With doubt cast aside, oil futures surged on Thursday to recoup almost half of Wednesday’s losses, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude jumped 93 cents, or 2.1%, to end trading at $45.68 a barrel. On London’s ICE Futures Exchange, September Brent crude gained $1.11, or 2.4%, …
Category: Oil & Gas
Devon Finalizes $1.1 billion sale of Canadian Pipeline
Oklahoma City’s Devon Energy announced Thursday it is going ahead with a nearly $1.1 billion sale of its 50 percent ownership in a western Canada Access Pipeline. As OK Energy Today reported earlier, Wolf Midstream Inc. is the buyer. “With the highly-accretive sale of Access, Devon’s divestiture program is now complete with proceeds totaling $3.2 …
Chesapeake Reaches $51 million Settlement of Hundreds of Royalty Lawsuits in Fort Worth
Oklahoma City’s Chesapeake Energy has agreed to pay nearly $51 million to settle hundreds of lawsuits filed over royalty fights around Fort Worth, Texas. The company had been accused of cheating property owners out of millions of dollars in natural gas royalties. Attorneys at a Fort Worth law firm announced this week that 91 percent …
WTI, Brent Fall Sharply on Wednesday Upon News of Gasoline Surplus Spike
Oil futures retreated on Wednesday, reversing Tuesday’s gains following the release of a government report indicating a significant increase in gasoline reserves, according to a Bloomberg MarketWatch report. On the New York Mercantile Exchange, August West Texas Intermediate crude dropped $2.05, or 4.4%, to settle at $44.75 a barrel. September Brent crude, the global benchmark, …
US Supply of Ethanol Slips While Production Increases
Stocks of ethanol in the U.S. fell by 2 percent over the past week, according to a report from the U.S. Energy Information Administration. Production averaged 1.004 million barrels a day in the past week which translates into 42.17 million gallons daily. That’s an increase of 20,000 barrels a day in production from the previous …
Devon Nears Sale of Its Stake in Canada’s Access Pipeline
Oklahoma City’s Devon Energy’s close to selling its 50 percent stake in the Access Pipeline in Western Canada according to a report by Bloomberg. Wolf Infrastructure, a midstream oil and gas firm backed by the Canada Pension Plan Investment Board is about to complete the deal that could be worth as much as $1.2 billion …
OPEC Forecast Buoys WTI, Brent Crude Oil Settlements on Tuesday
Crude oil futures closed out Tuesday on a higher note as OPEC forecasted higher demand with lower production next year, according to Bloomberg MarketWatch. August West Texas Intermediate crude climbed $2.04, or 4.6%, to end trading at $46.80 a barrel on the New York Mercantile Exchange, reaching its highest finish in nearly a week. On …
What the Federal Government Predicts about Future Oil/Gas Production
The government’s forecasting U.S. petroleum and other liquid fuels production will only grow in the coming decades. The U.S. Energy Information Administration predicts the production will grow from 14.8 million barrels a day in 2015 to 18.6 million barrels a day by 2040. The prediction comes in the EIA’s Annual energy Outlook 2016. And what does …
Oklahoma Has 2nd Cheapest Gasoline Prices in U.S.
Oklahoma gasoline prices are down to a new statewide average of $2.02 a gallon, a drop of nearly 5 cents in the past week, according to AAA Oklahoma. It means Oklahoma has some of the cheapest gasoline in the country. Nationally, prices are at their lowest mark for the date since 2004, coming in …
Oil Futures Ebb on Monday as OPEC Output Flows
Oil futures eroded on Monday upon news that OPEC production has reached its highest peak since August 2008, according to a Bloomberg MarketWatch report. S&P Global Platts indicated that OPEC’s June output surged by nearly 300,000 barrels a day from the previous month, sparking widespread concern that global output will continue to disrupt oil futures …