Weekly data from government reports buoyed crude oil futures on Thursday as settlements remained above $50 a barrel, according to Bloomberg MarketWatch. Prices soared with natural gas futures reaching their highest level since December 2014, resulting in a modified outlook increasing price expectations for the heating fuel. On the New York Mercantile Exchange, November West …
Category: Oil & Gas
Borehole Test Operation Doubled in Size with $2.5 million Expansion
Announced this week—-Catoosa Test Facility has completed a $2.5 million expansion at its Pawnee County operation, a completion that will double borehole testing capacity for oilfield manufacturers. Located near Jennings, midway between Stillwater and Tulsa, the expansion was actually finished in July but it enabled CTF to add a second drilling rig to allow 18 …
Senior Notes Offerings by Phillips 66 Partners and Dynegy Inc.
Two Houston-based energy firms have announced massive senior notes deals. While Phillips 66 Partners LP is announcing a $1.125 billion Senior Notes Offering, Dynegy Inc. is closing its offering of $750 million senior notes. The Phillips offering includes notes due 2026 and in 2046 and the proceeds will be used to pay the cash consideration …
Devon Wraps up $1.1 billion Sale of its Share of Access Pipeline
With the completion of its $1.1 billion sale of its 50% ownership interest in Access Pipeline, Devon Energy expects the proceeds to beef up its investment-grade balance sheet. It also means the investments will put the Oklahoma City-based energy company in a position to get higher benefits from the STACK and other resource-rich U.S. areas. The …
Chesapeake Energy Shares Jump 50% in Three Months
Skyrocketing prices of Chesapeake Energy shares are getting some attention in the stock market. As Seeking Alpha notes, Chesapeake shares have jumped 50% in the past three months and it’s largely due to a “rally in natural gas pricing.” The investment company says Chesapeake Energy is likely to reap the benefits of a growing …
Crude Oil Futures Fall on Wednesday as Doubts Persist About OPEC Production Agreement
Oil futures fell Wednesday as uncertainty over Russia’s willingness to cut production and a monthly rise in output from OPEC members sent prices lower for a second consecutive session, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, November West Texas Intermediate crude fell 61 cents, or 1.2%, to settle at $50.18 a barrel after …
IEA Report Reveals Significant Increase in OPEC Output as WTI, Brent Fall on Tuesday
Crude oil futures settled lower on Tuesday but remained above the crucial $50 benchmark as a report of OPEC’s record production in September reflected a retreat in the market, according to Bloomberg MarketWatch. November West Texas Intermediate crude fell 56 cents, or 1.1%, to settle at $50.79 a barrel on the New York Mercantile Exchange. On …
Governor Makes Changes in Her Oilfield Prayer Day Proclamation
(Associated Press) Oklahoma Gov. Mary Fallin plans to revise a proclamation inviting Christians to pray for the “blessings created by the oil and natural gas industry” to be more inclusive. Fallin spokesman Michael McNutt said Monday the proclamation declaring Thursday “Oilfield Prayer Day” will be revised to invite people of all faiths to pray for …
Crude Oil Futures Soar to Highest Finish Since 2015 on Monday
Crude oil futures surged on Monday, posting their best settlements in more than a year as favorable comments from Saudi Arabia’s energy minister and Russian President Vladimir Putin appeared to set the stage for ensuring a production cap in the near future, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, November West Texas …
Ethanol Exports Saw Increase in August
U.S. ethanol exports rose 12% in August compared to July according to government trade data analyzed by the Renewable Fuels Association. The exports totaled 77.9 million gallons as Brazil increased its purchases of U.S. product by 65% over July, thereby making up 32% of the total exports. Canada and India also increased their purchases—-Canada buying 20.9 …