The latest weekly oil and gas rig count showed a decline for the nation while Oklahoma remained unchanged from last week’s count, according to Baker Hughes Company of Houston, Texas. The nation’s rig count dropped by five to reach 949, up by 468 from 481 just a year ago. Oklahoma’s count remains at 132, up …
Category: Oil & Gas
Oil Futures Reflect Weekly Loss Despite Friday’s Boost
Crude oil futures rose higher on Friday but remained below the $50 threshold benchmark despite concerns about OPEC’s production curb compliance deal, according to Bloomberg MarketWatch. September West Texas Intermediate crude tacked on 23 cents, or 0.5%, to settle at $48.82 a barrel on the New York Mercantile Exchange. For the week, WTI saw a loss …
Longer Lateral Drilling Law Eagerly Anticipated in Oklahoma
Oil and gas exploration companies apparently are eagerly awaiting the date of November 1st in Oklahoma. That’s when under a new law, they will be allowed to drill horizontal wells up to two miles long in all layers and will no longer be limited to one mile. As The Oklahoman quoted one driller, “Long …
Crude Oil Futures Drop on Thursday
Oil futures retreated on Thursday as domestic prices failed to remain above $50 a barrel as OPEC reported that crude production rose in July, according to Bloomberg MarketWatch. September West Texas Intermediate crude shed 97 cents, or 2%, to settle at $48.59 a barrel on the New York Mercantile Exchange. October Brent crude, the global benchmark, fell …
WTI and Brent Crude Jump on Wednesday While Crude Inventory Freefalls
Oil futures finished higher on Wednesday after U.S. government data revealed a sharp decline in crude inventory, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September rose 39 cents, or 0.8%, to settle at $49.56 a barrel. October Brent crude, the global benchmark, gained 56 cents, or 1.1%, …
BP Announces Discovery of Massive Gas Well in New Mexico
It’s just possible that some of the big gas plays in the U.S., the Marcellus, Haynesville, Anadarko-Woodford and even the Granite Wash will see competition from northwest New Mexico. One company’s announced a stunning discovery just west of Oklahoma. BP claims the area around Farmington, New Mexico is a significant new source of natural gas …
WTI and Brent Crude Falter on Tuesday as Traders Await Inventory Data
An erratic day of trading yielded another drop in crude oil prices on Tuesday as investors agonized over an OPEC meeting to discuss further production cuts, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate futures slid 22 cents, or 0.5% to settle at $49.17 a barrel. October Brent crude, the global …
Jones Energy Produces 8 New Oklahoma Wells—Focusing Now Solely on Anadarko Basin
Austin, Texas-based Jones Energy continues moving eastward in Oklahoma with its drilling exploration, making three finds in Canadian County, not to mention 7 other wells around the state. And it is moving to focus only in the Anadarko Basin. As reported on OK Energy Today’s well completion reports, the company had a multi-unit operation at the …
WTI and Brent Crude Stumble on Monday
Oil futures finished lower Monday as a multi-day OPEC meeting commenced regarding the production cuts and their impact, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas intermediate dropped 19 cents, or 0.4%, to settle at $49.39 a barrel. October Brent crude, the global benchmark, shed 5 cents, or 0.1%, to …
Financially Strapped Alaska Gives Go-Ahead to ConocoPhillips Drilling
ConocoPhillips finally gets permission to expand Alaska’s existing North Slope oil field. But it’ll cost the company $7 million in payments to the state and it has to pledge to drill a well by June and make other development steps. The $7 million in payments will exist only if ConocoPhillips will bring the new leases …