While the world hastens to return to a normal life following the coronavirus pandemic, demand grows for gasoline and it resulted in another big climb in crude oil prices in Monday’s trading as the markets reached into the $74 and $75 range in the US and overseas. As a result, it proved to be …
Category: Oil & Gas
Devon Energy establishes new environmental performance targets
Oklahoma City-based Devon Energy Corp. announced Monday it is establishing new environmental performance targets focused on reducing the carbon intensity of its operations, minimizing freshwater use, and engaging constructively with its value chain. Three of its goals including achieving net zero greenhouse gas emissions by 2050 and reducing the GHG emissions intensity by 50% …
Magellan and Enterprise team up with Intercontinental Exchange for new Houston Crude Oil Futures contract
Tulsa-based Magellan Midstream Partners, L.P. , Enterprise Products Partners L.P. and Intercontinental Exchange, Inc. announced the establishment of a new futures contract for the physical delivery of crude oil in the Houston area. The Midland WTI American Gulf Coast contract is being launched in response to market interest for a Houston-based index with greater …
North Dakota firm behind on oil refinery construction
An energy company that says its proposed Davis Refinery will fill a glaring need for refining capacity in North Dakota is under pressure to begin construction or face the loss of its state permit. The permit was approved three years ago for Meridian Energy Group to build the oil refinery near Theodore Roosevelt National …
Energy news in brief
** Lumber prices have pulled back sharply from astronomical heights in recent weeks as homeowners have redirected their spending from building decks and replacing flooring to going out to eat, drink and shop after Covid-19 rules were eased in the US. Lumber prices have plummeted 48 per cent to $875 per thousand board feet from a …
$100 oil? It’s the prediction of Bank of America
While oil is hovering at the $71 to $72 a barrel level, Bank of America Corp. is out with a prediction that crude prices will surge to$100 a barrel next year. Bloomberg reports that Bank of America believes global oil consumption will outstrip supply in 2022 as the economic recovery from the pandemic boosts …
Energy news in brief
** Roughly 20% of electric vehicle owners in California replaced their cars with gas ones, a recent study shows. The main reason drivers made the switch was the inconvenience of charging. ** U.S. pump prices soared to seven-year highs above $3 per gallon this week despite stockpiles of gasoline surging by 10.5 million barrels over the …
Baker Hughes rig count grows nationally but slips in Oklahoma
Oklahoma’s number of active oil and gas rigs in the past week declined by one while nationally activity picked up according to Baker Hughes Co. The firm released its weekly rig numbers on Friday showing Oklahoma’s count dropped by one to 27, still three times more than the 9 rigs reported active in the …
Harold Hamm’s $10 million purchase of company shares
Billionaire Harold Hamm might be wondering why he did what he just did this week in the nearly $10 million purchase of shares in Continental Resources, the company he founded and is still chairman. He bought 270,000 shares of Continental as prices were at their highest level since 2019. They represented his first purchase …
Enverus reports dip in nation’s rig count
The U.S. rig count fell by 12 in the last week to 522 as of June 16, according to Enverus Rig Analytics. But the count also shows Oklahoma City’s Ascent Resources and Chesapeake Energy continue to be active in Appalachia. The count is down 3% on the month but up 86% on the year. …