While the announcement of OPEC’s production cut was made in Vienna on Wednesday, news traveled fast creating a surge in the domestic crude oil futures market for the day. In Oklahoma, the OPEC deal is considered good news for oil and natural gas producers. For the past few years, Oklahoma producers decreased output for economic …
Category: Oil & Gas
Williams Announces Closure of Oklahoma City Office as Part of Company Consolidation
The Williams Companies announced Wednesday that it is closing its Oklahoma City office effective July 30, 2017, citing consolidation efforts to simplify structure and operational alignment. The energy company confirmed it will relocate a majority of the 400 jobs to the Tulsa headquarters or other Williams locations, according to a company press release. “We also …
Crude Oil Futures Rebound With $4 a Barrel Gains as OPEC Strikes Deal to Curb Output
Crude oil futures posted vaulted to more than a 9% gain on Wednesday after news that OPEC reached an agreement to cut production for the first time in eight years, according to Bloomberg MarketWatch. At the Vienna summit conference, the 14-member OPEC cartel agreed to cut daily production by 1.2 million barrels a day to a …
Natural Gas Service Customers in Kansas to Pay More
The Kansas Corporation Commission has approved a $15.5 million rate hike for Kansas Gas Service, a deal that will result in customers paying another $1.25 a month. Kansas Gas Service is a division of Tulsa-based ONE Gas, Inc., successor to ONEOK. ONE Gas is considered to be one of the largest publicly traded and 100 …
Crude Oil Futures Fall Short on Tuesday, OPEC Announcement on Production Cut Due on Wednesday
Crude oil futures plummeted on Tuesday as the futures market awaits OPEC’s announcement regarding a possible production cut, according to Bloomberg MarketWatch. January West Texas Intermediate crude fell $1.85, or 3.9%, to settle at $45.23 a barrel on the New York Mercantile Exchange. January Brent crude, the global benchmark, declined $1.86, or 3.9%, to end trading …
Concho Resources Expanding Exploration into SE New Mexico
The state of New Mexico is anticipating more oil production to result from a $430 million deal by Texas-based Concho Resources to acquire land in the northern Delaware Basin in southeastern New Mexico. Most of the land is located in the Red Hills area of Lea County and Concho’s president and chief executive Tim Leach …
WTI, Brent Crude Rebound on Monday as OPEC Devises Plan to Cut Production
Crude oil futures soared on Monday as traders held hope that OPEC may succeed in its plan to curb crude output, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, January West Texas Intermediate crude jumped $1.02, or 2.2%, to settle at $47.08 a barrel, marking the first session gain since November 21. On …
DAPL Protesters Told by Army Corps to Vacate Encampment by December 5
The Standing Rock Sioux Tribe was notified on Friday by the U.S. Army Corps of Engineers that the North Dakota encampment area must be vacated by December 5 for safety concerns. The area has been occupied for months by protesters opposing the four-state, $3.8 billion Dakota Access pipeline under construction by Dallas-based Energy Transfer Partners. …
Crude Oil Futures Finish Lower on Friday
Crude oil futures prices fell Friday, as traders awaited decisions from next week’s OPEC production meeting where the cartel could strike a deal to cut output, according to Bloomberg MarketWatch. West Texas Intermediate crude futures finished down $2.02, or 4.2%, at $45.93 a barrel on the New York Mercantile Exchange. For the week, the contract …
Crude Oil Futures End Lower on Wednesday Despite Drop in Supply Inventory
Despite a decline in domestic crude supplies, oil futures finished slightly lower on Wednesday, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, January West Texas Intermediate crude fell by 7 cents, or 0.2%, to settle at $47.96 a barrel. On London’s ICE Futures Exchange, January Brent crude, the global benchmark, lost 17 cents, or …