U.S. Midwest, Mountain West oil activity declines in third quarter
DENVER (Reuters) - Oil and gas activity in the U.S. Midwest and Mountain West declined in the third quarter,...
DENVER (Reuters) - Oil and gas activity in the U.S. Midwest and Mountain West declined in the third quarter, but remains generally elevated, the Federal Reserve Bank of Kansas City said on Friday in a quarterly survey.
The energy activity index fell to 44 from 57 quarter-over-quarter but remains at one of its highest levels in the survey's history. The decline comes amid fears that a recession and high prices will dampen demand for oil and gas.
Energy firms expressed a slightly more bearish outlook for future business, with the drilling activity index declining to 25 from 50 in the previous quarter. Executives on average said oil prices need to be at $61 a barrel for their businesses to be profitable, and would need an increase to $102 a barrel to prompt a substantial increase in drilling.
N.M, Texas to collaborate on cross-border well regulation
New Mexico's Oil Conservation Division and the Railroad Commission of Texas last month agreed to coordinate...
New Mexico's Oil Conservation Division and the Railroad Commission of Texas last month agreed to coordinate regulatory oversight of cross-border oil and natural gas wells and better define their respective authority over the drilling, completion, and production of these wells. "The oil and gas industry is vital to Texas and New Mexico and benefits the nation, and the MOA [memorandum of understanding] helps the development of each state's resources in a responsible and efficient manner," said RRC spokesman Andrew Keese.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in four weeks despite crude prices soaring to five-week highs after OPEC+'s decision to cut production.
The U.S. total oil and gas rig count, an early indicator of future output, fell by three to 762 in the week to Oct. 7, the lowest since early September.
Oil rigs fell two to 602 this week, while gas rigs dropped one to 158.
Oil prices on Friday were trading at five-week highs after an OPEC+ decision this week to make its largest supply cut since 2020. Energy executives, however, told Reuters that the big OPEC+ cut will not spur new U.S. oil and gas production due to constraints.
Benchmark U.S. crude oil for November delivery rose $4.19 to $92.64 a barrel Friday. Brent crude for December delivery rose $3.50 to $97.92 a barrel.
Wholesale gasoline for November delivery rose 5 cents to $2.73 a gallon. November heating oilrose 16 cents to $4.02 a gallon. November natural gas fell 22 cents to $6.75 per 1,000 cubic feet.
