The expectation that the Energy Information Administration will announce a jump in crude stockpiles in its weekly report pushed U.S. benchmark crude to a 17-month low Tuesday. West Texas Intermediate crude for November delivery dropped 1.7 percent, or $1.49, to settle at $88.85 a barrel on the Nymex, while in London Brent crude lost 68 cents to $92.11, Bloomberg reports.
Plains All American Pipeline LP plans to open an oil terminal in Bakersfield this month, Alon USA Energy Inc. hopes to finish construction on a bigger one there next year, and Kinder Morgan is now receiving oil trains at a Richmond terminal after a judge dismissed a lawsuit that challenged its permits, all of which should open the flow of Bakken crude and lessen California’s reliance on more expensive imported oil, The Wall Street Journal reports.
BP has asked for the removal of Patrick Juneau, the man in charge of Deepwater Horizon Claims Center, claiming he has misinterpreted its agreement with attorneys for the plaintiffs in the spill case, but in a brief filed with the U.S. Supreme Court Juneau said he has not made any interpretations but has merely followed the settlement rules, FuelFix reports.
A bigger-than-expected drop in German industrial production coupled with predictions of a growth in U.S. crude inventories combined to send oil prices dropping again early Tuesday. West Texas Intermediate crude for November delivery was down 41 cents to $89.93 a barrel in electronic trading on the Nymex, while in London Brent lost 78 cents to $92.01, Bloomberg reports.
Canada’s own pipeline construction plans and energy trade with the U.S. will move ahead no matter what happens to the long-delayed Keystone XL pipeline project, Brenda Kenny, Canadian Energy Pipeline Association President, told Bloomberg in an interview.
BUCHAREST, Romania (AP) — Russian crude producer Lukoil says Romanian authorities have lifted a freeze on its assets and activity that was placed as a result of a probe into tax evasion and money laundering worth 230 million euros ($290 million).
Lukoil said Tuesday that its Petrotel refinery in Romania was preparing to resume operations after a court ruled that a freeze place last week on its bank accounts, assets and refining activities could be lifted. The probe, however, continues.
With the dollar dropping and traders thinking the recent decline in oil prices has been too deep, crude recovered somewhat on Monday. West Texas Intermediate crude for November delivery gained 60 cents to settle at $90.34 a barrel on the Nymex, while in London Brent ended the session up 48 cents to $92.79, Bloomberg reports.
A problem with a hose caused 1,200 gallons of oil and water to be released off the coast near a refinery operated by Hawaii Independent Energy, creating a sheen covering three-fourths of a square mile, the Star-Advertiser reports.
Oil dropped again early Friday, retreating from previous gains, as traders decided news of a drop in Saudi supplies didn't signal a cut in OPEC production. West Texas Intermediate crude for December delivery fell 74 cents to $81.35 a barrel in electronic trading on the Nymex, while in London Brent slid 1.2 percent, trading $1.02 lower to $85.81, Bloomberg reports.
A microbe that eats carbon and releases methane in its place – Methanoflorens stordalenmirensis – is multiplying in the Arctic melt and accelerating the global warming process, according to scientists writing in the journal Nature this week, The Washington Post reports.
Californians for Energy Independence, a political action committee backed by the oil industry, has raised $7.6 million to fight Measure P in Santa Barbara County and Measure J in San Benito County, which prohibit hydraulic fracturing, FuelFix reports.
Despite a negative assessment from an administrative law judge, the Illinois Commerce Commission has approved Commonwealth Edison’s plan to build the Grand Prairie Gateway transmission line, which could bring 1,000 more megawatts of power to the north of the state and grid operator PJM Interconnection when it’s completed in 2017, Platts reports.
Southern Co. subsidiary Southern Power has bought the Solar Gen 2 plant in California from First Solar Inc., and will sell the electricity from it on to San Diego Gas & Electric, The Atlanta Journal-Constitution reports.
Scientists in New England, in a study published in the Journal of Economic Geography, have found that people were more likely to install solar panels on their roof if they live nearby someone else who had done so, The Washington Post reports.
Climate analyst Rick S. Piltz has died from cancer at age 71, he quit the George W. Bush administration after he claimed his bosses were tweaking report language to play down climate change risks, The New York Times reports.