According to Baker Hughes, the U.S. rig count has increased by 10 this week, and oil prices have crept back up to around $50 per barrel. The anxiety associated with the British vote to leave the European Union only lasted a very short while, and things on Wall Street seem to have stabilized momentarily. In addition, U.S. Secretary of Energy Ernest Moniz said demand for oil is catching up to the two-year supply glut that has plagued the oil industry. Even the Saudi oil minister Khalid al-Falih told the Houston Chronicle in his first interview since he took the position the oversupply of oil was coming to an end, agreeing with Moniz’s assumptions that the oil markets would come into better balance over the next year. Which means that oil prices should continue to slowly rise.
Here are 5 more stories that Bakken readers found engaging this week. Hope you all have a great Fourth of July holiday! Stay safe!
5. Officials in the South American country of Guyana say Exxon Mobil has found large deposits of oil and gas in a recently drilled appraisal well.
4. A new player on the midstream oil and gas field, H2O Midstream, LLC has set their sights on reducing costs by improving strategic water management in the oil and gas industry.
3. Looking for a unique vacation? Check out this company who specializes in guided tours across the Midwest. They’re offering three tours this year to the Bakken.
2. Who knew that there was a shortage of Helium? It turns out now there’s little worry, thanks to a huge discovery of helium gas in Tanzania.
1. This week’s most read story on Bakken.com has important implications for the oil and gas industry in North Dakota. Texas-based Tesoro Corp. bought the Dakota Prairie Refinery in Dickinson. The refinery has struggled to turn a profit, due to low oil prices that manifested as financial problems for the organization. It seems that all parties are happy with the sale. Calumet CEO Tim Go said the sale is “an optimal outcome for all parties involved.”