OGJ Newsletter

Click here to enlarge imageU.S. INDUSTRY SCOREBOARD 7/5With the benchmark U.S. oil price nearing the $20/bbl mark, the petroleum industry`s faith that the price recovery is sustainable is growing.In New York trading, Nymex crude for August delivery closed at $19.29/bbl on June 30. By mid-morning July 1, it had reached $19.33/bbl. In London, August-delivery Brent rose 72¢/bbl on June 30 to reach $17.51/bbl.Continuing strength in oil and gas prices is causing more companies to add their names to the list of those planning to raise 1999 capital budgets (OGJ, June 28, 1999, Newsletter). Coastal increased its planned E&P outlays for the year to $880 million from $590 million. The move i...

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