Crude oil prices rose higher on Tuesday following a report that Saudi Arabia is considering cutting crude exports as U.S. production surges ahead, according to Bloomberg MarketWatch. August West Texas Intermediate crude rose 38 cents, or 0.8%, to settle at $46.40 a barrel on the New York Mercantile Exchange. On the London ICE Futures Exchange, September …
Category: Oil & Gas
Oklahoma Energy Companies Still Active in North Dakota
While oil production slipped in May in North Dakota, it still has the attention of some Oklahoma oil and gas exploration companies. Oklahoma City-based Continental Resources, according to the North Dakota Department of Mineral Resources has four active rigs in the Bakken. Tulsa-based WPX Energy has two rigs while Marathon Oil has at least …
EnerVest: A Cautionary Tale of Boom to Bust
Houston-based private equity firm EnerVest has experienced the energy industry’s boom to bust phenomenon firsthand as the company’s $2 billion energy fund has plunged to virtually having little value, according to a recent report by CNBC.com. Reports indicate the firm borrowed heavily and made numerous purchases of oil and gas wells when crude oil prices were high. …
Crude Oil Settlements Fall on Monday
Crude prices fell on Monday as a government report revealed expectations for a rise in U.S. shale oil production for August, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude shed 52 cents, or 1.1%, to settle at $46.02 a barrel. On the London ICE Futures Exchange, September Brent crude, …
More Layoffs at ConocoPhillips in Bartlesville?
Employees at ConocoPhillips in Bartlesville may be in for another round of layoffs, according to a report by Newson6.com. Following a $13 billion asset sale of its heavy crude and gas operations in Canada this past March, speculation is running rampant that more jobs will be lost in Bartlesville. Although specifics aren’t being discussed officially, …
Rig Count: Oklahoma Down Two, Texas Gains Three But U.S. Remains Flat
Canada led the way in North America last week with the addition of 16 new rigs while the U.S. rig count was flat, according to the Baker Hughes rig count released on Friday. With 16 additional rigs, Canada now has a total of 191, including 96 rigs when compared with data from a year ago. …
WTI and Brent Crude Advance on Friday
Crude oil futures rose more than 5% for the week as a higher forecast for crude demand helped boost prices for a fifth consecutive session, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude rose 46 cents, or 1%, to settle at $46.54 a barrel. It rose roughly 5.2% for …
Magellan Midstream Reports Pipeline Spill in Bastrop County, Texas
Tulsa-based Magellan Midstream Partners, L.P. reported Thursday that a crude oil pipeline rupture in Bastrop County, Texas leaked nearly 1,200 gallons of oil. Magellan advised that an excavating contractor performing maintenance activities on the company’s Longhorn pipeline struck a fitting shortly before 9 a.m., forcing the temporary evacuation of nearby residents. No injuries were reported. …
Rally Continues on Thursday for Crude Oil Futures
Oil continued its rebound on Thursday as traders found support from the largest weekly decline for domestic crude inventories in nearly a year coupled with a forecast for stronger growth in demand through the end of 2017, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude tacked on 59 cents, …
WTI, Brent Crude Settlements Post Gains on Wednesday as Oil Inventories Drop Below 500 Million Barrels
Crude prices surged higher on Wednesday as government data reports confirmed a sharp decline in domestic oil for a second consecutive week, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude climbed 45 cents, or 1%, to settle at $45.49 a barrel. On the London ICE Futures Exchange, September Brent …