Oklahoma City-based Chaparral Energy, Inc. and Houston-based Bayou City Energy, L.P. announced the creation of a joint venture drilling operation to fund further development of Chaparral’s 110,000-acre STACK position, according to a press release issued on Monday. “We are pleased to announce our partnership with Bayou City, whose significant investment experience and success in the …
Category: Oil & Gas
Crude Oil Prices Surge on Monday
The bulls are running loose! Climbing more than 20% since June, crude oil futures rose sharply higher on Monday for both benchmarks, according to Bloomberg MarketWatch. October West Texas Intermediate crude jumped $1.56, or 3.1%, to settle at $52.22 a barrel on the New York Mercantile Exchange. Prices saw their highest settlement since mid-April. November Brent …
Rebalancing of Oil Prices is at Hand
For the first time in four months, U.S. oil prices rose about the $51 mark on Monday and analysts say it’s a time the oil market is finally rebalancing. The rebalancing is largely due to the Organization of the Petroleum Exporting Countries cutting production. Since the start of 2017, Russia and other producers have reduced …
Rig Count: Oklahoma Slips by 3, U.S. Down by 1
The latest weekly oil and gas rig count yielded some surprises along with declines for Oklahoma and the nation, according to Houston-based Baker Hughes Company. The nation’s rig count dropped by one to reach 935, down from a year ago when it had 511 working rigs. Oklahoma’s count fell by three in the past week …
WTI and Brent Crude Continue to Show Growth on Friday
Crude oil futures ended slightly higher on Friday, as producers at an OPEC meeting revealed record compliance with their production curb agreement, according to Bloomberg MarketWatch. November West Texas Intermediate crude rose 11 cents, or 0.2%, to settle at $50.66 a barrel on the New York Mercantile Exchange. For the week, the November contract gained 0.4%, …
Tall Oak Midstream III Will Build Natural Gas Gathering System in Oklahoma’s East STACK
Oklahoma City-based Tall Oak Midstream III, LLC will construct a natural gas gathering system in southeast Oklahoma’s East STACK play, according to a company press release issued on Thursday. The system is expected to come into service before the end of 2017. Producers working in the East STACK are developing multiple stacked pay zones, including …
WTI Remains Above $50 a Barrel on Thursday Despite Some Settlement Erosion
Domestic crude oil prices fell slightly lower on Thursday but managed to settle above $50 a barrel as traders anticipated OPEC’s continuation of the production agreement to remain in place, according to Bloomberg MarketWatch. November West Texas Intermediate crude dropped 14 cents, or 0.3%, to settle at $50.55 a barrel on the New York Mercantile Exchange. …
WTI and Brent Crude Settle Above $50 a Barrel on Wednesday
West Texas Intermediate finished above the elusive $50 a barrel benchmark on Wednesday as oil prices were buoyed by a return to business following several weather-related disruptions, according to Bloomberg MarketWatch. October West Texas Intermediate crude, which expired at the day’s settlement, rose 93 cents, or 1.9%, to settle at $50.41 a barrel on the New …
Oil and Natural Gas Futures Settle Lower on Tuesday
Crude oil futures fell short on Tuesday as traders looked to upcoming weekly data on domestic crude inventories and weighed prospects for an extension on OPEC’s production cut agreement, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, October West Texas Intermediate crude dropped by 43 cents, or 0.9%, to settle at $49.48 a …
Lower Oil Growth Forecast by Government
The U.S. Energy Information Administration is out with a new projection of crude oil output from shale oil and gas-producing regions, expecting growth by 79,000 barrels a day for October. The EIA said it’s the first time in seven months that its growth forecast was below 100,000 barrels a day. Total production for October is …