Oil Rises 2%

Source: Associated Press (5/31/11)

"A sharp drop in the dollar and pipeline problems in the Midwest fueled oil's rally."

Associated Press

Oil rose about 2% Tuesday after a sharp drop in the dollar and reports of pipeline problems in the Midwest.

Benchmark crude added $1.59 at $102.19 per barrel on the New York Mercantile Exchange. It was as high as $103.39 at one point. In London, Brent crude rose $1.97 at $116.65 per barrel on the ICE Futures exchange.

The dollar lost ground to the euro as the European Union discussed whether to send more financial aid to help Greece's economy. Oil is priced in dollars and tends to rise as the greenback weakens and makes crude cheaper for investors holding foreign currency.

TransCanada temporarily shut down the Keystone Pipeline after noticing a minor spill at a pump station in Kansas. The pipeline delivers a half million barrels of oil per day to the U.S. from Alberta. It feeds supplies to Cushing, Okla., the delivery point for benchmark crude, and a sustained shutdown could push prices higher this week.

"We hope to have it up and running within a few days," TransCanada spokesman Terry Cunha said. It's the second shutdown of the pipeline this month.

A weak consumer confidence reading cooled the rise in oil. The Conference Board's Consumer Confidence Index for May showed the lowest reading since November. Economists said consumers were losing confidence due to a choppy rebound in the job market, high gas prices and an ongoing slump in home values.

"That's a definite negative," analyst Jim Ritterbusch said. "When they're not confident, consumers don't buy as much. And they make up 70% of the economy."

Pump prices are still $1.048 more expensive than the same time last year.

Option Partner to Continue Operations at Energy Firm's Texas Oil & Gas Project
Source: Streetwise Reports (01/23/2021)

The efforts will meet Torchlight Energy Resources' development requirements at Hazel.

Target Price Raised on Energy Firm Making 'Transformative Acquisition'
Source: Streetwise Reports (01/06/2021)

The terms and benefits of Earthstone Energy's purchase of an oil and gas company, an "eye-catching act of deal making," are presented in a ROTH Capital Partners report.

Energy Firm to Combine with Materials, Nanocomposites Company
Source: Streetwise Reports (12/16/2020)

Torchlight Energy Resources sees the transaction providing its shareholders "access to the multibillion-dollar markets that Metamaterial serves."

Oil & Gas Producer Reports on Thailand Operations
Source: Streetwise Reports (12/02/2020)

Pan Orient Energy Corp. reports on continuing drill operations in Thailand.

Energy Company Boosts Thailand Oil Production, Offers 'Low Risk Production Growth'
Source: Streetwise Reports (11/19/2020)

The highlights of Pan Orient Energy's third quarter are presented in a Mackie Research Capital Corp. report.

Texas Oil & Gas Firm to Sell Its Stake in Delaware Basin Project
Source: Streetwise Reports (11/18/2020)

For its interest, Torchlight Energy Resources is to receive $350,000.

Oil & Gas Firm Reports Q3 Operational, Financial Results
Source: Streetwise Reports (11/16/2020)

Pan Orient Energy and its joint venture partner continue producing and selling oil from its L53 Concession in Thailand, which are funding ongoing exploration work there.

Texas Oil & Gas Explorer Completes Fracking of Midland Basin Well
Source: Streetwise Reports (11/11/2020)

The next step for Torchlight Energy's well at Hazel is flowback, which is to start next week.

Altus Midstream Shares Flow Higher on Q3 Earnings and Plans for $1.50/Share Dividend in Q1/21
Source: Streetwise Reports (11/05/2020)

Shares of Altus Midstream Co. traded 170% higher after the firm reported Q3/20 financial results and announced plans to pay a quarterly dividend of $1.50 per share beginning in March 2021.