The drop in oil prices that has triggered a fall in the number of drilling rigs operating in North Dakota has helped drillers to comply with state requirements that they reduce flaring, even as production in the state reached a record of 1.23 million barrels per day in December, according to Department of Mineral Resources chief Lynn Helms, Platts reports.
TOKYO (AP) — Oil climbed and global stock markets were higher early Friday as Athens and its European creditors inched toward a deal on renegotiating Greece's bailout and fresh data showed an improvement in Germany's economy. Investors also reacted with optimism regarding an agreement on a cease-fire in Ukraine.
ENERGY: Benchmark U.S. crude was up 56 cents to $51.77 a barrel in electronic trading on the New York Mercantile Exchange. The contract soared $2.37 on Thursday after the CEO of Royal Dutch Shell said he expected crude demand to grow faster than supply this year. Brent crude was up 45 cents at $59.77 a barrel in London.
In an era of lower oil prices, driller Hercules Offshore, which reported a net loss of $154.1 million in the fourth quarter, says it has laid off nearly a third of its workforce since October and idled five Gulf of Mexico rigs, FuelFix reports.
TransCanada will reveal a proposal to build the Upland Pipeline, a new 200-mile line to link up with North Dakota’s Bakken Shale, when it reports earnings Friday, a project which will need U.S. government approval, a person with information about the plan told The Wall Street Journal.
ANCHORAGE, Alaska (AP) — A ship company based in Germany and the chief engineer on one of its vessels have agreed to plead guilty to illegally dumping oily water off Alaska.
Federal prosecutors announced Thursday that AML Ship Management GMBH and Nicolas Sassin, the chief engineer on the AML-operated ship City of Tokyo, agreed to plead guilty to violating federal clean water law by knowingly dumping 4,500 gallons of oily bilge water south of the Aleutian Islands.
NEW YORK (AP) — U.S. stocks climbed back close to record levels on Thursday as technology, materials and energy companies all notched big gains. Energy stocks rose as the price of oil rebounded following two days of heavy losses.
Crude rose sharply as the CEO of Royal Dutch Shell said he expects crude demand will grow faster than supply this year. Benchmark U.S. crude jumped $2.37 to close at $51.21 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $2.39 to close at $57.05 in London.
WASHINGTON (AP) — Congressional leaders are delaying sending a bill authorizing the Keystone XL oil pipeline to the White House for a likely veto until after the recess break.
Sen. John Hoeven of North Dakota, the chief Republican sponsor, told reporters Thursday it would be better if Congress was in town when President Barack Obama vetoes the bill "so attention is brought to it."
The Senate intends to try to override President Obama’s veto of the Keystone XL pipeline approval this week, while the House plans a vote on measures targeting the Environmental Protection Agency’s use of scientific data, National Journal reports.
Republicans from the Gulf region are angry about Obama administration proposals to cut the money states will get from offshore oil and gas drilling, and Alabama lawmakers Rep. Bradley Byrne and Sen. Richard Shelby say the proposal is "dead on arrival", The Hill reports.
Negotiations between refiners -– represented by Shell Oil. Co. -- and striking workers are set to resume Wednesday, as the walkout by United Steelworkers, now affecting 15 plants, drags toward its second month, Reuters reports.
A strong dollar and an increase in Libyan production helped to pressure oil prices early Monday. U.S. benchmark crude for April delivery dropped 95 cents to $48.81 a barrel in electronic trading on the Nymex, while in London Brent fell $1.28 cents to $61.30, Reuters reports.
The administration of Pennsylvania’s new Democratic governor, Tom Wolf, is set to release plans to update drilling rules to address concerns about the health and environmental impact of natural gas drilling, The Associated Press reports.
Low natural gas prices have suppressed the demand for coal, Duke Energy Progress executive Brett Phipps told the Kentucky Public Service Commission in a filing, predicting that coal prices would remain stable in the short term but could become more volatile in the future as miners cut back production, Platts reports.