A new oil futures contract is coming to the Gulf Coast. Magellan Midstream Partners L.P., Enterprise Products Partners LP and Intercontinental Exchange Inc. (ICE) said Monday they would partner to create a contract for the physical delivery of crude in the Houston area. The companies said the Midland WTI American Gulf Coast contract (ICE: HOU)…
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Linn, Penn Virginia Succumb to Bankruptcy
Two more U.S. onshore operators, Linn Energy LLC and Penn Virginia Corp., have filed for Chapter 11 protection this week as the commodity price rout continues to claim more victims.

Linn, Penn Virginia Succumb to Bankruptcy
Two more U.S. onshore operators, Linn Energy LLC and Penn Virginia Corp., have filed for Chapter 11 protection this week as the commodity price rout continues to claim more victims.
CME Group Delays Shuttering of Futures Floor Trading
CME Group said it will postpone until July 6 the scheduled closing of most of its futures trading pits in Chicago and New York — including natural gas — due to a technical revision to its filing with the Commodity Futures Trading Commission (CFTC).
CME Group Delays Shuttering of Futures Floor Trading
CME Group said it will postpone until July 6 the scheduled closing of most of its futures trading pits in Chicago and New York — including natural gas — due to a technical revision to its filing with the Commodity Futures Trading Commission.
Possible Deal Nears on Drilling in Colorado’s Thompson Divide
In a long-standing war zone for energy developers and environmentalists fighting over proposed drilling in the Thompson Divide area of western Colorado, local county, industry and environmental officials are working on a land exchange proposal that could resolve the ongoing warfare through congressional action endorsed by Colorado’s two U.S. senators and a House member.
CME Group Restructuring Cuts 150 Company Positions
CME Group said Tuesday that as part of its recently announced restructuring the trading exchange will reduce its global workforce this week by roughly 5%, or about 150 positions. Most of the cuts will come from technology, with the balance of reductions coming from corporate and administrative functions.
Range Earns $144M in 2Q on Record Production, New EURs
Bolstered by record production, especially in the southwest Pennsylvania portion of the Marcellus Shale, and revisions to its estimated ultimate recovery (EUR) curves, Range Resources Corp. reported net earnings of nearly $144 million for the second quarter of 2013.
Five Injured in West Virginia Gas Well Explosion
Five people were injured after a Marcellus Shale gas well owned by Antero Resources exploded in Doddridge County, WV, on Sunday morning.
SEC Inquiry Casts Shadow on Linn-Berry Deal
Shares of Linn Energy LLC and LinnCo LLC got a beat-down last week after the companies disclosed that the Securities and Exchange Commission (SEC) was looking into details of LinnCo’s planned merger with Berry Petroleum Co. as well as its hedging strategy and use of financial reporting metrics that aren’t required under SEC’s generally accepted accounting principles (GAAP).