Natural-gas prices surge to their highest level since 2008; oil slides
U.S. crude-oil futures retreated on Monday, while natural-gas prices climbed to a fresh 14-year high...
U.S. crude-oil futures retreated on Monday, while natural-gas prices climbed to a fresh 14-year high as fears about shortages in Europe also impacted the U.S. market.
West Texas Intermediate crude for September delivery CLU22, -1.41% CL.1, -1.41% was down $3.43, or 3.8%, with the front-month contract worth $87.34 per barrel on the New York Mercantile Exchange. The contract expires at the end of the session. The most-active October contract CLV22, -1.38% CL00, -1.38% traded at $87.20, down $3.36, or 3.6%.
October Brent crude  BRNV22, -1.36% was also down $3.44, or 3.6 % at $93.28 per barrel on ICE Futures Europe.
Back on Nymex, September gasoline  RBU22, -5.35% traded at $2.8546, down 16.2 cents, or 5.4% per gallon, while September heating oil  HOU22, +1.28% added 2.7 cents, or 0.7%, to $3.7274 a gallon.
September natural-gas prices NGU22, +3.16% rose 1.7% to $9.497 per million British thermal units, headed their highest finish since the summer of 2008.
Iran Starts Drilling At Oil Field Shared With Saudi Arabia
Iran will soon begin the development of the Esfandiar oil field, which it shares with...
Iran will soon begin the development of the Esfandiar oil field, which it shares with Saudi Arabia, which calls it Lulu, Iranian media have reported, citing the managing director of the Iranian Offshore Oil Company.
Production from Esfandiar is expected to begin within the next three years.
Because of U.S. sanctions, Iran is developing its oil and gas resources alone, which might mean they take longer to develop. Yet the country seems determined to develop these resources now that the supply situation is quite tight.
Laredo’s Early Leech Well Results A Drain on Permian Production
Permian Basin pure-play Laredo Petroleum Inc. reported disappointing initial results for a package of...
Permian Basin pure-play Laredo Petroleum Inc. reported disappointing initial results for a package of wells that went online late in the second quarter, but management expressed a more encouraging outlook for nearby wells.
“In the second quarter, we completed 11 wells and drilled seven wells,” COO Karen Chandler told analysts during the recent earnings call.
Among those wells, Laredo turned into line some Leech wells in the West Texas Spraberry and Wolfcamp formations. The Leech wells comprise “six 15,000-foot wells in our most southeastern unit in Howard County,” said CEO Jason Pigott.
Pigott said the six-well package in the drilling spacing unit (DSU), a departure from the traditional practice of 12 wells/DSU, remained “in the flow-like stage” with the oil production ramp-up taking “much longer than the offset wells” and underperforming the company’s prior forecast.
Mewbourne Oil Company filed a report on the completion of an Ellis County...
Mewbourne Oil Company filed a report on the completion of an Ellis County well with production of 534 barrels of oil a day and 1,143 Mcf of natural gas. Located six miles west of Arnett, 16 19N 25W, the Pike 16/21 DM 1H was completed in April at a depth of 19,385 feet in the Cherokee formation following a January 2022 spud date.
Judge Terry Doughty of the US District Court for the Western District of Louisiana ruled Thursday that...
Judge Terry Doughty of the US District Court for the Western District of Louisiana ruled Thursday that the Biden administration's pause on oil and natural gas leasing on federal lands in 13 states violates the Mineral Leasing Act and Outer Continental Shelf Lands Act and issued a permanent injunction, just one day after an appeals court lifted a preliminary nationwide injunction Doughty granted in 2021. "This decision is a significant step toward ending the ongoing uncertainty over the future of energy development on federal lands and waters, and we urge the Biden administration to take immediate action to hold onshore lease sales and issue a final five-year program for federal offshore leasing that includes all of the proposed lease sales," said American Petroleum Institute Senior Vice President of Policy, Economics and Regulatory Affairs Frank Macchiarola.
