Light, sweet crude futures for both March and April fell $1.95 on the New York Mercantile Exchange Feb. 9 to settle under $60/bbl while Brent crude oil for April delivery fell slightly more than $2—its biggest single-day drop since July—to settle under $63/bbl. Source: News

Citing a “new strategic direction” following discussions with large shareholders, SandRidge Energy Inc. said company Pres. and Chief Executive Officer James Bennett and Chief Financial Officer Julian Bott have left the company.  Source: News

Canadian Valeura Energy Inc. and partner Statoil ASA are planning a three-well delineation drilling and testing program commencing in this year’s third quarter on the Banarli and West Thrace licenses in northwest Turkey’s Thrace basin, which is west of Istanbul and extends to the borders of Greece and Bulgaria. Source: News

Reversing last week’s 1-unit loss, the US drilling rig count jumped 29 units to 975 rigs working during the week ended Feb. 9, data from Baker Hughes indicate. This total is up 234 units from a year ago.  Source: News

US President Donald Trump has signed a fiscal 2018 federal budget bill into law on Feb. 9 following months of debate and negotiations in both houses of the 115th Congress. H.R. 1892’s provisions included sales of 100 million bbl of crude oil from the Strategic Petroleum Reserve starting in 2022 and expansion of the Section 45Q […]