Oil & Gas
Top stories summarized by our editors
7/17/2018

Colorado oil production hit a record 451,000 barrels per day in April, while output from the four-state Niobrara Basin is on track to increase to 611,000 barrels per day next month, according to the Energy Information Administration.

7/17/2018

Global investment in exploration and production is expected to rise 5% to $472 billion in 2018, fueled by a projected 20% increase in US shale capital spending, according to the International Energy Agency. The US shale sector is "on track to achieve positive free cash flow for the first time ever this year," IEA Executive Director Fatih Birol said.

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S&P Global Platts
7/17/2018

Sen. Dianne Feinstein, D-Calif., said she supports a ban on hydraulic fracturing in California but doesn't expect to that happen soon. "A lot of this is timing, too, and at some point, you get tired of proposing things and they don't go anywhere; you have to use timing and bringing people together and having a movement going," she said.

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Sen. Dianne Feinstein
7/16/2018

Oil drillers in the central US need prices to average $69 per barrel to expand operations, up from $56 per barrel one year ago, according to the Federal Reserve Bank of Kansas City. "Regional energy firms had another good quarter and continue to have strong expectations for future growth," said Chad Wilkerson, a Kansas City Fed economist.

7/16/2018

The American Petroleum Institute on Friday expressed disappointment with the Trump administration's decision to reject a request for exemption from tariffs on imported steel. "The administration's arbitrary process to determine these exclusions lacks transparency as it's not clear how and why certain exclusion petitions are granted or denied," said Kyle Isakower, API's vice president for regulatory and economic policy.

7/16/2018

The Trump administration is reportedly exploring the idea of releasing 5 million to 30 million barrels of crude from the Strategic Petroleum Reserve in an effort to curb rising gasoline pricing, according to sources. Joe McMonigle, senior energy analyst at Hedgeye Risk Management, says any move "may not translate into lower gasoline prices, but it would immediately bring down crude prices, at least temporarily, until the market adjusts."

7/16/2018

The number of oil and natural gas rigs in the US rose by two to 1,054 last week, of which 863 drilled for oil, according to Baker Hughes. Texas added two rigs, and Colorado and Louisiana each added one while Alaska and California posted losses.

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The Associated Press
7/16/2018

North Dakota produced a record of nearly 1.25 million barrels of oil per day in May, an increase of about 5% from April, according to the North Dakota Department of Mineral Resources. Natural gas production rose 6.8% to a record 71.9 million barrels in May.

7/16/2018

A tiny island has formed off the coast of Hawaii, noticed by the Hawaiian Volcano Observatory field crew during a flight. Lava is oozing from the island, which is 20 to 30 feet in diameter and believed to be caused by lava flowing from Fissure 8.

7/16/2018

Light detection and ranging technology
is being used by the US Geological Survey in Hawaii to track topographic changes and to find new cracks in areas surrounding the Kilauea volcano. The technology includes shooting a laser from a helicopter and tracking the time it takes to return, with USGS research geophysicist Kyle Anderson noting, it's "truly the best tool we have in monitoring changes in the topography of the summit and the way the eruption is progressing."

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USGS