Some European nations are concerned that their energy supplies could be at risk after a second day of talks between Ukraine and Russia over a natural gas payment dispute ended without a deal, The New York Times reports.
As federal regulators weigh new standards on methane emissions from natural gas drilling sites, the American Gas Association has developed voluntary guidelines urging gas companies to replace old pipes and limit future damage, Bloomberg reports.
The price of oil bounced around before finishing with a slight gain Wednesday. U.S. supplies declined more than expected, but a reduction in the World Bank's estimate of global economic growth raised concerns about demand.
Benchmark U.S. oil for July delivery rose 5 cents to $104.40 a barrel on the New York Mercantile Exchange.
Brent crude gained 43 cents to $109.95 a barrel on the ICE Futures exchange in London. The benchmark for international oils got a boost from tensions in Iraq.
MOSCOW (AP) — Ukraine has rejected Russia's offer of a discount for gas shipments, which President Vladimir Putin touted as a "partnership deal."
Ukrainian Energy Minister Yuri Prodan told Russian news agencies on Wednesday that Kiev found the deal unacceptable.
Prodan said Ukraine was seeking a price lower than $385 per 1,000 cubic meters, which is what Ukraine had been paying until late last year and which is what Putin offered. The minister said the Ukrainian government now believes that arbitration is the best option to solve the dispute.
The Energy Information Administration in its Short-Term Energy Outlook projected that natural gas output would reach 73 billion cubic feet a day this year, setting a new record for production, Bloomberg reports.
The price of oil rose on Wednesday ahead of an OPEC meeting in Europe that is expected to keep production levels steady for the year even as demand looks set to grow.
Energy markets were also affected by al-Qaida-inspired militants overrunning much of the Iraqi city of Mosul on Tuesday. Mosul lies in an area that is a major gateway for Iraqi oil.
Benchmark U.S. oil for July delivery was up 29 cents to $104.64 a barrel at 0820 GMT in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract fell 6 cents to close at $104.35.
Gazprom Chief Executive Alexei Miller said the company has granted Ukraine six days to reach an agreement on natural gas payments with Russia before it considers making good on a threat to cut off supplies, The Wall Street Journal reports.
The International Energy Agency projected that demand for natural gas would grow at a slower pace than expected through 2019, due in part to tepid economic growth and greater competition from coal and renewable energy, Bloomberg reports.
The sharp decline in oil prices is starting to take a toll on U.S. oil boom towns, forcing energy companies to cut staff and benefits, pressing businesses to temper plans for growth and limiting royalty payments for landowners, The Wall Street Journal reports.
Though 50 million smart meters have been installed in homes nationwide, U.S. energy consumers aren't moving to change consumption habits, a phenomenon The Washington Post suggests is linked to a lack of real-time access to data related to energy efficiency and financial savings.
A new study published in the British journal "Nature Climate Change" suggests that increases in global temperatures will result in more frequent and intense La Niña climate patterns, a development that could lead to more hurricanes in the Atlantic and droughts in the Southwest United States, USA Today reports.
Data from American Wind Energy Association show that wind energy developersadded 4,850 megawatts in new capacity last year, a strong increase from new 2013 installations, bringing total wind generation capacity to 65,875 MW, Platts reports
Saudi Arabia's new King Salman bin Abdulaziz has already made several changes to his government, shuffling his cabinet and cutting some government bodies, but he has retained Oil Minister Ali al-Naimi, a central figure in OPEC's decision to maintain production targets, Dow Jones Business News reports.
Venezuela, reliant on oil sales to generate enough income to import necessary supplies, is experiencing stricter rationing than usual, with falling oil prices building on high inflation and recession to make basic goods even more scarce, The New York Times reports.
Offshore wind energy development on the Eastern Seaboard is struggling as energy companies appear unwilling to invest, evidenced by Thursday's federal auction of leases off the coast of Massachusetts that drew just two bidders at around $1.50 an acre, The New York Times reports.
Assisted by improved relations with the Kurdish regional government, Iraq passed a $105 billion budget based on a $56 per barrel oil price, a move Prime Minister Haider al-Abadi sees as a sign of good will as Baghdad and Kurdish forces continue to fight the Islamic State group, Reuters reports.
The Department of Energy would manage if Congress were to impose a time limit on its reviews of LNG export applications, Assistant Secretary Christopher Smith told Sen. Lisa Murkowski, R-Alaska, at a hearing Thursday, The Hill reports.
Calling the proposal unrealistic and asking that its implementation be delayed, Sen. John Thune, R-S.D. and chair of the Commerce, Science and Transportation Committee, warned that Obama administration moves targeting DOT-111 tank cars have the potential to disrupt the U.S. rail network, USA Today reports.