TOKYO (AP) — Oil prices were steady Wednesday ahead of the release of figures on U.S. stockpiles of crude and refined fuels that will be a key indicator of expected demand.
Benchmark U.S. crude for August delivery was down 5 cents at $103.35 a barrel at 0805 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 13 cents to close at $103.40 on Tuesday.
ALEXANDER, N.D. (AP) — A lightning strike sparked a fire and explosion that destroyed the third North Dakota saltwater disposal facility in recent weeks, sending thick black smoke billowing into the sky and leaving the smell of oil in the air.
The price of oil slipped closer to $103 a barrel Tuesday as concerns about supply disruptions continued to fade.
Benchmark U.S. crude for August delivery fell 13 cents to close at $103.40 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.30 to close at $108.94 on the ICE Futures exchange in London.
U.S. crude production next year will average 9.3 million barrels a day, the highest level since 1972, according to the short term outlook released Tuesday by the Energy Information Administration.
And it expects the role of imports will continue to shrink. The EIA said the share of consumption of crude brought in from outside the country will drop to 22 percent in 2015, the lowest level, noted Administrator Adam Sieminski, in 45 years.
Several oil drillers and oil-field service providers urged a federal judge to hold BP liable for financial losses stemming from a three-month deep-water drilling moratorium in 2010 in the wake of the Deepwater Horizon disaster, FuelFix reports.
A coalition of 44 groups representing a variety of industries in a letter urged Secretary of State John Kerry to move ahead and approve the Keystone XL pipeline despite a pending legal battle in Nebraska, FuelFix reports.
Chevron's activity in its Kern River oil field in California has yielded an unexpected benefit for the state; it generates millions of gallons of water each day which is helping some farmers survive the state's continuing drought, The New York Times reports.
After meeting with White House adviser John Podesta along with eight other Democratic senators, Sen. Al Franken of Minnesota told reporters he believes the EPA will increase its biofuels blending targets when it sets final levels for the 2014 Renewable Fuel Standard, Platts reports.
The Transportation Secretary is defending his department’s proposed rule to improve oil train safety – faced with environmentalists’ demands to pull old DOT-111 tank cars from service immediately, Anthony Foxx said on PBS that the transition away from them will take time given the percentage of them in service now, The Hill reports.
The Supreme Court ruled in favor of the Board of Immigration Appeals last month in a complicated case where the statute in question was ambiguous, which may be a preview of legal challenges to the Environmental Protection Agency’s rule to limit carbon emissions for power plants based on the Clean Air Act, E&E reports.
Russian oil giant Rosneft is working on a plan to reduce the impact of Western sanctions on its operations, CEO and sanctions target Igor Sechin said in a statement as the company reported a jump in pre-sanctions second quarter net income to $4.9 billion, Reuters reports.
The Office of Surface Mining has issued hundreds of environmental violations including cessation orders, while $2 million in unpaid penalties have piled up on coal mines in five states that are owned by billionaire James Justice, according to an investigation by E&E.
Instead of an expected slowdown, Texas 2013 oil production increased to a level near the record set in 1972, pushed by higher oil prices that climbed on international unrest, according to an industry analysis, FuelFix reports.
More utilities are joining Germany’s balancing market, where the government pays them to add or cut power to the grid within seconds to balance out surges and drops caused by increasing reliance on wind and solar energy, Bloomberg reports.
Rep. Cory Gardner, R-Colo., who’s challenging Democratic Sen. Mark Udall in a key election contest, said at the Heritage Foundation Thursday that even lawmakers from states that have imposed fracking bans voted in favor of his legislation to push LNG exports, The Hill reports.
Despite increasing violence in parts of Libya including the capital, a tanker has arrived in Brega and should leave next week bound for Genoa loaded with 750,000 barrels of crude, the port said on its Facebook page, according to The Wall Street Journal.