What a wild roller coaster ride in the oil markets!
Here is this week’s industry news & analysis…
News Digest
Oil is falling so much it’s now cheaper than it was before the Iran-Israel conflict
Oil prices fell sharply Tuesday, returning to levels last seen before the Iran-Israel conflict, as investors cheered news of a ceasefire, albeit fragile, between the two countries.
Israel-Iran war highlights Mideast's declining influence on oil prices
Brent oil prices rise by 15% before quickly returning to pre-conflict levels - share of OPEC has diminished in recent decades to around 33%.
Wild swings in the oil price make the Reserve Bank’s job harder
The economists at the Reserve Bank will be breathing a sigh of relief. A surge in oil prices would have injected more uncertainty into the global outlook. It would have made a decision on whether to cut interest rates in July harder.
Coterra Energy Reverses Rig Reduction Plans in Permian Basin
U.S. oil and gas producer Coterra Energy will maintain its rig count at nine in the Permian Basin, revising previous plans to scale down activity, according to CEO Tom Jorden. Speaking at the J.P. Morgan Energy, Power & Renewables Conference, Jorden expressed growing confidence in oil market stability, easing earlier fears of a significant price collapse.
Texas boosts produced water reuse with new legislation, industry momentum grows
Legislation clarifying liability protections for companies that treat and reuse produced water was a big development.
Thank You EQT!
Top E&P operators are joining the fast-approaching Marcellus-Utica shale water conference (Aug 5, Pittsburgh). Thank you EQT Corporation for keeping the attendees connected as wifi sponsor - EQT will have key water people there to meet and talk about the key issues with. See you there - this is the one event to be at if involved with northeast produced water!
NM Officials crack down on produced water discharge
New Mexico has banned oil and gas companies from discharging their treated wastewater to ground and surface waters.
Gradiant Announces World’s First Fully Integrated Lithium Production Facility from Oilfield Produced Water
This site is the world’s first to Extract, Concentrate, and Convert (EC²) lithium in a fully integrated, end-to-end process from oilfield produced water.
Plan to Convert Frac Water into Hydrogen Could Bring $5MM/Year
A group of collaborators are working to convert frac wastewater into clean hydrogen in an initiative that could lead to hydrogen sales of up to $5 million annually.
In the Marcellus, SRBC Approved 38 Shale Gas Well Pad Water Use Permits in May
So far in 2025, the SRBC has issued or renewed 225 general water use permits for shale gas development. Come hear a keynote from their team at our Aug 5th Marcellus shale water conference!
RRC Orders Disposal Well to Close Over Earthquake Fears
The Texas Railroad Commission had called for an emergency suspension of Blackbuck Resources’ water disposal well operations on May 13, after an earthquake with a record 5.4 magnitude struck West Texas 10 days earlier.
Texas Legislature makes historic investments in RRC’s mission
The Texas Legislature took major action this legislative session with historic funding for the Railroad Commission of Texas, appropriating more than $593 million for the agency over the next two fiscal years.
Jim Wright succeeds Christi Craddick chair of Railroad Commission
Wright was unanimously elected chairman at Tuesday’s open meeting of the commission.
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