Oil futures settled near a two-week low on Wednesday, as traders experienced a volatile day focusing on an increase in domestic output despite an unexpected decline in crude oil stockpiles, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, October West Texas Intermediate crude fell by $1.32, or 2.9%, to settle at $43.58 a barrel. …
Category: Oil & Gas
Cherokee Tribal Council Votes to Support Indian Protest of North Dakota Oil Pipeline
The Standing Rock Sioux tribe fighting the construction of the Dakota Access oil pipeline across North Dakota and three other states is getting support from Oklahoma’s Cherokee Nation. The Cherokee Nation’s Tribal Council voted this week in favor of a resolution of support for the Standing Rock Sioux Tribe’s protest of the pipeline. Chief Bill John Baker …
WTI and Brent Tumble on Tuesday as IEA Report Forecasts Supply Will Outpace Demand Into 2017
Oil futures finished at their lowest level in a week, after the International Energy Agency warned that supply will continue to outpace demand during 2017, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, October West Texas Intermediate crude fell $1.39, or 3%, to settle at $44.90 a barrel, marking its lowest settlement since …
Anadarko Increases Deepwater Gulf Assets
Houston-based Anadarko Petroleum Corp. says it’s paying $2 billion to acquire the deepwater Gulf of Mexico assets belonging to Freeport McMoRan Oil and Gas which is a subsidiary of Freeport-McMoRan Inc. based in Phoenix. The deal is to be concluded before year’s end and will double Anadarko’s ownership in the Lucius deepwater development to 49 …
Total Replaces Chesapeake Energy in Barnett Shale
With the pullout of Oklahoma City’s Chesapeake Energy from the Barnett Shale, Total, the French-owned oil company is moving in to replace it. As a result, France’s largest oil company will be the only company with hydraulic fracturing in the Barnett. Ironically, Total is not allowed to conduct hydraulic fracturing in Europe. In order to …
5,000 Drilled but Uncompleted Wells in the U.S.
A new report by the federal government indicates there are nearly 5,000 drilled but uncompleted wells nationally. The U.S. Energy Information Administration released its monthly Drilling Productivity Report showing DUC counts at the end of august totaled 4,117 in the four oil-dominant regions. Another 914 are in the three-gas-dominant regions. The estimated DUC count in …
OSAGE Tribe Reviewing EPA Well Shutdown Plan
An Osage tribal leader is reviewing earthquake and wastewater injection well plans produced in the wake of the historic 5.8 magnitude earthquake near Pawnee. At the same time, Everett Waller, Chairman of the Osage Minerals Council is promising to do what he can to protect his people. “The safety and welfare of our people is …
Federal Intervention on Oil Pipeline Project Unprecedented
BISMARCK, N.D. (AP) — The Standing Rock Sioux’s effort to block a four-state oil pipeline got a lifeline when the federal government temporarily stopped the project, a move some say likely may forever change the way all energy infrastructure projects are reviewed in the future. Just minutes after U.S. District Judge James Boasberg denied the Standing Rock Sioux …
Meister Issues Open Letter to Three New Williams Board Members
Corvex Management activist investor and former Williams Companies board member, Keith Meister, has fired a second shot at the Tulsa-based pipeline company. In yet another open letter to Williams’ three newly appointed independent directors, Meister urged them to form a strategic review committee in order to examine the merits of a possible strategic consolidation, according to …
News of Crude Oil Supply Decline Lifts Oil Futures on Monday
Oil futures settled higher Monday as they received a boost after data revealed that crude oil supplies fell by more than 1.2 million barrels as of the week ending September 9, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, October West Texas Intermediate crude tacked on 41 cents, or 0.9%, to settle at …