News From the Oil Patch, June 4 - Hays Post

News From the Oil Patch, June 4  Hays Post

BY JOHN P. TRETBAR West Texas Intermediate crude for July delivery gained 21 cents on the Nymex by lunchtime Monday to trade at $53.70 a barrel. The near-month contract dropped more than five percent on Friday (5/31), to its lowest weekly finish in nearly four months. The current posted price for Kansas Common crude at CHS in McPherson by Monday was $43.75 per barrel. That’s three dollars less than the posted price last Thursday. The weekly rig report from Independent Oil and Gas Service showed showed a 62% drop in the number of active drilling rigs in Kansas last week. The total in Western...