. traded 170% higher after the firm reported Q3/20 financial results and announced plans to pay a quarterly dividend of $1.50 per share beginning in March 2021.