Oil

Oil

Oil soars on word of Saudi supply drop

Source: 
Bloomberg

Reports that Saudi Arabia supplied less oil to the global market in September than it did the month before helped to push oil prices higher Thursday. West Texas Intermediate crude for December delivery jumped 2 percent, gaining $1.57 to settle at $82.09 on the Nymex, while in London Brent crude picked up $2.12 to finish at $86.83, Bloomberg reports.

Oil

Lower oil prices could mean lower fees for drilling providers: Chazen

Source: 
Bloomberg

Companies that provide equipment and services for oil drillers could lower their fees to maintain market share in the face of falling crude prices, Occidental CEO Stephen Chazen told a conference call Thursday, following an announcement that his company’s profits dropped 24 percent in the third quarter, Bloomberg reports.

Oil

Gulf of Mexico deepwater find for BP, Chevron

Source: 
FuelFix

A discovery well has hit oil some 180 miles off the Louisiana coast, in deep water in the Gulf of Mexico, BP and Chevron announced Thursday, FuelFix reports.

Oil

Fuel costs ease, US airline profits soar

DALLAS (AP) — Profits are soaring at the biggest U.S. airlines as fuel prices drop — but don't expect fares to fall too.

Heading into the busy holiday-travel period, the airlines expect even cheaper fuel, thanks to the nosedive in crude oil prices. The price of jet fuel, an airline's biggest single expense, has dropped by about one-fifth since mid-June.

Oil

US: IS earns $1M per day in black market oil sales

WASHINGTON (AP) — Islamic State militants are raking in money at a remarkable rate, earning about $1 million a day from black market oil sales alone, a Treasury Department official said Thursday.

David Cohen, who leads the department's effort to undermine the Islamic State's finances, said the extremists also get several million dollars a month from wealthy donors, extortion rackets and other criminal activities, such as robbing banks. In addition, he said the group has taken in at least $20 million in ransom payments this year from kidnappings.

Oil

Oil higher on strong international data

Source: 
Reuters

An increase in a Chinese manufacturing index combined with faster-than-expected growth in European industrial activity helped boost oil prices early Thursday. U.S. benchmark crude gained 20 cents to $80.72 a barrel in electronic trading on the Nymex, while in London Brent crude was up 25 cents to $84.96, Reuters reports.

Oil

Drop in 3Q profits for Occidental spinoff

Source: 
FuelFix

California Resources Corp., a production unit that Occidental Petroleum Corp. is planning to spin off next month, saw a drop in net income to $188 million from July to September, which it attributed to lower crude prices and higher production costs, FuelFix reports.

Oil

Koch Industries closing in on $10M lobbying spend

Source: 
E&E

With $9.5 million laid out so far this year on lobbying -– according to figures in disclosure reports filed with the Senate –- Koch Industries has outspent Exxon Mobil and funneled significantly more into advocacy than it did in 2013, E&E reports.

Oil

Methane leaking in quantity in Bakken, Eagle Ford: Study

Source: 
E&E

Some ten percent of natural gas produced in drilling fields like those in the Bakken and Eagle Ford shale – most of which is methane -- leaks into the atmosphere, according to a study published in the journal Earth’s Future, E&E reports.

Oil

US steering clear of Kurdish oil dispute

Source: 
Platts

State Department energy envoy Amos Hochstein says the federal government won’t get involved in the dispute between Baghdad and the Kurdistan Regional Government in Iraq over ownership of oil on board the tanker United Kalavrvta, which has been sitting off the coast of Galveston for months, Platts reports.

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