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Light, sweet crude oil prices fell modestly June 8 on the New York market while Brent crude oil prices dropped about 80¢/bbl on the London market pending a June 22 meeting of the Organization of Petroleum Exporting Countries in Vienna.

Crude exports for the week ended May 25 were reported to be 2.2 million b/d, a 67% increase vs. a year ago, according to the US Energy Information Administration. Crude exports cumulative average of 1.712 million b/d for the same period jumped a staggering 117.6% compared with last year.

The Natural Gas Supply Association’s 2018 Summer Outlook for Natural Gas expects neutral or flat price pressure on the market this summer compared with last summer, as record production enables industry to easily match record demand.

Samson Resources II LLC, Tulsa, has acquired 33,000 gross acres (10,500 net) plus working interests in 30 wells (29 operated by Samson) in Sweetwater County, Wyo., from a non-operated working interest partner for $15.9 million.

Crude oil prices gained slightly on the New York market and held steady in London June 11 while oil traders and analysts awaited the June 12 release of the Organization of Petroleum Exporting Countries’ latest monthly oil market report.


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