Oil

Oil

Oil falls on weak China trade data, US supply rise

The price of oil fell from a five-week high Thursday after China reported weak monthly trade data and a report showed a big increase in U.S. crude supplies.

Benchmark crude for May delivery was down 31 cents to $103.29 at 0525 GMT in electronic trading on the New York Mercantile Exchange. The contract rose $1.04 to settle at $103.60 on Wednesday amid unrest in eastern Ukraine after gaining more than $2 the day before. The last time it finished above $103 was on March 4.

Brent crude, a benchmark for international oil prices, fell 42 cents to $107.53 a barrel on the ICE exchange in London.

Oil

Boxer, Whitehouse news briefing on Keystone XL health impacts

Washington, April 10, 2014, 11:30 am

Sen. Barbara Boxer, Sen. Sheldon Whitehouse hold news media teleconference on "new developments" on health impacts of proposed Keystone XL pipeline. 

Oil

Gulf Coast crude supplies at record level: EIA

Source: 
Bloomberg

Oil movement out of the Gulf Coast is failing to keep pace with the amounts of crude flowing in, according to figures by the Energy Information Administration, which found that stockpiles in the region for the week ending April 4 hit record levels, Bloomberg reports.

Oil

Oil rises above $103 a barrel on Ukraine unrest

NEW YORK (AP) — The price of oil rose to a five-week high Wednesday amid unrest in eastern Ukraine, even as a report showed a large rise in U.S. crude oil supplies.

Benchmark U.S. crude oil for May delivery gained $1.04 to close at $103.60 on the New York Mercantile Exchange. The contract gained $2.12 on Tuesday. It last closed above $103 on March 4.

Brent crude, used to set prices for international oil varieties, rose 31 cents to $107.98 on the ICE Futures exchange in London.

Oil

Pipeline regulator levies record fines in 2013

Source: 
Bloomberg BNA

The Pipeline and Hazardous Materials Safety Administration has slapped pipeline operators with a record $9.78 million in penalties in more than 60 cases in 2013, one of the biggest levied against Exxon Mobil for a spill near Mayflower, Ark. last March, Bloomberg BNA reports.

Oil

Heitkamp: Programs to boost oil train safety need more money

Source: 
The Hill

In the wake of destructive oil train derailments, Sen. Heidi Heitkamp, D-N.D., is urging Senate appropriators to set aside more money for the Transportation Department's rail safety programs, in particular to pay for sufficient inspectors, The Hill reports.

Oil

More financial advisers needed for newly rich ND client base

Source: 
The Wall Street Journal

More financial advisers are needed in North Dakota, to cater to people and businesses benefiting from the state's oil boom, The Wall Street Journal reports.

Oil

Feds say oil trains should have two-man crews

WASHINGTON (AP) — Responding to a series of fiery train derailments, federal regulators said Wednesday they will propose that trains transporting crude oil have at least two-man crews and requirements aimed at preventing parked train cars from coming loose and causing an accident like one in July that killed 47 people.

The Federal Railroad Administration had asked a freight rail industry advisory committee to make recommendations on whether two-man crews should be required, but the industry officials were unable to reach a consensus after working on the issue for months. Federal officials said they decided to move ahead with the two-crew member requirement anyway.

"Safety dictates that you never allow a single point of failure," Joseph Szabo, head of the railroad administration, said in a statement.

Oil

Wash Post revisits Koch Industries Canadian oil sands leases

Source: 
The Washington Post

The Washington Post, in re-examining Canadian oil sands leases, has clarified that Koch Industries has the biggest U.S. presence in the region, but that two Canadian firms may have slightly larger territory.

Oil

Oil company fined for failing to report production

ARTESIA, N.M. (AP) — The federal government is fining an Artesia oil man more than $700,000 for failing to submit reports on production on its federal leases in New Mexico.

The Department of the Interior's Office of Natural Resources Revenue said Tuesday it has assessed Louis Fulton, doing business as C.F.M. Oil Company , a $717,136 civil penalty.

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