WTI Crude
50.43
Brent Crude
56.58
Natural Gas
2.96

Category: July 2017

New Ssanctions On Russia Anger EU, Oil & Gas Industry

With a vote of 419 to 3, the House of Representatives passed legislation envisaging firmer economic sanctions against Russia as well as a stipulation that would make it harder for the White House to weaken any future sanctions against Moscow. The overwhelming vote, media noted, was a blow to President Trump, who had asked for flexibility in the adjustment of the sanction policy. Instead, the House passed the new sanction bill with veto-proof majority, The Hill reports, taking away Trump’s chance to block…

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Energy analysts are getting worried about oil drillers’ spending again

U.S. oil and gas drillers have cleaned up their balance sheets over the last year, but some analysts worry they are growing production at the expense of financial discipline. Drillers look healthier today after slashing capital spending, putting dollars behind their most productive land and securing discounts from the companies that help them extract oil from their wells. But many are still spending beyond their means to hike output at a time when analysts are cutting their oil price forecasts.…

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Oil prices hover near eight-week high on lower U.S. inventories

Oil prices traded close to eight-week highs on Thursday, boosted by a steeper-than-expected slide in U.S. crude inventories last week. Brent crude futures LCOc1 dipped by 2 cents to $50.95 a barrel at 1346 GMT, after rising about 1.5 percent in the previous session. U.S. West Texas Intermediate futures CLc1 slipped 1 cent at $48.74 a barrel. Both contracts traded lower earlier in the session on a stronger dollar, but recovered most of the lost ground. A stronger U.S. currency…

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America’s Biggest Oil Port Wants to Be a Two-Way Street

The biggest U.S. oil-import hub wants to grab a piece of surging North American crude exports. Louisiana Offshore Oil Port, the only terminal along the U.S. Gulf Coast able to handle a fully laden supertanker, is gauging interest from shippers in sending crude overseas on the world’s biggest ships by early next year. The port would continue to take in foreign oil, LOOP LLC said in an emailed statement Monday. Ports are competing to fill the needs of domestic oil…

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Halliburton Sees Drillers `Tap the Brakes’ on Shale Boom

Halliburton Co., promising to be disciplined in adding more fracking gear to the oilfields, says U.S. explorers are "tapping the brakes" on drilling as the price of oil struggles to breach $50 a barrel. The comments come days after Baker Hughes data found that explorers reduced the number of U.S. rigs for the second time in four weeks. The decline and the statements by Halliburton, the world’s biggest provider of fracking services, could bolster confidence that spending by the shale…

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Oil extends gains as Saudi pledges export curbs

Oil prices extended gains on Tuesday after OPEC moved to cap Nigerian oil output and Saudi Arabia pledged to limit exports next month to help rein in global oversupply. London Brent crude for September delivery was up 7 cents at $48.67 a barrel by 0039 GMT after settling up 54 cents or 1.1 percent on Monday. U.S. West Texas Intermediate (WTI) crude futures were up 10 cents at $46.44. OPEC member Nigeria had been exempt from the cartel's deal with…

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Mining for sand in the booming frac sand business

Oil prices may remain weak, but business is booming for oil in Texas shale plays, especially in West Texas' Permian Basin. That means the demand for sand is skyrocketing to churn out oil and gas as part of the hydraulic fracturing, or fracking, process. The industry is moving quickly to produce more sand than ever to meet the demand of an oil and gas sector that is using up to 20 times more sand per well than it did during…

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Brent oil climbs above $50 for first time since early June

LONDON (Reuters) - Brent crude oil rose above $50 per barrel for the first time since early June on Thursday, adding to gains made the previous session when falling U.S. crude and oil product inventories lifted the market. Brent futures LCOc1, the international benchmark for oil prices, stood at $50.10 at 1257 GMT, 40 cents up from their last settlement. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.42 per barrel, 30 cents higher. Both benchmarks were trading…

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Small Permian producers flashing warnings as oil remains cheap

In many ways, the economic impact of falling oil prices stung worse in West Texas than it did in Houston, which lost tens of thousands of jobs in the throes of the oil bust. "It was a bloodbath out there," said Karr Ingham, a Texas economist based in Amarillo. "There's a recovery in full swing down there, but the elephant in the room is oil prices. The bigger guys are still spending, but they're going to stall out at some…

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Marketed: Five E&Ps Offer Permian Wells, Leasehold In West Texas

Permian Basin oil and gas properties throughout West Texas are for sale in five separate, sealed-bid offerings being handled by EnergyNet. The offerings comprise operated and nonop interests, HBP leasehold acreage and producing wells. Sellers consist of Energy Properties 2000-I LLC, Jones Energy Inc. (NYSE: JONE), Bold Energy II LLC, Fletcher Exploration LLC and Monadnock Resources LLC. CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER Published by Oil and Gas Investor [formidable id="19"]

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