Oil prices were slipping Friday morning ahead of remarks by Federal Reserve chair Janet Yellen which were being watched for signals about any potential interest rate increase. West Texas Intermediate crude for October delivery was 39 cents lower to $93.57 a barrel in electronic trading on the Nymex, while in London Brent crude dropped 29 cents to $102.34, Bloomberg reports.
Canadian pipeline company Enbridge Inc. says its current plan to move oil sands crude into the U.S. by connecting output from its Alberta Clipper line to its existing Line 3 needs no further permits, and construction should start within weeks, Reuters reports.
It’s the biggest hiring surge in Houston since the shale boom began: The area has added 5,000 energy sector jobs in June and July, according to data from the U.S. Labor Department, the Houston Business Journal reports.
Plains All American Pipeline LP says it plans to spend around $900 million to construct a 440-mile pipeline from its terminal in Cushing to a Valero Energy Corp. refinery slated to be completed in Memphis in 2016, FuelFix reports.
Stronger U.S. economic data Thursday – more home sales, fewer jobless claims and a higher manufacturing index – pointed to increasing demand, which boosted oil prices. West Texas Intermediate crude gained 51 cents to settle at $93.96 a barrel on the New York Mercantile Exchange, while in London Brent crude ended the trading session 35 cents higher to $102.63, Bloomberg reports.
A multimillion dollar campaign to promote the Keystone XL pipeline, which was funded by the Canadian taxpayer, had little impact on Americans who saw the ads, according to a government-mandated survey, CBC reports.
Oil sprayed from a faulty gasket in a pipeline at a Global Partners tank facility in the Port of Albany Wednesday afternoon, but crews shut valves quickly, only about 100 gallons spilled, no one was injured, and authorities said cleanup was underway, the Times Union reports.
HOUSTON (AP) — A sprawling private ranch in southeast Texas will be converted into a state park with the assistance of a fund created in the wake of the 2010 Deepwater Horizon oil spill, the Texas Parks and Wildlife Foundation announced Thursday.
The $37.7 million purchase of the Powderhorn Ranch, 75 miles northeast of Corpus Christi, is the highest price ever paid for a Texas conservation project and the biggest land acquisition so far using BP spill restoration dollars.
Oil prices have resumed slipping on strong supplies and data showing slowing Chinese factory output in August, a warning of lower demand. U.S. benchmark crude stood around 70 cents down at $92.75 a barrel in electronic trading on the Nymex, while in London Brent crude dropped 90 cents to $101.38, Reuters reports.
The Senate, on a voice vote, has confirmed Elizabeth Sherwood-Randall to become Deputy Energy Secretary, the number two slot in the department, replacing the departing Daniel Poneman, The Hill reports.
Western sanctions over the Ukraine crisis will likely put the brakes on a joint drilling project between Exxon Mobile and Rosneft in the Kara Sea, Russia’s natural resources minister said Friday, Reuters reports.
U.S. oil prices eased off again on speculation over future action by the Federal Reserve to increase interest rates. West Texas Intermediate crude for October delivery was 21 cents lower to $92.86 a barrel in electronic trading on the Nymex, while in London November Brent gained 1 cent to $97.71, Bloomberg reports.
Bakken Shale giant Continental – with Jack Stark newly promoted as president and COO -- told analysts Thursday that the South Central Oklahoma Oil Play, or SCOOP, could hold as much as 3.6 billion barrels of oil and gas equivalent, The Financial Times reports.
Exxon subsidiary XTO Energy will pick up 17,800 net acres in the Permian Basin in Texas and Linn Energy will get interest in about 500 net acres near Bakersfield, Calif., under an asset swap announced by the firms Thursday, The Wall Street Journal reports.
Kinder Morgan has filed a request with the Maine Public Utilities Commission to take capacity on its planned Northeast Energy Direct Project, which the company hopes would bring as much as 2.2 billion cubic feet of natural gas per day into New England, FuelFix reports.
Fifty fellow Democrats support his bid to become the ranking member on the House Energy and Commerce Committee, according to a letter released by N.J. Rep. Frank Pallone Thursday, while House Minority Leader Rep. Nancy Pelosi has released a letter reiterating her support for his rival, fellow Californian Rep. Anna Eshoo, The Hill reports.
The announcement this week that the battery gigafactory planned by Elon Musk’s Tesla Motors will make energy storage on a grid scale to be used by SolarCity Corp., run by his cousin Lyndon Rive, has the potential to transform the landscape of the energy industry, The Wall Street Journal reports.
A report from the New York Independent System Operator says distributed generation could ease potential electricity shortfalls predicted to hit southeastern New York in 2019, a year earlier than previous projections had indicated, according to Platts.