NEW YORK, April 2 (Reuters) – Two weeks of thin declines in
the U.S. rig count have raised expectations that drilling
activity is nearing a pivotal level that could dent production,
bolster prices and coax idle rigs back to the field after a
precipitous cull since October.
Energy producers responded quickly to a steep drop in oil
prices over the last six months, idling nearly 800 rigs, or 50
percent, since a peak of 1,609 rigs in October. In the last week
of January, rigs fell by 94, the biggest drop on record,
according to a weekly survey by oil service firm Baker Hughes.
NEW YORK (Reuters) – After a precipitous drop since October, the U.S. oil rig count is nearing a pivotal level that experts say could begin to dent production, bolster prices and even coax oil companies back to the well pad in the coming months.
Energy producers responded quickly to a steep drop in oil prices over the last six months, idling nearly 800 rigs, or 50 percent of a 1,609 peak hit in October.
NEW YORK, March 29 (Reuters) – Sales tax receipts in the
thriving oil town of Midland, Texas, fell this month, only the
second decline in five years and one of the first signs of how
low oil prices are beginning to ripple beyond oil company bottom
lines and into the wider economy.
Midland’s sales tax revenues, which reflect commercial and
residential spending, dipped to $5.119 million in March from
$5.126 million in March 2014, according to data from the Texas
Comptroller released last week.
NEW YORK, March 23 (Reuters) – Volunteers at the Galena,
Illinois, fire department were hosing down the smoldering wreck
of a derailed BNSF oil train on the east bank of the Mississippi
River on March 5 when a fire suddenly flared beyond their
control. Minutes later, the blaze reached above the treetops,
visible for miles around.
“They dropped the hoses and got out” when the flames started
rising, said Charles Pedersen, emergency manager for Jo Daviess
County, a rural area near the Iowa border which includes Galena.
“Ten more minutes and we would have lost them all.”
NEW YORK, March 16 (Reuters) – A four-day drop in U.S. oil
prices has shattered a month of relative stability and raised
the specter of another sustained move lower as rocketing
production and swelling inventories re-emerge as dominant market
Hammered by oversupply, U.S. oil prices fell 60
percent from $107 a barrel in June to below $44 a barrel in
January before rallying and trading in a range around $50 in
February. Experts began to discuss whether oil had “bottomed
out”, or reached its low point.
(Reuters) – The violence that returned to Ferguson, Missouri, on Thursday threatens to trample a barely perceptible recovery as the town of 21,000 people struggles to rebuild after two spates of race-related unrest last year.
The shooting of two police officers and a subsequent manhunt in Ferguson on Thursday have relit tensions that erupted in the St. Louis suburb after the fatal shooting of unarmed black teenager Michael Brown by white policeman Darren Wilson in August.
NEW YORK, March 5 (Reuters) – A BNSF Railway
train loaded with crude oil derailed on Thursday afternoon in a
rural area south of Galena, Illinois, with two of the tank cars
catching fire, according to local officials and the company.
The incident marks the latest in a series of derailments
involving trains hauling crude oil, a trend that has put a
heightened focus on rail safety.
Feb 20 (Reuters) – Hundreds of communities across the United
States have become accustomed to the sight of mile-long oil
trains rumbling by in recent years. Pembroke, Virginia, was not
one of them, until now.
CSX Corp is temporarily rerouting up to five oil
trains through this small riverside town to bypass the site of
an explosive oil train derailment that occurred 90 miles north
in Mount Carbon, West Virginia, on Monday. The
trains will likely travel instead on a track that hugs the New
River and at one point sweeps into the Pembroke town limits.
NEW YORK, Feb 18 (Reuters) – Tank cars from a derailed oil
train were still on fire in West Virginia on Wednesday, two days
after an explosive accident in which 25 cars went off the rails,
a CSX Corp spokeswoman said.
Twenty cars caught fire after Monday’s derailment in the
small town of Mount Carbon 33 miles (54 km) southeast of
Feb 17 (Reuters) – An oil train was still on fire and
leaking in West Virginia on Tuesday, a day after it derailed and
erupted in flames, according to CSX Corp, which said the train
was hauling newer model tank cars, not the older versions widely
criticized as prone to puncture.
The train, which was carrying North Dakota crude to an oil
depot in Yorktown, Virginia, derailed in a small town 33 miles
(54 km) southeast of Charleston, causing 20 tank cars to catch
fire. Several were still leaking oil on Tuesday. All the oil
tank cars on the 109-car train were CPC 1232 models, CSX said