Oil fell below $104 per barrel on Monday as expectations of increased supply offset strong U.S. job growth.
U.S. crude for August delivery was down 25 cents to $103.81 a barrel at 0620 GMT in electronic trading on the New York Mercantile Exchange. The contract sunk as low as $103.70 on Friday before closing at $104.06.
Brent crude, a benchmark for international oils, was up 2 cents at $110.66 on the ICE exchange in London.
Saying Europe could reap one tenth of its energy needs from hydraulic fracturing in shale, European Union Energy Commissioner Guenther Oettinger urged Germany to keep an open mind on fracking in light of recent recommendations that raise concern on the safety of the process, Reuters reports.
Now that the state of Alaska and four firms – Exxon Mobil, ConocoPhillips, BP and TransCanada – have signed a joint venture agreement, design work is underway on an LNG project that includes an 800-mile pipeline and an export plant, Gov. Sean Parnell said Wednesday, Reuters reports.
WASHINGTON (AP) — A new study explains how just four wells forcing massive amounts of drilling wastewater into the ground are probably shaking up Oklahoma.
Those wells seem to have triggered more than 100 small-to-medium earthquakes in the past five years, according to a study published Thursday by the journal Science. Many of the quakes were much farther away from the wells than expected.
Combined, those wells daily pour more than 5 million gallons (19 million liters) of water a mile or two underground into rock formations, the study found. That buildup of fluid creates more pressure that "has to go somewhere," said study lead author Cornell University seismologist Katie Keranen.
The recent fourth anniversary of the Deepwater Horizon accident and oil spill captured a lot of headlines, as energy supporters and detractors alike weighed in on the significance of the tragic and costly event that occurred in the Gulf of Mexico.
Those closest to the incident, however, remember other benchmark events from the spring and summer of 2010, including the May 28, 2010 lifting of the moratorium on permits for shallow-water drilling operations. Shallow-water drilling, which takes place in 500 feet or less of water, has been the foundation of the Gulf energy industry since the 1950s.
It continues to be a major source of energy activity in the Gulf today, and is currently enjoying an uptick of interest from investors. It also had nothing to do with the Deepwater Horizon, yet was subject to the blanket moratorium on new permit issuance imposed in the wake of the accident.
Following a court ruling backing the power of New York communities to ban fracking, lawyers are speculating that a future legal challenge could come from a landowner challenging the loss of valuable rights known as takings, E&E reports.
Cheniere Energy announced this week it has reached agreement to sell liquefied natural gas to Pertamina, Indonesia’s state-owned energy company, and Australian firm Woodside Petroleum, starting as early as 2019, FuelFix reports.
Short-covering and the expiration of the front month contract helped power oil prices to a huge gain Friday. West Texas Intermediate crude for January delivery shot up 5 percent, or $2.41, to settle at $56.52 a barrel on the Nymex, while in London February Brent finished $2.11 higher at $61.38, Reuters reports.
Oilfield services company Baker Hughes reported Friday that 1,875 rigs were drilling for oil and gas in the U.S. this week, a drop of 18 and the second week in a row that the number has fallen, FuelFix reports.
Comparing present-day statistics with numbers during the oil bust in the mid-1980s has led JP Morgan Chase economist Michael Feroli to warn that Texas could slip into a regional recession next year, FuelFix reports.
Job losses in the power generation sector over the past three years topped 5,800, according to data released by the Energy Information Administration Friday, which said all parts of the industry were affected other than renewable energy, The Hill reports.
Avenue Capital, the hedge fund run by Marc Lasry that specializes in buying distressed companies’ debt, is raising $750 million for a fund that will focus on the energy sector, according to the Pennsylvania Public School Employees’ Retirement Board, which confirms it has put in $200 million, the New York Post reports.
Tesla is testing the market for battery swaps: Near California supercharging stations where Model S owners can top up their batteries for free, the company is creating a facility where drivers can pay a cost equivalent to a tank of gasoline and get a fully-charged battery installed in three minutes, The Wall Street Journal reports.
The growth of global carbon emissions slowed in 2013 -– although the total of 35.3 billion tons did set a record -- and the rate of increase tailed off despite an uptick in economic activity, says a report from the European Commission’s Emissions Database for Global Atmospheric Research, or EDGAR, according to E&E.
INEOS hopes to get commercial shale gas production under way in Britain before the end of the decade, according to documents the government released Friday, which detailed the company’s presentation to the Department of Energy and Climate Change in February, Platts reports.