Oil

Oil

Rig retirement hitting U.S. shale production, EIA says

Source: 
FuelFix

The impact of oil producers pulling some 940 rigs since October is starting to be felt in U.S. shale production, with the Energy Information Administration predicting shale output will drop 1.5 percent to 5.56 million barrels a day in June, FuelFix reports.

Shipper Moller-Maersk sees Q1 profit jump 18 pct

COPENHAGEN, Denmark (AP) — Danish shipping and oil group A.P. Moller-Maersk says it saw its first-quarter underlying profit increase by 18 percent to $1.3 billion, impacted by an after-tax gain from the sale of shares in Denmark's largest bank, but revenues dropped due to low oil prices and low economic growth.

The Copenhagen-based group said Wednesday that revenue in the three-month period decreased by 10 percent or $1.2 billion, and came in at $10.5 billion.

Oil

Senators push for more offshore drilling

Source: 
The Hill

Three different bills – one introduced by Sen. Bill Cassidy, R-La., another by Sen. Lisa Murkowski, R-Alaska, and a third by Sens. Mark Warner, D-Va., and Tim Scott, R-S.C. – would further open areas of the Atlantic, the Gulf of Mexico and Alaskan waters to offshore drilling, The Hill reports.

Oil

Shell to Seattle: Oil drill rigs are coming

SEATTLE (AP) — Royal Dutch Shell says it has a valid lease for Seattle terminal space and a tight timeline to prepare its fleet for exploratory oil drilling in Arctic waters so it plans to move its drill rigs to this city despite the protests of activists and a port commission request that it wait.

About a dozen activists in kayaks met one of the two drill rigs as the 514-foot-long Noble Discoverer arrived Tuesday evening in Everett, north of here, on its way to Seattle.

Oil

Plan OK'd to drill into BP's ill-fated Macondo reservoir

NEW ORLEANS (AP) — Deep-water drilling is set to resume near the site of the catastrophic BP PLC well blowout that killed 11 workers and caused the nation's largest offshore oil spill five years ago off the coast of Louisiana.

A Louisiana-based oil company, LLOG Exploration Offshore LLC, plans to drill into the Macondo reservoir, according to federal records reviewed by The Associated Press.

Oil

Deal reached between Michigan, Enbridge over 2010 oil spill

MARSHALL, Mich. (AP) — A company responsible for one of the largest inland oil spills in U.S. history will restore or create 300 acres of wetlands as part of a sweeping agreement to improve the Kalamazoo River watershed in southwestern Michigan, state officials said.

Oil

Oil soars over $60 on weaker dollar, bigger OPEC demand projection

Source: 
Reuters

A drop in the dollar and a slight increase in OPEC’s prediction for crude oil demand sent oil prices zooming higher Tuesday. U.S. benchmark crude jumped 2.5 percent, increasing $1.50 to $60.75 a barrel on the Nymex, while in London, Brent gained $1.95, or 3 percent, to settle at $66.86, Reuters reports.

Oil

Gas prices still look low for summer even after spring surge

NEW YORK (AP) — Drivers who have seen a steady rise in the price of gasoline can relax: They will almost certainly be paying far less for gas this summer than they have in at least six years.

"It's a cheap, cheap, cheap year," says Tom Kloza, chief oil analyst at the Oil Price Information Service.

Oil

Oil industry challenges rules meant to stop train explosions

BILLINGS, Mont. (AP) — The U.S. oil industry has filed a court challenge to new rules aimed at reducing the risk of catastrophic accidents involving crude moved by rail, following a string of fiery derailments in recent years.

The American Petroleum Institute petition to the U.S. Circuit Court of Appeals for the Washington, D.C., would set aside a requirement for improvements to railroad tank cars that are known to fail during accidents.

Oil

Oil gains on Yemen conflict, weaker dollar

Source: 
Reuters

A fresh round of Saudi airstrikes in Yemen and a fall in the value of the dollar helped push oil higher despite continuing concerns about a supply glut. U.S. benchmark crude gained 30 cents to $59.55 a barrel in electronic trading on the Nymex, while London Brent rose 40 cents to $65.31, Reuters reports.

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