Crude oil prices continued to climb on Monday as expectations grow for an extension to the OPEC production agreement, according to Bloomberg MarketWatch. With the June contract expiring at the session’s end, West Texas Intermediate crude added 40 cents, or 0.8%, to settle at $50.73 a barrel on the New York Mercantile Exchange. July WTI ended …
Category: Oil & Gas
Expanded Lateral Drilling Bill Wins Senate Support
The bill allowing multiunit drilling in all rock formations in the state, one supported by the Oklahoma Independent Petroleum Association won approval Saturday in the State Senate. Senate Bill 867, approved by the House of Representatives Joint Committee on Appropriations and Budget Committee on Friday won support in the Senate on a 26-19 vote. It …
Continental Scores Two Major Wells in SCOOP
Oklahoma’s SCOOP yielded two sizeable wells for Oklahoma City-based Continental Resources. Both are producing more than 1,000 barrels of oil a day. The largest Continental well is the Trammell at 11 6N 6W located about 9 miles east of Chickasha and just north of the Washita River. Its production is 1,808 barrels of oil …
Rig Counts Grew in Oklahoma and the U.S. in Past Week
Oil and gas rig counts were up in Oklahoma, Texas, New Mexico and Kansas in the past week while the national count soared by 16 to reach 901. The Baker Hughes Co. of Houston and the Red Top Rig Report, courtesy of the Independent Oil and Gas Commission of Wichita reported increases in counts. …
Crude Oil Futures Rise Higher on Thursday
Crude oil futures settled slightly higher on Thursday despite data suggesting that supply inventories are shrinking at a snail’s pace, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude finished up 28 cents, or 0.6%, to settle at $49.35 a barrel. Brent crude, the global benchmark, added 30 cents, …
WTI Rises, Moves Closer to $50 a Barrel Benchmark on Wednesday
Oil prices climbed on Wednesday after the EIA reported favorable data on declining U.S. crude inventories, according to Bloomberg MarketWatch. June West Texas Intermediate crude tacked on 41 cents, or 0.8%, to settle at $49.07 a barrel on the New York Mercantile Exchange. July Brent crude, the global benchmark, rose 56 cents, or 1.1%, to a …
WTI, Brent Crude Drop on Tuesday After IEA Alerts OPEC Extension Not Enough to Rebalance Market
Crude oil settlements finished slightly lower on Tuesday as the International Energy Agency cautioned that a rebalance of the global oil market cannot be achieved if action is solely based on an extension to the OPEC production cut agreement, according to Bloomberg MarketWatch. June West Texas Intermediate crude slid 19 cents, or 0.4%, to settle at …
Study Shows ‘Flow Lines’ Cause of Majority of Most Oil and Gas Spills and Leaks
An analysis of state agencies’ records shows flow lines have been problems in more than 7,000 spills and leaks since 2009 in the U.S. including the deadly home explosion in Colorado last month, according to E and E News. The energy news group cites cases in Oklahoma involving such lines including a 2011 incident near …
Oklahoma Oil and Gas Expo to Be Expanded in October
The Oklahoma Oil and Gas Expo planned for October in Oklahoma City will be expanded, according to Sustaining Oklahoma’s Energy Resources, a program under the Oklahoma Energy Resources Board. The new Bennett Event Center at the Oklahoma State Fair Park will be the site of the 21st annual Expo on October 31. The center is …
Crude Oil Futures Surge on Monday as Saudi Energy Minister Promotes Agreement Extension
After two weeks of retreating settlements, crude oil futures rallied on Monday after energy ministers from Saudi Arabia and Russia released a joint statement supporting a nine-month extension of OPEC production cuts, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude surged by $1.01, or 2.1%, to settle at …