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Brent crude oil for July delivery temporarily reached above $80/bbl on the London market before dropping by the end of the May 17 trading session to close at $79.30/bbl. Light, sweet crude oil on the New York market settled unchanged from the previous day at $71.49/bbl.

 

Rex Energy Corp., State College, Pa., has filed for voluntary bankruptcy and plans to sell its assets. The company has interests in the Appalachian basin. 

Williams Cos. Inc. has agreed to acquire Williams Partners LP in an all stock-for-unit transaction valued at $10.5 billion.

US Gulf Coast onshore ports’ limited tanker loading capacities could increase crude oil export costs because the ports are not able to accommodate very large crude carriers, the US Energy Information Administration warned. Exports have grown using smaller and less-effective vessels to get the crude to designated lightering points farther from shore where it can be transferred to a VLCC, EIA said in a May 16 report.

The overall US rig count continues its climb with a slight gain this week. Baker Hughes’ calculation of active US rigs increased by 1 unit during the week ended May 18 to 1,046. Rigs drilling for oil were unchanged at 844 rigs compared with last week, while those rigs targeting natural gas gained 1 unit to 200 rigs. 

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RT @energizeWV: Hat’s off to ExxonMobil employees & XTO staff, for donating more than $280,000 to 9 colleges/universities across West Virgi…

RT @energizeWV: Peer reviewed journal publishes article highlighting Univ of Cincinnati study finding no evidence of groundwater contaminat…

RT @DominionEnergy: Every day Dominion Energy employees donate their time to address community needs in the areas where they live and work.…

Gas industry leaders discussing the implementation and impact of WV’s new Co-Tenancy legislation during day two of… https://t.co/zAujuBBvOu