This play on American energy has soared more than 600% since its IPO last year. Mad Money's Jim Cramer spoke with the Emerge Energy CEO Rick Shearer to hear more about the integral role it plays in hydraulic fracturing.» Read More
News of the switch for the 60,000 barrel-per-day pipeline has already sharply narrowed the discount for WTI delivered at Midland to that at Cushing, the delivery point for the benchmark U.S. crude futures contract.
NEW YORK, Aug 22- U.S. crude oil futures fell on Friday, putting them on track for a fifth straight week of declines, while Brent remained under pressure from a stronger dollar and plentiful supplies despite an escalation of tensions between Russian and Ukraine.
U.S. crude for October was down 87 cents at $93.11 a barrel by 11:13 a.m. EDT. "I think the market is still reflecting on the big build in Cushing this week," said Dominick Chirichella, senior partner at Energy Management Institute.
CRUDE OIL FUTURES FALL $1 PER BARREL ON EXPECTED INCREASE IN CUSHING INVENTORY.
On the supply side, lower gas prices has the same impact as a tax cut, says Michael Darda, MKM Partners chief economist.
Tom Kloza, Gasbuddy.com chief oil analyst, shares his outlook on gas and oil prices.
As regulators crack down on natural gas flaring in North Dakota, energy companies are scrambling to meet the rules.
*Libya loads second cargo at largest port Es Sider. LONDON, Aug 22- Brent crude oil futures drifted lower on Friday, further below $103 a barrel, as a strong dollar and plentiful supplies continued to pressure prices. "We've reached a stage where the market is looking to stabilise a bit," said Ole Hansen, senior commodity strategist at Saxo Bank.
*Libya loads 2nd cargo at largest port Es Sider. SINGAPORE, Aug 22- Brent was trading below $103 a barrel on Friday, heading for a second weekly loss as easing geopolitical risks and higher global oil supply pressured prices. The Organization of the Petroleum Exporting Countries pumped more oil in July despite conflicts in the Middle East and Africa.
U.S. oil futures closed out a fifth straight week of declines, under pressure on a strong dollar and plentiful supplies.
*U.S. crude futures for October delivery fell 6 cents to trade at $93.90 a barrel as of 0004 GMT. *An Iraqi Kurdish crude oil tanker has reappeared off the coast of Israel having offloaded its cargo, ship tracking data on Reuters showed, in the latest sign the autonomous region is finding buyers for its oil in defiance of Baghdad.
Due to a lack of storage, energy in North Dakota is being burned off. CNBC's Morgan Brennan reports drillers flare off more than $100 million worth of natural gas each month.
Weak data on China's factory output weighed on oil prices early. NEW YORK, Aug 21- U.S. and Brent crude futures rose on Thursday, lifted by supportive economic data from the United States after a plentiful supply picture and Chinese economic data had earlier pressured prices.
Tensions are mounting between ranchers and farmers, and the oil and gas industry, reports CNBC's Morgan Brennan.
NEW YORK, Aug 21- U.S. and Brent crude futures rose on Thursday, lifted by supportive economic data from the United States after a plentiful supply picture and Chinese economic data had earlier pressured prices.
CNBC's Morgan Brennan reports on some of the creative ways drillers are cutting down on the controversial practice of burning off excess gas produced in the Bakken.
Drillers in North Dakota only capture about 68 percent of the gas they find and burn off the rest, resulting in flaring. Now the rush is on to find ways to meet new regulations to curb the flaring, reports CNBC's Morgan Brennan.
*Saudi Arabia pumps 10 million bpd in July. The world's top two crude oil benchmarks have fallen by more than $10 a barrel since June on a build-up of supply in the Atlantic Basin and diminishing worries over the risk that conflicts in the Middle East would hit oil production.
The price of Brent crude hit a 14-month low on Thursday, but market analysts now believe that oil could find a floor and expect prices to stabilize.