Oil futures climbed back above the key benchmark of $50 a barrel on Thursday, buoyed by traders who speculated that the United Kingdom would remain as a member of the European Union, according to Bloomberg MarketWatch. August West Texas Intermediate crude increased by 98 cents, or 2%, to end trading at $50.11 a barrel on …
Category: Oil & Gas
Tulsa Driller Files Suit over Earthquake Insurance Coverage
Facing five lawsuits and being accused of causing earthquakes in the state, Tulsa-based New Dominion LLC has gone to court against underwriters Lloyd’s of London. The company filed suit in Tulsa County District court claiming the company and Mark Tedford and his firm, Tedford & Associates LLC misled the firm about earthquake damage and whether …
White House calls Judge’s Fracking Ruling a “temporary setback”
The Obama administration is not happy after a Wyoming federal judge ruled against hydraulic fracturing rules created by the Bureau of Land Management covering oil and gas drilling on federal and Indian lands. A spokeswoman defended what she called “modernized fracking requirements” and said they “are aimed at ensuring adequate well control, preventing groundwater contamination …
Crude Oil Futures Fall on Wednesday While Supplies Remain Replete
Oil futures settled below $50 a barrel on Wednesday as a weekly government report revealed a plateau in crude oil inventories, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude shed 72 cents, or 1.4%, to end trading at $49.13 a barrel, falling from $50.18 a barrel before release …
Two Oilfield Deaths in Past Week in North Dakota
North Dakota has experienced its second oilfield fatality in the past week. The latest was a 36-year-old man struck by the boom of a crane being used to remove pipe out of the ground. He worked for a Michigan-based drilling contractor hired to perform work on the well that is owned by Houston-based EOG …
Fracking Rules of Obama Administration Struck Down by Wyoming Federal Judge
The same federal judge in Wyoming who last year blocked implementation of President Obama’s first attempts at controlling fracking on federal and Indian lands has now struck down those regulations. “The issue before this Court is not whether hydraulic fracturing is good or bad for the environment or the citizens of the United States,” …
Success in the STACK Results in Increased Expectations for Newfield Energy
Oklahoma’s STACK has been so good to Houston, Texas based Newfield Exploration Company, the energy producer has issued an interim operations update and raised production expectations for the second quarter and the rest of 2016. Second quarter 2016 net production is now expected to exceed the mid-point guidance by nearly 0.5 million barrels and …
Crude Oil Futures Fall on Tuesday as Brexit Anxiety Creates Volatility
Crude oil futures were down on Tuesday as traders worried over Britain’s EU membership uncertainty and the July WTI contract expired, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, July West Texas Intermediate crude fell 52 cents, or 1.1%, to settle at $48.85 a barrel. While the July contract expired, August WTI crude became …
Energen’s Plan—-Drill Wells and Sit on Them
Alabama based Energen Corporation says it has closed and signed purchase and sale agreements on more than half a billion dollars in holdings in West Texas and northwestern New Mexico and now is a pure Permian Basin developer. The company sold some holdings in the Delaware Basin of west Texas and the San Juan Basin in …
Crude Oil Futures Post Gains on Monday as EU Fears Diminish
Oil futures jumped on Monday with the news that the United Kingdom would likely remain a member of the European Union, according to Bloomberg MarketWatch. July West Texas Intermediate climbed $1.39, or 2.9%, on the New York Mercantile Exchange to end trading at $49.37 a barrel. The July contract expires on Tuesday while as August …