Production in North Dakota’s prolific oil patch continues to grow exponentially, with a record number of wells drawing crude at nearly twice the daily rate of two years ago.
At the current pace, North Dakota is quickly gaining ground on California, the nation’s third-biggest oil producer, industry officials say.
By James MacPherson, The Associated Press
, May 14, 2010
The price of North Dakota crude has edged to within 10 percent of listings on the New York Mercantile Exchange, the result of additional oil pipeline and rail-shipping capacity.
The demand for North Dakota sweet crude has been there, but for more than a year, the shipping infrastructure of pipelines and rail terminals has been unable to keep up. The price of crude from the state has been as much as 28 percent below the exchange price.
The Dow rose 169.67, or 1.7 percent, to 10,268.81. The Standard & Poor’s 500 index rose 19.36, or 1.8 percent, to 1,094.87, while the Nasdaq composite index rose 30.66, or 1.4 percent, to 2,214.19.
About five stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 4.2 billion shares, down from 4.5 billion Friday.
The dollar fell. Crude oil jumped $2.88 or 4 percent to settle at $77.01 a barrel.
The Dow Jones industrial average closed below 10,000 for the first time in three months Monday on nagging concerns about debt loads in Europe.
The Dow, down almost 104 points, had its 10th triple-digit move in 16 trading days. Shares of big banks pulled the market lower, extending a slump that has led to four straight weekly losses.
The Dow fell 115.70, or 1.1 percent, to 10,120.46.
The Standard & Poor’s 500 index fell 12.97, or 1.2 percent, to 1,084.53, while the Nasdaq fell 42.41, or 1.9 percent, to 2,179.00.
Benchmark crude for March delivery fell 3 cents to settle at $73.64 a barrel on the Nymex.
The Dow Jones industrial average rose 41.87, or 0.4 percent, to 10,236.16.
The Standard & Poor’s 500 index rose 5.33, or 0.5 percent, to 1,097.50, while the Nasdaq composite index rose 17.68, or 0.8 percent, to 2,221.41.
Benchmark crude for March delivery fell $1.04 to settle at $73.67 a barrel on the New York Mercantile Exchange.
The Dow Jones industrials rose 23.88, or 0.2 percent, to 10,196.86 after being up as much as 84 points. The fluctuations were modest, however, after five straight days in which the Dow moved by more than 100 points.
The Dow fell 213.27, or 2 percent, to 10,389.88, its biggest point and percentage drop since Oct. 30.
The broader Standard & Poor’s 500 index fell 21.56, or 1.9 percent, to 1,116.48. The Nasdaq composite index fell 25.55, or 1.1 percent, to 2,265.70.
The Dow fell 122.28, or 1.1 percent, to 10,603.15. The Dow had been down as much as 208 points.
The broader S&P 500 index fell 12.19, or 1.1 percent, to 1,138.04, and the Nasdaq composite index fell 29.15, or 1.3 percent, to 2,291.25.
The Dow rose 115.78, or 1.1 percent, to 10,725.43.
The broader Standard & Poor’s 500 index rose 14.20, or 1.3 percent, to 1,150.23. It was the highest close for the Dow and the S&P 500 index since Oct. 1, 2008. The Nasdaq composite index rose 32.41, or 1.4 percent, to 2,320.40.
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