Natural Gas

U.S. ethane to be used in Europe

Source: 
Platts

A cracker in Norway will be using shale gas ethane imported from the U.S. by the end of the second quarter, an INEOS source told Platts on the sidelines of a European conference.

Oil

US oil and natural gas rig count drops by 67 to 1,125

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. fell by 67 this week to 1,125 amid depressed oil prices.

Houston-based Baker Hughes said Friday that 866 rigs were seeking oil and 257 exploring for natural gas. Two were listed as miscellaneous. The count is down from 1,809 rigs active a year ago.

WBM Management Inc.
Oil

EIA: Decline in oil prices taking toll on state tax revenue

The decline in oil prices that began in mid-2014 is taking a toll on tax revenues in top oil- and gas-producing states, even as production has increased or remained steady, the government’s energy statistic agency said.

An analysis from the Energy Information Administration published Thursday reported that tax revenues in Texas, North Dakota, Alaska and Oklahoma, four of the five largest oil and gas producing states, have fallen alongside the slide in oil prices from August 2014 to January 2015.

Oil

Oil falls on rising supplies

NEW YORK (AP) — The price of oil fell for the fifth time in 6 days on continuing concerns about rising supplies in the U.S. and around the world. Benchmark U.S. crude fell $1.12 to close at $47.05 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 46 cents to close at $57.08 in London.

In other futures trading on the NYMEX, natural gas fell 9 cents to close at $2.734 per 1,000 cubic feet; wholesale gasoline rose 1.6 cent to close at $1.810 a gallon; and heating oil rose 4.1 cent to close at $1.779 a gallon.

Oil price slide threatens LNG projects

Source: 
FuelFix

Natural gas export projects need crude oil to hold at the $50 a barrel mark to remain viable, according to an analysis by PricewaterhouseCoopers, FuelFix reports.

Oil

BPZ Resources files for Chapter 11 bankruptcy protection

NEW YORK (AP) — Oil and natural gas exploration BPZ Resources is filing for Chapter 11 bankruptcy protection, citing the plunge in oil prices and its inability to find financing.

The Houston company said Monday it wants to stay in business. It is filing its petition for bankruptcy reorganization in the U.S. Bankruptcy Court for the Southern District of Texas.

Consumers not fully benefiting from lower natgas prices

Source: 
FuelFix

According to an Energy Information Administration analysis, consumers weren’t getting much of the benefit from lower natural gas prices this winter because of regulation, hedging and seasonal demand, FuelFix reports.

BP signs $12B deal to develop Egypt gas field

CAIRO (AP) — The U.K.-based energy company BP on Friday announced agreements worth $12 billion to develop a major gas field in Egypt, which has been trying to attract foreign investment after four years of unrest.

BP said in a statement that the investment is "a vote of confidence in Egypt's investment climate."

EU urges Russia to forget old gas contract with Ukraine

BRUSSELS (AP) — The European Union is concerned that Russia might want to enforce its old gas contract with Ukraine once their current arrangement runs out, saying it could contravene Moscow's peace obligations.

EU energy chief Maros Sefcovic said Thursday that any return to the previous contract between Russia's Gazprom and Ukraine's Naftogaz "would be quite difficult, complicated."

Oil

WTI and natural gas higher

Benchmark U.S. crude rose $1.01 Wednesday to settle at $51.53 a barrel in New York. Brent crude, the international benchmark, fell 47 cents to $60.55 in London.

The Wall Street Journal reported that the market was driven by data showing oil that inventories at Cushing, Okla., the delivery point for the Nymex contract, increased less than expected.

In other trading on the New York Mercantile Exchange:

— Wholesale gasoline fell 2.4 cents to close at $1.926 a gallon.

— Heating oil fell 3.9 cents to close at $1.901 a gallon.

— Natural gas rose 5.7 cents to close at $2.769 per 1,000 cubic feet.

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The Associated Press contributed to this report.

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