Saudi Arabia’s announcement that it was cutting prices to customers in Asia and the U.S. was pushing oil prices down early Friday. West Texas Intermediate crude for January delivery dropped 65 cents to $66.16 a barrel in electronic trading on the Nymex, while in London Brent crude was trading under a four-year settlement low, losing 46 cents to $69.18, Bloomberg reports.
Two workers hurt in an explosion at an oil platform in the Gulf of Mexico in November have filed suit against its owner, Fieldwood Energy, and another company contracted to work at the site, alleging negligence, FuelFix reports.
CALGARY, Alberta (AP) — The Keystone XL pipeline from Canada should have been approved a long time ago and the U.S. regulatory process has gone overboard, New Jersey Gov. Chris Christie said Thursday.
Christie made the remarks during a news conference in Calgary, Alberta while on his second foreign trip in recent months, which has given him the chance to build a foreign policy platform and demonstrate his policy chops as he considers a run for president in 2016.
CALGARY, Alberta (AP) — New Jersey Gov. Chris Christie says the controversial Keystone XL pipeline should have been approved a long time ago and the regulatory process has gone overboard.
Christie made the remarks in Calgary, Alberta while on his second foreign trip in recent months, which has given him the chance to build a foreign policy platform and demonstrate his policy chops as he considers a run for president in 2016.
Enbridge share prices jumped Thursday after the Canadian pipeline operator said it would transfer some pipeline ownership to subsidiary Enbridge Income Fund, enabling the company to boost dividends and growth, Reuters reports.
News that Saudi Arabia is cutting the price of its oil to customers in the U.S. and Asia, alongside reports that Libya’s El Sharara field might resume production after a one-month stoppage, sent prices down again Thursday. U.S. benchmark crude dropped 57 cents to settle at $66.81 a barrel on the Nymex, while in London Brent was 28 cents lower at the end of the trading day, to $69.64, Reuters reports.
Sometime in November the Eagle Ford Shale formation produced its billionth barrel, according to Wood Mackenzie analysts, who note that more than two thirds of the crude and condensate came in the past two years, FuelFix reports.
The pace of growth in U.S. crude reserves began to slow last year and will drop in 2014 because of the fall in prices, according to the Energy Information Administration’s annual analysis, which showed that production in the Bakken region continues to surge while Alaska’s reserves were shrinking, Platts reports.
Charlie English, who worked as a claims adjuster following BP’s 2010 Gulf oil spill, has pleaded guilty to wire fraud charges, admitting he filed $257,400 worth of false claims and kept $30,000 of the money, The Times-Picayune reports.
Short-covering and the expiration of the front month contract helped power oil prices to a huge gain Friday. West Texas Intermediate crude for January delivery shot up 5 percent, or $2.41, to settle at $56.52 a barrel on the Nymex, while in London February Brent finished $2.11 higher at $61.38, Reuters reports.
Oilfield services company Baker Hughes reported Friday that 1,875 rigs were drilling for oil and gas in the U.S. this week, a drop of 18 and the second week in a row that the number has fallen, FuelFix reports.
Comparing present-day statistics with numbers during the oil bust in the mid-1980s has led JP Morgan Chase economist Michael Feroli to warn that Texas could slip into a regional recession next year, FuelFix reports.
Job losses in the power generation sector over the past three years topped 5,800, according to data released by the Energy Information Administration Friday, which said all parts of the industry were affected other than renewable energy, The Hill reports.
Avenue Capital, the hedge fund run by Marc Lasry that specializes in buying distressed companies’ debt, is raising $750 million for a fund that will focus on the energy sector, according to the Pennsylvania Public School Employees’ Retirement Board, which confirms it has put in $200 million, the New York Post reports.
Tesla is testing the market for battery swaps: Near California supercharging stations where Model S owners can top up their batteries for free, the company is creating a facility where drivers can pay a cost equivalent to a tank of gasoline and get a fully-charged battery installed in three minutes, The Wall Street Journal reports.
The growth of global carbon emissions slowed in 2013 -– although the total of 35.3 billion tons did set a record -- and the rate of increase tailed off despite an uptick in economic activity, says a report from the European Commission’s Emissions Database for Global Atmospheric Research, or EDGAR, according to E&E.
INEOS hopes to get commercial shale gas production under way in Britain before the end of the decade, according to documents the government released Friday, which detailed the company’s presentation to the Department of Energy and Climate Change in February, Platts reports.