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Oil

Moniz gets earful on Keystone XL in North Dakota

Energy Secretary Ernest Moniz went to North Dakota over the weekend to talk about energy infrastructure and tour oil and gas fields, but got hit with renewed calls for the Obama administration to approve the Keystone XL pipeline and allow crude oil exports.

"Here we are, using the transportation of energy as a way to control the fuel source, and that needs to end," Sen. Heidi Heitkamp, D-N.D., said Friday about the opposition to the Keystone project, during an Energy Department forum on its Quadrennial Energy Review in Bismarck.

Oil

Another increase for U.S. rig count

Source: 
The Associated Press

The number of rigs exploring for oil and gas in the U.S. increased by 19 this week to 1,908, according to information from oilfield services company Baker Hughes, The Associated Press reports.

Oil

Oil mixed on U.S. air strikes in Iraq

Source: 
Bloomberg

West Texas Intermediate crude gained 31 cents Friday to close at $97.65 a barrel on the New York Mercantile Exchange, while Brent crude fell 42 cents to $105.02 as traders bet that U.S. air strikes on Islamic State militants would help stabilize the oil supply in Iraq, Bloomberg reports.

Oil

Afren, Oryx cut Kurdish production, Genel pulls some workers

Source: 
Reuters

As the U.S. launched air strikes on Islamic State militants in northern Iraq, two companies with Kurdish production – Afren and Oryx Petroleum – said they were cutting back in oilfields near fighting, while Genel said it was reducing personnel in the region, Reuters reports.

Oil

OPEC: July output up but demand forecast lowered again

Source: 
Reuters

Weaker-than-expected demand in the U.S. has caused OPEC to trim its yearly forecast for a second straight month -- to 1.1 million barrels of oil a day -- although its production levels increased in July despite fighting in Iraq and Libya, Reuters reports.

Oil

Oil jumps on Iraq developments

Source: 
Reuters

Oil prices spiked in the wake of the announcement from President Barack Obama that he had authorized U.S. air strikes on advancing Islamic State militants in Iraq. U.S. benchmark crude for September delivery gained 65 cents to $97.99 a barrel in electronic trading on the Nymex, while in London Brent crude was up 90 cents to $106.35, Reuters reports.

Oil

North Dakota tribe wants fee on wasted natural gas

BISMARCK, N.D. (AP) — Tribal leaders on an American Indian reservation in the heart of North Dakota's booming oil patch are proposing fees for companies that burn and waste natural gas.

The Three Affiliated Tribes outlined its plan to impose fees in a six-page document sent to oil companies. In it, the tribe said companies would be required to pay royalties for "flaring" natural gas to compensate for lost revenue when the gas isn't brought to market and sold.

Oil production on the Fort Berthold Reservation accounts for about a third of the state's oil output of more than 1 million barrels a day, which has made North Dakota the second-largest oil producing state in the country behind Texas.

Associated Press
Oil

Republicans: Oil boom states' success supports their pro-drilling stance

Republicans in Congress on Thursday pointed to a new Energy Department analysis of the strong economic growth in energy-producing states as fresh evidence in support of their calls for greater oil and gas drilling in federal areas.

The Energy Information Administration reported that of the six states where oil and gas development and mining accounted for more than 10 percent of their economy, all but one had stronger growth than the national average last year.

Oil

Oil rises on Iraq worries

Source: 
Bloomberg

Concerns that advances by Islamic State militants in Iraq may signal problems for the country’s oil production finally reversed the drop in crude prices Thursday. Benchmark West Texas Intermediate for September delivery rose 42 cents to close at $97.34 a barrel on the New York Mercantile Exchange, while in London Brent crude gained 85 cents to $105.44, Bloomberg reports.

Oil

Fracking sand shortage holding up some Permian drilling

Source: 
Bloomberg

The increasingly valuable commodity of fracking sand is running in short supply in parts of the Permian Basin, causing delays for drillers like Concho Resources Inc., Bloomberg reports.

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