Oil futures rallied on Friday after data revealed a favorable drop in crude oil inventories coupled with a rise in active U.S. oil rigs for the week, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude tacked on 66 cents, or 1.4%, to end trading at $48.99 a barrel, …
Category: Oil & Gas
Louisiana Fraud Lawsuit Names Oklahoma Oilfield Executive
A Louisiana lawsuit accusing two former executives of setting up sham companies to allegedly rob Superior Energy Services subsidiary Stabil Drill Specialites of tens of millions of dollars includes a Yukon oilfield executive. The suit filed recently in Lafayette, Louisiana names longtime Stabil Drill executives Martin A,. LeBlanc and Christopher J. Russo of stealing …
New Spill Rules Approved for Drillers in North Dakota
Those Oklahoma exploration companies who’ve been busy in the state of North Dakota and its Bakken field find themselves facing new rules aimed at reducing spills in the oil patch. The North Dakota Industrial Commission has approved the rules despite the objections by the oil and gas industry. Among the new requirements will be …
Wastewater Research Has Attention of Oklahoma Oil and Gas Industry
What researchers are studying in West Texas has the attention of oil and gas people and others in Oklahoma—recycle oil and gas wastewater. Texas A & M is looking into treating the wastewater, recycling it and using it to irrigate farmland. And so far, it appears to be working according to News 9’s Alex Cameron …
Oil Futures Retreat on Thursday Following Best Quarterly Gain in Seven Years
After posting their largest gain since April, crude oil futures retreated on Thursday despite posting the greatest quarterly gain since 2009, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude dropped $1.55, or 3.1%, to settle at $48.33 a barrel. WTI prices gained over 26% for the second quarter, …
Critics say ETE Circus missed out on Crown Jewel in Williams Companies
He passed up on “the crown jewel” of U.S. gas pipelines. Billionaire oilman Kelcy Warren is not commenting publicly about his decision this week to back out of what started as a $38 billion merger of his Energy Transfer Equity company in Dallas with Tulsa-based Williams Companies. But others are, according to a …
Agreement Puts Colorado’s Roan Plateau off-limits to Drilling
Western Colorado’s wild Roan Plateau is the focus of the U.S. Bureau of Land Management as the federal agency moves to protect it from more natural gas drilling. The BLM approved plans this week to put provisions in place in a 2014 compromise among conservation groups and natural gas producer Bill Barrett Corp. Barrett surrendered …
Alaska’s Yearly Checks to Residents at Risk Over Low Oil Prices
Those oil fund wealth checks that Alaskans have been getting for more than 30 years could be ending as Alaska struggles with budget shortages. Declining production and the drop in oil prices have hit the state just as they have others like Oklahoma and Texas. “At this point, all options are on the table,” said …
Crude Oil Futures Jump While Supply is Down on Wednesday
Shaking off recent concerns over the United Kingdom’s referendum vote to leave the European Union, crude oil futures soared on Wednesday, according to Bloomberg MarketWatch. August West Texas Intermediate crude rose $2.03, or 4.2%, on the New York Mercantile Exchange to settle at $49.88 a barrel. August Brent crude, the global benchmark, jumped $2.03, or …
Environmentalists Challenge Wyoming Judge’s Frack Ruling
We haven’t seen the last of the recent federal judge’s ruling in Wyoming that struck down the Obama administration’s attempts at regulating fracking on federal and Native American lands. Environmental groups including Earthjustice and the Sierra Club asked the Denver federal appeals court this week to revive the rule. Their notice of appeal is a …