WTI Crude
58.69
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64.03
Natural Gas
3.08

Category: SEPTEMBER 2017

Oil’s Move Higher Now Rests Squarely on U.S. Shoulders

Metals have been punished in recent days as Chinese data has disappointed, but oil is in full party mood. Brent crude was trading near $59 a barrel on Tuesday, its loftiest level since 2015, after rising nearly 4% overnight and putting it back into a bull market. That should raise some red flags—strong Chinese demand supported the oil market earlier this year when U.S. drivers weren’t getting out so much, and will be necessary to keep rebalancing the market, particularly…

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Exxon adds 22,000 acres in Permian Basin

Exxon Mobil has snapped up 22,000 acres in the Permian Basin since May, expanding its footprint in West Texas and New Mexico through undisclosed acquisitions. The Irving-based oil company said Wednesday it bought prolific oil land sitting on top of multiple layers of oil-soaked rock known as stacked pay zones, in the Delaware Basin and the Midland Basin. CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER Written by Collin Eaton at The Houston Chronicle [formidable id="19"]

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Nocera: The Permian Basin Still Has an Awful Lot of Oil

I spent the weekend in Austin at the University of Texas, where I drove past what is arguably the most important oil well in American history, the Santa Rita No. 1. There are those who would bestow that title on the famous East Texas gusher at Spindletop, which spurred the rise of the oil industry in 1901. The Santa Rita No. 1 first hit oil 22 years later, after two arduous years of drilling, in Reagan County in West Texas.…

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Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil

The lucrative Permian Basin still holds between 60 and 70 billion barrels of unharvested oil, IHS Markit Ltd said this week. The recoverable resources in the basin shared by Texas and New Mexico could supply crude to every U.S. refinery for 12 years straight—that’s a total market value of $3.3 trillion at the going rate for West Texas Intermediate (WTI) barrels. The data comes from a three-year study on 440,000 wells in the basin, which pumps more oil than any field in…

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Exxon Promises to Cut Methane Leaks from U.S. Shale Oil and Gas Operations

ExxonMobil said on Monday that it would take a series of steps to cut emissions of methane, a potent greenhouse gas, from its U.S. onshore oil and gas production. The measures will include upgrading equipment and finding and repairing leaks. The announcement comes as the Trump administration is working to postpone and review federal rules that would require similar steps across the industry. Oil and gas trade groups sued to block those rules, saying they were too costly. Now, some environmentalists…

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Texas Sees Increase In Oil And Gas Employment

The Federal Reserve Bank of Dallas has released its September Energy Indicators, outlining the activity in oil and gas in Texas. According to the Dallas Fed, oil and gas employment in Texas expanded in August by 1,700 jobs, reaching a total of about 218,500. This change has been due to additions in support activities, which added 2,200 jobs in Texas in August. Overall oil and gas employment in the country totals 403,600, meaning Texas accounts for 54 percent of the…

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Two Big Words Show Why U.S. Oil May Finally Be Turning a Corner

Oil futures in New York have been stuck in glut mode, but that may be starting to change for the first time in years as backwardation, one of those big words used by traders, begins to replace contango. After prices collapsed in 2014, West Texas Intermediate gradually started selling at a discount to its longer-dated futures. That’s what contango means. This occurs when buyers are willing to pay more for future deliveries as a way to limit their storage costs.…

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Eagle Ford Earns its Place as U.S.’s No. 2 Oil Basin

While it has been recently eclipsed by the Permian, the Eagle Ford in South Texas remains one of the most important shale basins in the world. According to the EIA, the basin will produce 1,280 MBOPD in September, making it the second-largest oil-producing basin in the U.S. Despite temporary interference from Hurricane Harvey there are currently 71 rigs active in the basin, making the Eagle Ford second in drilling activity as well. Just like any other area of Texas, these…

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Oil dips on rising US crude inventories and production

Oil markets dipped on Thursday, weighed down by rising U.S. crude inventories and production as well as a stronger dollar, which potentially hampers fuel consumption in countries that use other currencies at home. Brent crude futures, the international benchmark for oil prices,were at $56.13 a barrel at 0134 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $50.68 per barrel, down 1 cent from the last settlement. Traders said…

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Oil markets firm on rising refinery demand, falling US rig count

Oil prices dipped early on Monday but remained near multi-month highs reached late last week as the count of U.S. rigs drilling for new production fell and refineries continued to start up after having been knocked out by Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were at $49.83 barrel at 0021 GMT, 6 cents below their last settlement, but still close to the more than three month high of over $50 per barrel briefly reached late last week.…

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