Oil futures climbed Thursday as government data confirmed a third consecutive weekly decline in domestic crude oil inventories, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, November West Texas Intermediate crude rose 98 cents, or 2.2%, to settle at $46.32 a barrel, its highest finish since September 8. That marked a fourth consecutive …
Category: Oil & Gas
Oil and Gas—Largest Single Source of Tax Funding in State
Just how critical is the oil and gas industry to the state of Oklahoma. A new report from the Oklahoma State Chamber of Commerce says it makes up the largest single source of tax funding for public services in Oklahoma. Entitled “Economic Impact of the Oil and Gas Industry in Oklahoma,” the more than 60-page …
Phillips 66 Oil Leak Investigated at California’s San Pablo Bay
An investigation is underway into a possible oil leak from the Phillips 66 refinery or from a tanker docked at the refinery’s Marine Terminal in California’s San Pablo Bay near San Francisco. The U.S. Coast Guard first located an oil sheen on Wednesday and Phillips 66 officials issued a statement. “At the time, a tanker was berthed …
Exxon to Pay $12 million Over Yellowstone River Pipeline Oil Spill
A federal judge still has to approve the agreement, but Exxon says it will pay $12 million for environmental damages caused by an oil pipeline break that spilled 63,000 gallons of oil into Montana’s Yellowstone River. The break happened up stream of Billings, Montana’s largest city and required several months of cleanup. it also killed …
Westar Energy Clears Legal Hurdles in Acquisition of Great Plains Energy
Westar Energy’s $12.2 billion sale to Great Plains Energy Inc. cleared legal hurdles on Wednesday as litigants agreed to resolve their cases, according to a Topeka Capital-Journal report. A new Securities and Exchange Commission filing revealed that one Missouri and two Kansas legal challenges will be dropped. The first Kansas case was filed on July …
Oil Futures Rebound on Wednesday After Data Suggests Third Weekly Inventory Decline
Oil futures recovered and traded higher on Wednesday after U.S. government data confirmed a drop in crude oil inventories, marking the third unexpected weekly decline in a row, according to Bloomberg MarketWatch. November West Texas Intermediate crude tacked on $1.29, or 2.9%, to settle at $45.34 a barrel on the New York Mercantile Exchange. November Brent …
Group Says Pipelines are Still Safest Way to Move Oil and Gas
While Native Americans protest in North Dakota and environmentalists do the same in Oklahoma and other states with oil pipelines, a report from the Association of Oil Pipe Lines says they are still the safest way to move oil and gas across the country. David Murk, API Pipeline Manager says the report confirms the priority …
WTI Settles Higher, Brent Lower on Volatile Tuesday
West Texas Intermediate crude oil futures ended higher on Tuesday while Brent crude traded slightly lower as investors awaited weekly data to substantiate the anticipated rise in crude oil inventories, according to Bloomberg MarketWatch. October West Texas Intermediate crude rose by 14 cents, or 0.3%, to settle at $43.44 a barrel on the New York Mercantile …
New SCOOP Pipeline is Joint Venture Between Velocity Midstream and Wynnewood’s CVR Refining
A Tulsa pipeline company and a Wynnewood refinery operator are collaborating on an oil pipeline to serve operators in Oklahoma’s SCOOP play, according to a report by The Oklahoman. Velocity Midstream Partners LLC and CVR Refining LP announced Monday that two of their subsidiaries will form a joint venture to build a pipeline and terminal …
Houston Energy Company Hits it Big in Grady County
Three massive gas and oil wells have been reported in Oklahoma’s Grady County by the Houston, Texas energy firm, Vitruvian Li Woodford LLC. One of the wells had 18,555 Mcf of gas at its site located east of Rush Springsl The Anita Fowler also produced 377 barrels of oil a day. It had a …