Oil

Oil

Oil drops on production increase

Source: 
The Wall Street Journal

Data showing a modest increase in U.S. crude production last week, coupled with President Obama’s strong push to win support for his nuclear deal with Iran, sent oil prices retreating once again. Light, sweet crude for September delivery lost 59 cents to settle at $45.15 a barrel on the Nymex, while in London, Brent fell 40 cents to $49.59, The Wall Street Journal reports.

Businesses added 185,000 workers in July, more energy layoffs forecast

WASHINGTON (AP) — The rate of hiring by U.S. businesses slowed in July, according to a private survey. But job gains remained at a solid level, which should help boost overall economic growth.

Payroll processor ADP said Thursday that companies added 185,000 jobs last month, down from 229,000 in June.

Oil

California oil spill might be larger than projected

LOS ANGELES (AP) — More than two months after oil from a ruptured pipeline fouled California beaches, documents released Wednesday disclosed that the spill might have been far larger than earlier projected.

Plains All American Pipeline had estimated that the May 19 break along a corroded section of pipe near Santa Barbara released up to 101,000 gallons of crude. The resulting mess forced a popular state park to shut down for two months, and goo from the spill washed up on beaches as far as 100 miles away.

Oil

Oil inches up on inventory drop

Source: 
Reuters

Reports of a decline in U.S. crude inventories helped support oil prices early Wednesday, although gains were held in check by a strong dollar. U.S. benchmark crude rose 32 cents to $46.06 a barrel in electronic trading on the Nymex, while in London Brent jumped 46 cents to $50.45, Reuters reports.

Oil

Profits fall at pipeline operator Plains

Source: 
FuelFix

Plains All American – which said it booked a $65 million expense in the second quarter related to an oil spill from its pipeline near Santa Barbara – reported a 57 percent drop in profit to $124 million compared to the period a year ago, FuelFix reports.

Oil

Pioneer: 2Q loss but will increase production

Source: 
FuelFix

Pioneer Natural Resources says it will increase crude production by 10 percent in 2015 despite lower crude prices that pushed the driller to a $218 million loss in the second quarter, FuelFix reports.

Romania court rejects appeal by Lukoil manager in fraud case

BUCHAREST, Romania (AP) — A Romanian court has rejected an appeal by the general manager and six executives of a subsidiary of Russian oil company Lukoil who have been indicted on tax evasion and money laundering charges.

The Court of Appeal in Ploiesti dismissed the appeal made by general manager Andrey Bogdanov, a Russian citizen, and six Romanian and Russian managers at the Petrotel Lukoil refinery against their indictment. The decision was published Wednesday.

Oil

Oil steadies on China recovery

Source: 
Reuters

A rebound in China’s faltering stock market helped stabilize oil prices Tuesday, although traders told Reuters as a result of the continuing supply glut any recovery would only be temporary. U.S. benchmark crude rose 57 cents to settle at $45.74 a barrel on the Nymex, while in London, Brent nearly hit the $50 mark, gaining 47 cents to $49.99.

Oil

Drilling equipment makers saw uptick in June

Source: 
FuelFix

The resumption of the oil slide in July may dent the hopes of drilling equipment manufacturers, which had been raised in June, when orders ticked up as prices temporarily stabilized, FuelFix reports.

Oil

Oil slide has wiped out investments

Source: 
Bloomberg

The $1.3 trillion lost by investors in energy stocks since oil prices started to slide in June 2014 amounts to more than Mexico’s GDP, and hit pension funds as well as billionaires such as Carl Icahn, Bloomberg reports.

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