The price of oil rose Monday as another cold spell for the Midwest and Northeast was expected to boost demand for heating oil at a time when many refineries are undergoing seasonal maintenance.
Benchmark U.S. crude for April delivery gained 62 cents to $102.82 a barrel on the New York Mercantile Exchange. Brent crude, which is used to set prices for international varieties of crude, rose 79 cents to $110.64 on the ICE Futures exchange in London.
Natural gas futures were volatile, at one point nearing $6.50 per 1,000 cubic feet before dropping. Natural gas finished down 69 cents, or 11 percent, to $5.45. Although cold weather has returned to many areas after a brief warm spell, some forecasts suggest warmer weather by the end of next week. Profit-taking may have also pushed prices lower, traders said.
Ukraine's acting energy minister told Reuters Monday that he hopes the country's overthrow of pro-Russian president Viktor Yanukovich doesn't affect the price his country pays for natural gas from Russia.
Massachusetts regulators have unanimously accepted a proposal to build a natural gas-fired power plant in Salem Harbor which would have to progressively trim its carbon dioxide output until it shuts in 2050, The New York Times reports.
RALEIGH, North Carolina (AP) — James Taylor still has Carolina in his mind these days.
The singer-songwriter is starring in a television ad for an environmental group urging North Carolinians to challenge efforts to allow natural gas exploration through hydraulic fracturing in the state where he grew up.
The Natural Resources Defense Council said the ad began running Thursday. A group spokesman would not give a price on the ad buy but said it would run for at least two weeks.
Less than 8 percent of the crude contracted to flow through the proposed Keystone XL pipeline would come from the U.S, according to another document from TransCanada to the State Department, made public Tuesday, E&E reports.
The crude supply at the Cushing hub dropped 8 percent to 32.1 million barrels at the end of last month, the lowest since Nov. 2011, according to the Energy Information Administration, which says the southern leg of the Keystone XL pipeline is draining it, FuelFix reports.
Union leaders joined the American Petroleum Institute in publicly renewing their demand that the Obama administration approve construction of the northern segment of the Keystone XL pipeline, unleashing a blast of anger at the president in the process, The Hill reports.
The Senate Intelligence Committee has just one hurdle left to overcome before reaching agreement on the language of a cyber security bill, regarding liability protection, Sen. Saxby Chambliss, R-Ga., said at a hearing Tuesday, The Hill reports.
Sen. Mary Landrieu, D-La., facing a tough re-election battle this year, stayed away from her party's round-the-clock climate speeches overnight, but got a blast of criticism from the National Republican Senatorial Committee anyway, National Journal reports.
Key bondholder Fidelity Investments may be dragging its heels, but other players involved in trying to get bankruptcy proceedings underway for Energy Future Holdings Corp. are in agreement, and hoping to move quickly on the plans, Bloomberg Businessweek reports.
Industry and even backers of Interior Secretary Sally Jewell are getting frustrated with the slow pace of the rollout of her department's new master leasing plans, intended to balance the interests of companies seeking to mine the mineral wealth of federal land against those of hunters, anglers and wildlife supporters, E&E reports.
Activist investors, already successful at pushing Chesapeake Energy and other companies to cut their debt, are likely to keep up the pressure, and lobby firms to fight climate change as well, according to Moody's Investors Service, FuelFix reports.
The power could run out on the Energizing Indiana program at the end of the year, as the state's Senate has voted to join the house in approving a measure to shut it down, although Gov. Mike Pence hasn't yet decided if he'll go along, the Indianapolis Star reports.