Natural Gas

US, Europe escalate economic sanctions against Russia

WASHINGTON (AP) — Struggling to defuse the persistent crisis in Ukraine, both the U.S. and European Union imposed new economic sanctions on Russia Wednesday, with President Barack Obama declaring that Russian leaders must see that their actions supporting rebels "have consequences."

Though the American and European sanctions were coordinated, they nonetheless exposed fissures in what the West has tried to project as a united front in its months-long effort to isolate Russian President Vladimir Putin.

Oil

Oil price rises on inventory draw, China growth

Oil prices rose Wednesday on a large drain in U.S. oil inventories and a slight improvement in economic growth in China.

Benchmark U.S. crude for August delivery rose $1.24 to close at $101.20 a barrel on the New York Mercantile Exchange. On Tuesday, the Nymex contract dipped below $100 per barrel for the first time since May.

Japan moves to restart 2 reactors won't do much for LNG prices: Analysts

Source: 
Bloomberg

Japan's move to declare two nuclear plants safe to resume operations likely won't do much to lower liquefied natural gas prices, market analysts say, because there's little indication that the nation's 46 other nuclear generators will come close to restarting this year, Bloomberg reports.

Maps show sources of urban methane emissions: EDF

Source: 
PR Newswire

New interactive maps show gas leaks in Boston, Indianapolis, and Staten Island in New York City, part of a pilot project -- which is the result of cooperation between the Environmental Defense Fund and Google Earth Outreach -- that is aimed at pinpointing sources of greenhouse gas emissions, particularly methane, according to an item on PR Newswire.

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.

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