Natural Gas

North Texas city rejects partial fracking ban

DENTON, Texas (AP) — The council governing a North Texas city that sits atop a large natural gas reserve rejected a bid early Wednesday morning to ban further permitting of hydraulic fracturing in the community after eight hours of public testimony.

Denton City Council members voted down the petition 5-2, sending the proposal to a public ballot in November.

Biden to Ukraine: US, Europe weighing Russia costs

WASHINGTON (AP) — Vice President Joe Biden is telling Ukraine's leader that the U.S. and Europe are talking about imposing new costs on Russia for continuing to escalate the conflict in Ukraine.

Biden and Ukrainian President Petro Poroshenko spoke by phone on Tuesday. The White House says they discussed how Russia is continuing to support pro-Russian separatists and how the conflict has apparently escalated in recent days.

Denton could become 1st Texas city to ban fracking

DENTON, Texas (AP) — A North Texas community that sits on what's believed to hold one of the biggest natural gas reserves in the U.S. could become the first city in the state to ban hydraulic fracturing, with Denton City Council members set to vote Tuesday night on a citizen-led petition.

Industry groups and state regulators warn that such a ban ban could be followed by litigation and a severe hit to the city economy. The City Council is holding a public hearing Tuesday night, with a vote to follow.

US preparing unilateral sanctions on Russia

WASHINGTON (AP) — The United States is considering imposing unilateral sanctions on Russia over its threatening moves in Ukraine, a shift in strategy that reflects the Obama administration's frustration with Europe's reluctance to take tougher action against Moscow, according to U.S. and European officials.

Until now, the U.S. has insisted on hitting Russia with penalties in concert with Europe in order to maximize the impact and present a united Western front. The European Union has a far stronger economic relationship with Russia, making the 28-nation bloc's participation key to ensuring sanctions packages have enough teeth to deter Russia.

Oil

Oil falls below $100 for first time since May

The price of oil fell below $100 a barrel for the first time since May even as the deteriorating security situation in Libya has raised questions about whether the country can soon increase crude exports.

Benchmark U.S. crude for August delivery fell 95 cents to close at $99.96 a barrel on the New York Mercantile Exchange. Oil is down 5 percent since the beginning of the month.

Nat gas production in Northeast sees output record

Source: 
Bloomberg

The Energy Information Administration says that record natural gas development in the Marcellus shale in the Northeast will push output to new highs in July and August, Bloomberg reports.

Oil

Oil halts slide on renewed turmoil in Libya

The price of oil paused Tuesday after tumbling last week as a deteriorating security situation in Libya raised questions over the restoration of exports following an agreement between the government and a regional militia.

Prices fell sharply last week as worries about supply disruptions from Iraq eased and on the prospect of more supplies from Libya. Weaker than expected economic data for the first half of the year prompted the International Energy Agency and other experts to trim their forecasts for short and medium term demand.

Oil

Concerns over possible link between injection wells and quakes

FORT WORTH, Texas (AP) — States where hydraulic fracturing is taking place have seen a surge in earthquake activity, raising suspicions that the unconventional drilling method could be to blame, especially the wells where the industry disposes of its wastewater.

Fracking generates vast amounts of wastewater, far more than traditional drilling methods. The water is pumped into injection wells, which send the waste thousands of feet underground. No one knows for certain exactly what happens to the liquids after that. Scientists wonder whether they could trigger quakes by increasing underground pressures and lubricating faults.

Oil

Oil barely changed; US gas prices at 3-month lows

Lacking any catalysts, the price of oil barely changed Monday. Meanwhile, gasoline prices in the U.S. slipped to three-month lows.

Benchmark U.S. crude for August delivery rose 8 cents at $100.91 a barrel on the New York Mercantile Exchange. The Nymex contract fell 3.1 percent last week and is down 4.3 percent so far in July. Brent crude, a benchmark for international oils, gained 45 cents to $107.71 on the ICE Futures exchange in London.

Oil

Oil edges lower after big drop on Libyan supplies

The price of oil edged lower Monday after its biggest one-day drop since April on expectations Libyan oil will soon return to the market.

Benchmark U.S. crude for August delivery was down 39 cents to $100.44 per barrel at 0535 GMT in electronic trading on the New York Mercantile Exchange. It fell 3.1 percent last week and is down 4.3 percent so far in July.

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