The Energy Information Administration found that natural gas stockpiles last week increased only 24 billion cubic feet, much less than expected, which triggered the biggest price jump in more than two months on fears that what was depleted during a frigid winter may not be replenished, The Wall Street Journal reports.
The American Petroleum Institute on Thursday contended that new polling it commissioned shows strong public support for oil and gas drilling, results the organization hopes will help it overcome concerns over hydraulic fracturing, particularly in New York and Colorado, that could be reflected at the ballot box this fall.
Fracking has been banned in New York since 2008, a ban Democratic Gov. Andrew Cuomo expects to keep in place until at least next year. Statewide, public sentiment is divided over whether to allow the practice in gas-rich areas along the Pennsylvania border, with opposition running ahead of support, according to recent independent polls.
Colorado is also caught up in political debate over fracking, despite that state's moves to regulate the practice. Opponents are pursuing statewide ballot initiatives that would let communities prohibit its use, proposals which are opposed by oil and gas companies.
NEW YORK (AP) — General Electric's new focus on oil and gas equipment helped the company to post strong first-quarter results.
GE posted lower overall first-quarter net income than a year ago, but that's only due to the sale of NBC Universal during that period. The company said Thursday that its industrial divisions, especially oil and gas, performed well and that the global economic environment was improving.
Only about 200 of Ford's F-150 pickups that can run on compressed natural gas have been sold, FuelFix reports, noting that company officials predict interest will grow once the vehicle gets more established in the market.
ALIQUIPPA, Pa. (AP) — A plan to build a huge new petrochemical plant in western Pennsylvania is making progress, Shell Oil Co. officials said Wednesday — but there's still no guarantee the multi-billion dollar project will actually be constructed.
That message of optimism and caution was stressed by company officials to about 200 people who showed up for the first of two public meetings regarding a proposed plant site about 30 miles northwest of Pittsburgh.
Frigid weather this past winter that resulted in gas price spikes points to the need to improve the ways natural gas gets to market, but more pipeline capacity may not necessarily steady costs, panel members said at a gas forum in Atlanta, Platts reports.
As part of a two-year plan to dispose of some of its assets, BP is looking for buyers to take on rights for some 280,000 acres in the Texas Panhandle, in an area rich in natural gas that the company says would be better suited to an operator used to getting the most out of mature territory, FuelFix reports.
KINGSTON, Jamaica (AP) — A Hong Kong-based company has been granted a license for what would be a major new power project in Jamaica, the Caribbean island's energy minister announced Tuesday.
Phillip Paulwell said Energy World International is to supply 381 megawatts of natural gas-fired generating capacity for Jamaica's power grid. He called the project a "game changer" for the tropical country, which is almost entirely dependent on imported petroleum and diesel fuel.
The power substation in San Jose where a sniper attack last year raised concern about the security of the country’s grid has been breached again, according to Pacific Gas and Electric, which said thieves cut through a fence and stole some equipment, The New York Times reports.
A corn ethanol plant at the Port of Indiana-Mount Vernon, which Valero Energy Corp. bought in March, has restarted, FuelFix reports. It is expected to boost the company’s output to 1.3 billion gallons a year, making Valero the country’s third-largest ethanol producer.
Oil looks set to finish out the week higher in the wake of another positive piece of data on the U.S. economy, news of an unexpected rise in consumer confidence. West Texas Intermediate crude for October delivery was up 66 cents to $95.21 a barrel on the Nymex, while in London Brent crude settled 35 cents higher to $102.81, Bloomberg reports.
Fighting in Tripoli may have been escalating, but in the east of Libya, the key oil port of Es Sider is once again getting a flow of crude from oilfields after exports there resumed last week following a one-year hiatus, an official told The Wall Street Journal.
Sen. Mary Landrieu, D-La., listed her parents’ home in New Orleans as her address in filing last week to qualify for the ballot in Louisiana, prompting some critics to question her residency status, The Washington Post reports.
Clean Air Act violations for the release of phosgene, methyl chloride and oleum at a West Virginia facility between 2006 and 2010 will cost DuPont $1.3 million in fines, the Environmental Protection Agency and the Justice Department said in announcing a settlement, The Hill reports.
A project to build a big $25 billion water tunnel system in Northern California poses water quality problems to the Sacramento-San Joaquin River Delta and a possible threat to smelt and salmon, the Environmental Protection Agency said in a letter accompanying comments posted online, the Los Angeles Times reports.