After two days of 2% gains, crude oil prices fell more than 1% or a dollar a barrel in Thursday’s trading as another OPEC report fueled worries about summer demand. West Texas Intermediate dropped $1.10 or 1.3% to finish at $82.16 a barrel on the New York Mercantile Exchange. Global benchmark Brent crude settled …
Category: Oil & Gas
Diversified Energy report reflects on impact in Oklahoma economy
A new report by Diversified Energy, the nation’s largest natural gas well operator, shows its operations added more than $1 billion to its 10-state operating area which includes Oklahoma. The Alabama-based company said it supported more than 8,600 direct and indirect jobs and also generated $500 in federal, state and local revenues. Its operations …
Pain at the pump increased in Oklahoma
Oklahoma drivers and others across the U.S. are paying the price for the recent OPEC+ decision to cut crude oil production by more than a million barrels of oil a day. Oklahoma’s average in the past week rose 14 cents to reach an average price of $3.31 a gallon and it is 28 cents …
Occidental leader predicts even more oil production from the Permian Basin
For those who think the oil and gas production in the Permian Basin has peaked, Occidental’s CEO Vicki Hollub in essence says “you ain’t seen nothing yet!” She predicts the Permian has not reached peak production and if anything, will increase its output to offset production declines in other basins reports Reuters. Click here …
Cushing sees continued decline in crude oil in storage
Crude oil stocks held at the Cushing Hub in Oklahoma continue their downward slide. The U.S. Energy Information Administration reported this week that the amount of crude oil held in storage declined by 400,000 barrels. The EIA stated that as of April, there were 33.8 million barrels of crude at Cushing compared to the …
Williams workers to hold annual “volunteer” week in 19 states
Williams employees will be volunteering in communities across the United States as part of the company’s second annual Volunteer Week, April 16 – 22. With 116 projects scheduled in 19 states, about 1,100 employees will assist teachers in elementary classrooms, collect electronics for recycling and help stock food pantries among dozens of other volunteer …
Quick energy reads
** The Biden administration’s plan to stifle auto pollution and spur electric vehicles is expected to shrink US oil demand by an estimated 17 billion barrels through 2055. ** The Texas Senate passed a bill that will cap how much bitcoin (BTC) miners can participate in demand response programs, under which they get paid to …
ConocoPhillips leader predicts more shale deals
ConocoPhillips Chief Executive Officer Ryan Lance expects there will be more shale mergers in the industry, along with acquisitions, but don’t expects his company to be leading the way. It’s what he said in an interview this week on Bloomberg TV. Click here for Bloomberg
Oil and gas spills increased in 2022 in New Mexico
A new report says of the three states, Colorado, Wyoming and New Mexico, the most oil and gas spills in 2022 occurred in New Mexico. The Center for Western Priorities released its annual Spills Tracker report showing New Mexico had 1,455 spills las year, which was 16% more than the 1,398 reported in …
Crude oil prices gain 2% for a second straight day
While crude oil prices rose 2% in Wednesday’s trading in response to growing optimism the Federal Reserve will stop its interest rate hikes, Oklahoma energy stocks had a moderate day in trading. West Texas Intermediate crude in the U.S. closed up $1.73 or 2.1% to finish at $83.26 on the New York Mercantile Exchange, the …
