Domestic Oil and Gas News: Week of June 9th, 2025
Market Trends & Prices
Crude Oil Futures Activity: As of June 10, trading volume for Light Sweet Crude on the NYMEX was 345,157 contracts, down from 666,673 the previous day. Open interest decreased by 37,427 contracts, totaling 2,061,745, indicating potential shifts in market sentiment. apnews.com
Oil Prices: WTI crude rose to $65.52 per barrel, while Brent reached $67.32, buoyed by optimism surrounding U.S.-China trade negotiations in London. reuters.com+1timesofindia.indiatimes.com+1
Regulatory & Policy Updates
EPA's CO₂ Injection Oversight: The EPA proposed granting Texas authority to manage permits for underground CO₂ injection projects, aiming to advance carbon capture and storage initiatives while addressing environmental concerns. reuters.com
Texas Wastewater Regulations: Effective June 1, new rules by the Texas Railroad Commission limit surface injection pressures and water volumes, potentially increasing disposal costs by 20-30%, up to $1 per barrel of water, impacting oil producers in the Permian Basin. reuters.com
Alaska Drilling Expansion: The Trump administration moved to reverse Biden-era protections, opening parts of Alaska's National Petroleum Reserve to oil drilling, sparking environmental debates. ft.com+1apnews.com+1
Industry Activity
Rig Count Decline: The U.S. oil and gas rig count fell by four to 559, marking the sixth consecutive weekly decline and reaching the lowest level since November 2021. money.usnews.com
Layoffs in Energy Sector: Chevron announced plans to reduce its global workforce by up to 9,000 employees as part of broader industry cost-cutting measures. businessinsider.com