U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row...
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude production returned to pre-pandemic levels and President Joe Biden slammed oil producers for profiting from sky-high prices instead of boosting output.
The total oil and gas rig count, an early indicator of future output, rose seven to 740 in the week to June 17, its highest since March 2020. Oil rigs rose four to 584 this week, their highest since March 2020, while gas rigs gained three to 154, their highest since September 2019.
Total output in the major U.S. shale oil basins will rise 143,000 bpd to 8.901 million bpd in July, the highest since March 2020, the government projected. read more
Benchmark U.S. crude oil for July delivery fell $8.03 to $109.56 a barrel Friday. Brent crude for August delivery fell $6.69 to $113.12 a barrel.
Wholesale gasoline for July delivery fell 17 cents to $3.79 a gallon. July heating oil fell 23 cents to $4.34 a gallon. July natural gas fell 52 cents to $6.94 per 1,000 cubic feet.
Lawsuit targets oil and gas drilling permits issued in New Mexico by Biden administration
A...
A federal lawsuit could overturn multiple oil and gas drilling permits issued under the administration of President Joe Biden, who during his campaign vowed to crack down on pollution from the fossil fuel industry but was since criticized for not taking strong enough action.
Santa Fe-based WildEarth Guardians and the Center for Biological Diversity jointly filed the suit in U.S. District Court of the District of Columbia Wednesday against the U.S. Department of the Interior and its sub-agency the Bureau of Land Management, which oversees onshore oil and gas operations on public land throughout New Mexico.
The suit questioned all applications to permit drilling (APDs) issued by the federal government between Jan. 21, 2021 and May 31 in the Permian Basin of southeast New Mexico.
Oil prices poised to break a string of weekly gains as demand worries linger
Oil prices were struggling for traction on Friday, as investors juggled concerns over demand and the...
Oil prices were struggling for traction on Friday, as investors juggled concerns over demand and the commodity was set to market its first weekly loss in several.
On Friday morning at 8:22 AM ET, West Texas Intermediate crude for July delivery was down 35 cents to $117.36 a barrel. August Brent crude was 17 cents lower to $119.64 a barrel.
Shell to Build Ships to Carry More CO2 Over Longer Distances for CCS Hubs
Shell is building larger vessels that can carry more carbon dioxide over longer distances as...
Shell is building larger vessels that can carry more carbon dioxide over longer distances as part of the company's plans to expand its carbon capture storage (CCS) business globally, the oil major said.
As part of the Northern Lights project in Norway, Shell's joint venture with Equinor and TotalEnergies, the companies will build two ships capable of carrying 7,500 cubic meters of CO2.
Shell is leading the design and construction of the vessels, which will be powered by liquefied natural gas, the company said. Steel-cutting will take place in the third quarter, while the ships will be ready for delivery in 2024.
