Oil

Oil

Popular oil reserve measure may overstate shale potential

Source: 
Bloomberg

A University of Houston engineering professor voiced concerns that using a popular oil reserve estimate formula developed in 1945 may not be applicable to oil drawn from shale, causing some companies to overestimate the potential at some sites, Bloomberg reports.

Oil

Report: 2014 Bakken oil output 1.1M barrels a day

WILLISTON, N.D. (AP) — Oil production in North Dakota and Montana's Bakken and Three Forks formations will average 1.1 million barrels per day this year, according to estimates announced Wednesday by a research firm.

Wood Mackenzie anticipates that oil production in the North Dakota and Montana sections of the Bakken and Three Forks formations will grow to 1.7 million barrels per day in 2020.

"We're very confident on the future of the Bakken," said Jonathan Garrett, an analyst at Wood Mackenzie. He added that the expected lifetime of a Bakken well is 25 years to 30 years.

Oil

JPMorgan commodity chief resigns

Source: 
The Wall Street Journal

JPMorgan Chase & Co.'s commodities chief Blythe Masters announced her resignation from the bank on Wednesday after the company sold its commodities business to Swiss firm Mercuria Energy Group, The Wall Street Journal reports.

Oil

Refiner takes on API over crude export ban

Source: 
FuelFix

Dallas-based refiner HollyFrontier Corp. is standing against the American Petroleum Institute's push for an end to the nation's 39-year-old crude oil export ban, saying lifting it would cause a spike in domestic gasoline prices, FuelFix reports.

Oil

Sacramento officials express concern on crude railcar surge

Source: 
The Sacramento Bee

Sacramento leaders raised concerns about Valero's proposed rail terminal at its Benicia refinery after learning the project could result in 100 train cars of flammable crude oil traveling through the city each day, The Sacramento Bee reports.

Oil

OSHA cites Fallon oil refinery for 3 violations

CARSON CITY, Nev. (AP) — Nevada Occupational Safety and Health Administration officials have cited a Fallon oil refining company for three serious violations stemming from a December explosion that left one employee seriously burned.

The action announced Wednesday proposes Bango Refining pay nearly $21,000 in fines. Final determination is still in the administrative process.

According to investigators, workers were attempting to thaw an asphalt recycle line in subzero temperatures on Dec. 9 using plant steam. A propane-fueled weed burner was then used to heat the outside of the line.

Oil

Oil falls even with supply drop

The price of oil fell slightly Wednesday, despite a report of an unexpected decline in the nation's supplies.

Benchmark U.S. crude for May delivery slipped 12 cents to close at $99.62 a barrel on the New York Mercantile Exchange.

Brent crude, used to set prices for international varieties of oil, dropped 83 cents to $104.79 a barrel on the ICE Futures exchange in London as traders considered the possible reopening of export terminals in Libya.

Oil

Pipeline spills oil, water in Alberta

Source: 
The Canadian Press

The Alberta Energy Regulator said a pipeline owned by Canadian Natural Resources Limited spilled 70,000 liters of oil and processed water near Slave Lake, but the spill is isolated from water supplies, wildlife and people, The Canadian Press reports.

Oil

North Dakota town grows to meet oil boom

Source: 
The Wall Street Journal

The Wall Street Journal examines oil boom-driven population growth in Williston, N.D., and how the town is adapting to thousands of new residents each year.

Oil

Oil down slightly ahead of US inventories report

The price of oil was steady Wednesday after a big fall the day before as traders waited for a report on U.S. crude stockpiles.

Benchmark U.S. crude for May delivery was down 2 cents to $99.71 a barrel at 0720 GMT in electronic trading on the New York Mercantile Exchange. The contract slid $1.84 to $99.74 on Tuesday, dented by soft Chinese manufacturing figures and expectations of another increase in U.S. crude stockpiles.

Brent crude, used to set prices for international varieties of oil, was up 6 cents to $105.68 a barrel on the ICE exchange in London.

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