Rising inventories and a dollar gaining on the expectations of an interest rate hike pressured oil prices Friday. West Texas Intermediate crude for October delivery fell 66 cents to $92.41 on the Nymex but ended the week slightly higher, while in London November Brent settled up 69 cents to $98.39, an increase of 1.3 percent on the week, Bloomberg reports.
Rob Merrifield, the man who’ll be Alberta's next envoy in Washington, told The Globe and Mail in an interview that an oil train disaster similar to the destructive derailment in Lac-Megantic would finally force U.S. officials into approving the Keystone XL pipeline.
Shares in TransCanada, the company behind Keystone XL, have increased 70 percent in the six years the project has been stalled – that’s one of the points Bloomberg Businessweek notes as it looks back over the history of the proposed pipeline.
German giant Siemens AG is likely to edge out rival bidder Sulzer of Switzerland to take over Texas oil equipment-maker Dresser-Rand, as it’s preparing a cash offer topping $6 billion, people familiar with the situation told The Wall Street Journal.
The Scottish “no” vote on independence – which was welcomed by Royal Dutch Shell's CEO – lifts the burden of uncertainty from oil companies, leaving them clear to focus on how to get more out of declining North Sea oilfields, Platts reports.
NEW YORK (AP) — Exxon Mobil said Friday that it will wind down a drilling project in Russia in compliance with U.S. sanctions, but said it received a license to keep working beyond the sanctions' deadline in order to complete the work.
U.S. sanctions against Russia over its involvement in the Ukraine require the removal of U.S. workers on projects in the Russian Arctic and other select locations by September 26.
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.
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.
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.
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.
The Interior Department rule governing drilling on federal lands should contain “the strongest possible safeguards,” according to a letter sent to the Office of Management and Budget by Massachusetts Sen. Ed Markey and 11 of his Democratic colleagues, FuelFix reports.
Agreements reached between President Barack Obama and Prime Minister Narendra Modi during the Indian leader’s visit to the White House include a strategic partnership to improve energy security, clean energy and climate change resilience, The Hill reports.
Ahead of the weekly stockpile report issued Wednesday, oil was trading slightly higher the day after a big plunge. West Texas Intermediate crude for November delivery was up 43 cents to $91.59 in electronic trading on the Nymex, while in London Brent climbed 19 cents to $94.86, Bloomberg reports.
Shares in oilfield equipment maker National Oilwell Varco have dropped some 2.6 percent since the company announced it would buy back $3 billion worth from investors, the repurchase a sign that the firm may be running out of acquisition targets, FuelFix reports.
Seven Western states are starting up an energy imbalance market this week, which offers up electricity to buyers in five-minute increments, giving them a chance to smooth out the impact of more variable renewable energy into the grid, E&E reports.
The retirement of coal plants over the next six years – pushed by tougher federal emissions regulations – should cause an increase of up to 5 billion cubic feet a day in demand for natural gas, according to Standard & Poor’s Ratings Direct, Platts reports.
Claiming in a report that African-Americans bear a greater brunt of the health impacts from the use of coal as an energy source, the NAACP is calling for a more just energy policy in Utah and across the rest of the country, which would encourage developing alternative energy and clean energy, according to the Deseret News.
As technology advances -- with the availability of cheap sensors and a proliferation of software to help collect and analyze the data they gather -- the drive toward more energy efficiency in buildings is getting a big boost, The Wall Street Journal reports.
A special fund launched in Mexico Tuesday will handle income from the country’s oil and gas sector -– which has been newly opened to private investment –- giving some of it to the federal government and directing some to long-term savings, The Wall Street Journal reports.