Oil Well Completions Spike Higher—API
The American Petroleum Institute reported an increases in oil well completions last quarter–a sign of onging increases in exploration of energy reserves which has been driven higher by shale and relatively high oil prices. The organization reported: “Overall well completions—including…
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“Overall well completions—including oil and gas wells—maintained its high levels from a year ago of about 11,000 wells in the second quarter, according to API’s 2012 Quarterly Well Completion Report: Second Quarter. Oil well completions increased by 13 percent with 7,195 total wells being completed in the second quarter of 2012.”
WTI crude closed the day at $89.15, well below the $108 level 10 weeks ago. Prices continue to be near 52-week lows as supply remains relatively high, and anticipated interruptions in shipments from Iran have not materialized. Low demand from receding economies has also contributed to the trend.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.