Crude oil prices forged ahead on Wednesday despite data showing the second-largest weekly climb on record for domestic crude supplies, according to Bloomberg MarketWatch. March West Texas Intermediate crude rose 17 cents, or 0.3%, to settle at $52.34 a barrel on the New York Mercantile Exchange. April Brent crude, the global benchmark, inched up by 7 …
Category: Oil & Gas
Crude Oil Futures Drop Lower on Tuesday While Natural Gas Posts Gain
Crude oil futures continued plunging lower on Tuesday while traders awaited weekly government data on domestic petroleum supplies, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, March West Texas Intermediate crude fell by 84 cents, or 1.6%, to settle at $52.17 a barrel. On London’s ICE Futures Exchange, April Brent crude, the global benchmark, …
WTI, Brent and Natural Gas Tumble on Monday
Crude oil futures settled lower on Monday as weary traders took losses across the energy sector, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, March West Texas Intermediate crude fell 82 cents, or 1.5%, to settle at $53.01 a barrel. On London’s ICE Futures Exchange, April Brent crude declined by $1.09, or 1.9%, to …
New Pipeline Gets Approval from FERC
As Federal Energy Regulatory Commission member Norman Bay left FERC on Friday, the commission issued a certificate, giving permission to Dallas-based Energy Transfer LP to move ahead with a more than $4 billion pipeline project. The Rover Pipeline, with a price tag of $4.2 billion will transport gas from processing plants in southeastern Ohio, southwestern …
WTI, Brent Finish Higher on Friday and for the Week
Crude oil futures posted slight gains on Friday to finish higher for the week as additional data continued to support OPEC’s compliance with curbing production to rid the current market glut, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, March West Texas Intermediate crude added 29 cents, or 0.5%, to settle at $53.83 …
Permian Basin is Home to Nearly Half of All Oil and Gas Drilling in U.S.
All you have to do is look at the weekly oil and gas rig reports to know that nearly half of all the drilling in the U.S. in the past year has been in the Permian Basin in west Texas and southeast New Mexico. That’s why the U.S. Energy Information Administration calls the Permian shale …
Texas Firm Expands Midstream Operations in Delaware Basin
With major investments from EnCap Flatrock Midstream, a company with offices in Oklahoma City and Houston, a Texas firm is expanding its operations in the Delaware Basin of New Mexico. Midstream provider Lucid Energy Group just purchased a second cryogenic processing plant for its South Carlsbad Gathering and Processing System. Known as Roadrunner 1, the …
HollyFrontier Wraps up $1.1 billion Purchase to Expand its Lubricants Production
A more than $1 billion purchase of a Canadian company has been carried out by Dallas-based HollyFrontier. The Texas firm announced completion of its acquisition of Suncor Energy’s Petro-Canada Lubricants business for $1.125 billion in Canadian dollars. The $1.1 billion purchase includes working capital with an estimated value of CAD $342 million. The Petro-Canada Lubricants …
Williams Partners Puts Pipeline Expansion into Operation at LNG Export Facility in Louisiana
Tulsa’s Williams Partners L.P. has put into service its Gulf Trace project, the 1.2 million dekatherm a day expansion of the Transco Pipeline system serving an export terminal in Cameron Parish, Louisiana. The Transco system will serve the Cheniere Energy Partners, L.P Sabine Pass Liquefaction terminal. It is the first large-scale LNG export facility in …
ConocoPhillips Reports 2016 Losses totaled $3.6 billion, an improvement over 2015
Houston-based ConocoPhillips reported a fourth-quarter 2016 net loss of $35 million. And that’s a big improvement over the $3.5 billion reported lost in the fourth quarter of 2015. The company stated that excluding special items, its fourth-quarter 2016 adjusted earnings were a net loss of $318 million compared to the $1.1 billion lost a year …