West Texas Intermediate crude for July delivery fell 5.7% on Thursday to settle at $57.91 per barrel, the biggest percentage drop since Dec. 24, while Brent tumbled 4.6% to end the session at $67.76 per barrel. Prices took a hit from mounting demand concerns in light of the US-China trade dispute and rising global crude inventories.
Pipeline operator Rattler Midstream Partners, a subsidiary of Diamondback Energy, launched an initial public offering that brought in $665 million, making it the biggest energy IPO of 2019. Rattler operates 781 miles of crude, natural gas, drilling and wastewater pipeline in the Midland and Delaware basins of the Permian Basin.
Royal Dutch Shell has kicked off production ahead of schedule at the Appomattox platform in the deepwater Gulf of Mexico, which is expected to have average peak production of 175,000 barrels of oil equivalent per day. "That Appomattox was safely brought online ahead of schedule and far under budget is a testament to our ongoing commitment to drive down costs through efficiency improvements during execution," said Shell Upstream Director Andy Brown.
Companies are rushing to build disposal wells in the Permian Basin to handle wastewater from oil and natural gas drilling. In the past week, the Railroad Commission of Texas has received permit applications from two companies -- Boykin Energy and CrownQuest Operating -- that are seeking to drill a total of 12 injection wells on leases in Loving County, Texas.
Fierce opposition from coastal states, coupled with a March court ruling declaring that an Obama-era ban on drilling in swathes of the Arctic and Atlantic oceans can only be reversed by Congress, may delay the release of a new offshore drilling plan until after the 2020 presidential election. "They're re-looking at the whole program with a fresh set of eyes now that there's a new secretary in place," said American Petroleum Institute Vice President of Upstream and Industry Operations Erik Milito.
Scientists using a NASA orbiter's radar device have found a massive amount of ice between sand layers below Mars' north pole. The deposit, which developed over hundreds of millions of years and offers a record of the planet's climate, may be the third-largest potential water reservoir on Mars, researchers say.
Guyana is investigating licensing agreements involving offshore oil areas, including the ExxonMobil-operated Stabroek, Kaieteur and Canje blocks and the Tullow-run Orinduik field, says State Assets Recovery Agency Director Clive Thomas. Critics of the deals say officials sold the blocks improperly and at too low of a price.
The Netherlands ought to speed up production cuts at the Groningen natural gas field after an earthquake shook the region Wednesday, the country's economic affairs minister says. The government, which previously vowed to stop production by 2030 because of damaging earthquakes related to the operation, is expected to announce potential ways to reduce output faster.
Scientists who analyzed rocks from a 2,000-year-old pumice cone eruption at the now-dormant Aluto stratovolcano in Ethiopia's Rift Valley say the eruption was more powerful than previously thought. The rocks, found a long distance from the volcano's cone, may have been carried by a strong landslide that also included ash and gas, researchers say.
US crude oil stockpiles increased for a second consecutive week last week, adding 4.7 million barrels, compared with analyst forecasts for a 2 million-barrel decline, the Energy Information Administration reported. Meanwhile, gasoline and distillate supplies jumped by 3.7 million barrels and 800,000 barrels, respectively.
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