WTI Crude
47.54
Brent Crude
50.14
Natural Gas
3.08

News Page 2

Halliburton hiring surges as US fracking demand swells

Houston, Texas-based oilfield services company Halliburton (HAL) said Monday it has seen a surge of new job openings this year thanks to an increased demand for fracking in the United States. The company is hiring about 100 new employees each month to keep pace with demand in west Texas and has expanded its workforce in the region by more than one-third, to 2,700 employees, the company’s head of operations in the Permian Basin Chris Gatjanis told the Houston Chronicle. Halliburton…

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Oil Up? Oil Down? Blame the Algorithms

When energy analysts and investors couldn’t figure out oil markets this year, they blamed one group: algorithmic traders. On various days over the first six months of 2017, even amid signs of tightening supply, oil prices fell sharply, eventually sinking into bear market territory. Such moves confounded longtime watchers of oil, who said that based on the fundamental information, prices should have been rising. Oil investors, who make bets relying on data like production and demand, say that such forces…

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New Oil Pipeline to be Constructed in Penitas

The approval to send flammable fuels through the Rio Grande Valley will allow jet fuel, natural gas and new types of liquid petroleum across the border Southeast of Penitas. The U.S. Department approved several changes last week. Nu star logistics' new Burgos 10-inch pipeline is an addition to an existing 8-inch pipeline. A government map shows the fuels will run directly north through some populated areas, including the intersection of Old Business 83 and the expressway. In the event of…

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After GE merger, Baker Hughes must now find niche

"When we decided to complete this merger, it was really to create a transformation in the industry," said Lorenzo Simonelli, the new chief executive of Baker Hughes and former chief of GE Oil & Gas. "Everybody is committed to the oil and gas industry being a major part of the portfolio of GE." ... Late last year, the company spun off its hydraulic fracturing fleet into a new company, BJ Services, of which it still holds a minority stake. Analysts…

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Oil rises on US crude stock draw, but prices remain weak

Oil prices recovered some ground on Thursday on strong demand in the United States, but analysts cautioned that oversupply would continue to drag on markets after a steep fall in the previous session. Brent crude futures were trading up 34 cents, or 0.7 percent, at $48.13 per barrel by 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.7 percent, at $45.45 per barrel. The gains reflected firm fuel demand in the United States, where…

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Correction to Shipping Magnate Calls End to Oil Rout

OSLO –  Shipping magnate John Fredriksen is trying to buy more oil tankers despite a glut of vessels afloat, a looming $10 billion in debt and two failed takeover attempts that have left his empire reeling. The self-made billionaire, who also is a major player in offshore oil drilling and salmon farming, says he is working 17-hour days as he looks to expand his fleet of the most voluminous tankers -- known as very large crude carriers, or VLCCs. He…

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As luck would have it, one Texas city is a port of gold in U.S. oil sales

Late last month, an oil tanker measuring three football fields long and six stories high moved slowly through the port of Corpus Christi, to test the waters of America's booming crude-export industry. After navigating Aransas Pass around 7 a.m. on May 26, the vessel, Euronav NV's Anne, didn't pick up any oil. But its arrival in the humid air of South Texas marked the first time a tanker of that size had called on a U.S. terminal in the Gulf…

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Oil prices rise to two-week high on dip in U.S. output

Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session after a decline in weekly U.S. production eased concerns about deepening oversupply. Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7 percent, stretching their bull-run to the longest since April. Global benchmark Brent crude futures LCOc1 were up 35 cents at $47.66 a barrel at 1058 GMT, having touched a two-week high of $47.83…

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Oil climbs on weaker dollar, but rise in U.S. drilling drags

Oil prices rose early on Monday on a weaker dollar, but increased U.S. drilling activity stoked worries that a global supply glut would persist despite efforts by some producers to curb output. Brent crude futures were up 24 cents, or 0.53 percent, at $45.78 per barrel at 0047 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.49 percent, at $43.22 per barrel. The U.S. dollar index stayed low on Monday against a basket of currencies…

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The Eagle Ford Rebound Needs $48 Oil

The oil price crash that started in 2014 has affected not only corporate profits and drilling plans. It has had a huge economic impact on the areas around the U.S. shale plays. The 21 counties directly or indirectly involved in production of Eagle Ford in South Texas saw a record-high economic impact of US$123.3 billion in 2014. During the subsequent two years of low oil prices, Eagle Ford’s impact dropped to close to US$49.8 billion in 2016, a new report by…

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