RRC Orders Blackbuck's Disposal Well to Close Over Earthquake Fears
The Texas Railroad Commission (RRC) revoked the permit of a Delaware...
The Texas Railroad Commission (RRC) revoked the permit of a Delaware Basin water disposal well last week, following a three-year battle with Blackbuck Resources, the well’s owner.
The revocation came after the commission called for an emergency suspension of the well’s operations on May 13, after a record 5.4-magnitude earthquake for the region struck West Texas 10 days earlier, according to a Houston Chronicle report.
The May 13 order forced Blackbuck to halt operations for at least 15 days, after which the company closed the site. The latest order permanently closes the site. Blackbuck can appeal the decision in a state court.
Dangerous temperatures are expected to blanket the eastern US this week, with new records anticipated from Illinois to Maine. Ninety-eight major cities are expected to see dangerous levels of heat this week, with the mercury easily topping 100 degrees Fahrenheit in Memphis, Baltimore, Pittsburgh, and Burlington, VT. Temperatures in New York and New England will be about 20 degrees above average, though humidity will make things feel even hotter.
New risks to the global economy emerged following the US’ airstrikes...
New risks to the global economy emerged following the US’ airstrikes on three Iranian nuclear sites on Saturday (early Sunday local time). President Trump called the action a “spectacular military success” toward his goal of destroying Iran’s nuclear enrichment capacity and stopping the nuclear threat from the nation.
All eyes are on the Strait of Hormuz, which flows between Iran and Oman. About 20% of the world’s oil and gas supply needs to travel through it. The Iranian Parliament voted in favor of shutting down the strait in response to the US’ attacks, which Secretary of State Marco Rubio said would be “suicidal” if acted upon, given its economic impact. While that move would snarl US oil supply from neighboring nations, it would also affect China, Iran’s key ally and biggest oil buyer.
Commercial airlines are exercising caution. Since the fighting began between Israel and Iran, over 150 air carriers stopped flying over Israel, Iraq, and Jordan as a precaution. This weekend, British Airways and Singapore Airlines canceled or diverted flights to Dubai and Doha following the US action in Iran. More disruptions could follow.
Markets: Until now, Wall Street has mostly shrugged off the Israel–Iran conflict in the Middle East, with the S&P 500 and Nasdaq closing just a hair lower for the week on Friday. Investors’ thinking could—or could not—change this coming week, after the US entered the war on Saturday with strikes on key Iranian nuclear infrastructure. All eyes are on oil prices, which, due to the war, are having their most volatile stretch since Russia invaded Ukraine in 2022.
Parishioners and staff members at CrossPointe Community Church in suburban Detroit killed an active shooter and “prevented a mass shooting,” the local police chief said.
The salvage operation for the Bayesian superyacht, which sank off the coast of Sicily last year, claiming the lives of UK tech entrepreneur Mike Lynch and six others, was completed yesterday.
Pixar banked its lowest opening ever this weekend with Elio, which made $21 million at the domestic box office.
NBA legend Kevin Durant got traded to the Houston Rockets, which he found out about on stage at Fanatics Fest.
And the Oklahoma City Thunder won Game 7 of the NBA Finals, beating the Indiana Pacers to take home their first championship.
US Drillers Cut Oil and Gas Rigs for Eighth Week in a Row
(Reuters) – U.S. energy firms cut the number of oil and natural gas...
(Reuters) – U.S. energy firms cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since September 2023, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by one to 554 in the week to June 20, the lowest since November 2021.
This week’s decline brings the total number of rigs down 34, or 5.8% from this time last year.
Oil rigs fell by one to 438 this week, their lowest since October 2021, while gas rigs fell by two to 111, their lowest since May 30.
