Authorities say nobody has been hurt after a contractor accidentally cut an underground crude oil pipeline in Central Texas and caused about 50,000 gallons (189,265 liters) to spill. A spokesman with Magellan Midstream Partners of Tulsa, Oklahoma, says cleanup has begun at the rural site near Bastrop, about 30 miles (48 kilometers) east of Austin. Emergency responders ordered a 1-mile (1.6-kilometer) area evacuated around the spill location, as a precaution. Nearby Farm-to-Market 20 was closed in both directions. Click Read More below for more of the story.
National Average Price for Regular Unleaded Current: $3.333; Month Ago: $3.584; Year Ago: $3.725. National Average Price for Diesel Current: $4.315; Month Ago: $4.459; Year Ago: $5.342.
Oil prices stabilized on Monday after one of the most bearish weeks in months, propped up by OPEC comments signaling the group and other producers may take further action to restore market balance in the long term. Oil production platforms in the Gulf of Mexico started returning to service after Hurricane Nate had forced the shutdown of more than 90 percent of crude output in the area. The prospective restarts kept price gains in check. “Oil is having trouble to find direction. Mixed signals keep investors busy changing their minds,” said Hans van Cleef, senior energy economist at ABN Amro. Click Read More below for more of the story.
Oil last week rose to levels last seen in 2014 amid growing geopolitical risks, with investors anticipating that retaliation against Assad would threaten production in the region, while tensions between Saudi Arabia and Iran-backed rebels in Yemen also added to concerns. Still, surging U.S. output continues to weigh on investor sentiment even as the International Energy Agency says the Organization of Petroleum Exporting Countries is close to reaching its target of eliminating a global crude glut. Meanwhile, in the U.S., working oil rigs rose by seven last week to 815, the highest since March 2015, according to data from Baker Hughes. The rig fleet has expanded in 10 of the past 12 weeks. The expansion came after the Energy Information Administration data showed that American oil production rose to a fresh record of 10.5 million barrels a day. Click Read More below for additional information.