This was the largest week-over-week decrease since April and brings the number of active oil rigs to 614. That’s below the previous low for 2015 set in May, according to the count by oil service firm Baker Hughes.
Federal regulators say the pipeline company responsible for a Central California oil spill kept shoddy records on emergency training and how it would protect pristine coastline in the event of an accident.
The ruling is a victory for well’s operator EnerVest Operating LLC, which had found its permit for the well at risk following a string of earthquakes and a report by Southern Methodist University researchers linking disposal wells to the seismic activity.
The crude complex is charging lower into the weekend despite some bullish signals from the monthly IEA Oil Market Report (some might say today’s drop is in relation to a certain research piece, but we’ll side-step that). Yesterday we took a look at some of the key themes in the latest EIA Short Term Energy Outlook, […]
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