More Economics & Oil Market News

MARKET WATCH: NYMEX crude oil prices have short rally

US light, sweet crude prices rose more than $1/bbl on Mar. 18 after the US Federal Reserve said it was in no rush to raise interest rates. But crude futures quickly gave up that one-day gain in early Mar. 19 trading with renewed concerns about ample oil supplies.

UK budget includes oil and gas tax relief

The UK government has delivered on promises made late last year to ease the tax burden on the struggling offshore oil and gas industry.

SPE/IADC: Collaboration, innovation must transcend oil price

Leaders from oil and gas operators and drilling contractors were empanelled Mar. 17 at the 2015 SPE/IADC Drilling Conference & Exposition to tackle the issue of delivering wells in a changing world.

MARKET WATCH: Crude continues slump with WTI, Brent both down

Crude oil prices continued to slump with Brent and West Texas Intermediate down, as increasing storage inventories and jitters over a ramp-up in Iranian exports kept the market on edge.

Nexen to cut 400 jobs in North America, UK

Nexen Energy ULC, a wholly owned subsidiary of CNOOC Ltd., has reported organizational changes that will result in the reduction of 340 jobs in North America and 60 jobs in the UK, spurred by the decline in crude oil prices.

Quicksilver files for bankruptcy protection, plans to continue operations

Quicksilver Resources Inc., Ft. Worth, and its US subsidiaries have filed for Chapter 11 bankruptcy protection in Delaware amid the industry-wide fallout from depressed crude oil prices. Operations across the company’s subsidiaries are expected to continue through the Chapter 11 process.

Senate, House bills introduced to block EPA ozone proposal

US Senate and House members introduced bills to block the US Environmental Protection Agency’s proposal to lower ground-level ozone limits as the plan’s comment period ended and the House Science, Space, and Technology Committee held a hearing to examine its implications.

MARKET WATCH: Oil, gas prices continue downward slide

The New York Mercantile Exchange crude oil contract for April delivery dropped 96¢ on Mar. 16 to $43.88/bbl. The May contract lost 93¢ to settle at $46.13/bbl.

MARKET WATCH: Crude oil futures prices continue to fall on storage concerns

Crude oil futures prices for April delivery on the New York market continued to fall Mar. 13 on what some analysts attribute to lingering storage concerns for oil supplies.

Tillerson: Sound policies needed to buoy N. American energy revolution

The US government needs to adjust its energy policies to ensure the country realizes all the benefits of the new era of energy abundance, said Rex W. Tillerson, ExxonMobil Corp. chairman and chief executive officer, during a Mar. 12 address to The Economic Club of Washington.

TAEP: Year of ‘dramatic contraction’ under way in Texas oil, gas employment

The Texas Petro Index (TPI) dropped seven points to 299.6 during January compared with December, reflecting low crude oil prices, a falling rig count, and decline in drilling permits.

Hazard seen behind North American rig upturn

Wells not completed while oil prices are low might foreshorten recovery of North American drilling, even if the upturn arrives sooner than expected, analysts warn.

Afren reaches recapitalization agreement

Afren PLC, London, has reached a recapitalization agreement with creditors that its interim managers say would, if approved by shareholders, preclude sale of the beleaguered company.

MARKET WATCH: NYMEX crude oil drops again on storage concerns

Crude oil futures prices for April delivery on the New York market fell by more than $1/bbl to settle Mar. 12 at their lowest level since late January, which analysts blamed on lingering concerns about ample oil supplies and suggestions by some market observers that storage capacity could fill in April.

Supporters, as well as critics, call for RFS reforms

Calls to reform the federal Renewable Fuels Standard increased as critics and supporters alike said it is not working as it was intended. Its corn ethanol mandates need to be repealed, officials from the American Petroleum Institute, Environmental Working Group, and antihunger group ActionAid USA jointly said at a Mar. 11 press event.

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August 18, 2015
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