Genscape data showing a drawdown in stockpiles at Cushing helped boost oil prices Thursday, although they were held in check by the decline in the stock market. U.S. benchmark crude gained 43 cents to settle at $44.91 a barrel on the Nymex, while in London, Brent was 42 cents higher, at $48.17, Reuters reports.
Objections from California regulators to a short-term fix at Exxon Mobil’s Torrance refinery means the company is looking to use more modern equipment to restore its operations following an explosion and fire in February, which will delay its return to full capacity into next year, FuelFix reports.
A fifth of the senior management jobs at Transcanada Corp.—would-be builder of the Keystone XL pipeline—are being eliminated in an effort to keep the company going through the extended period of falling crude prices, The Globe and Mail reports.
HELSINKI (AP) — Concerned by weaker economic growth, the central bank of oil-rich Norway has cut its key interest rate to its lowest level ever, 0.75 percent, and hinted that it could reduce it further.
Norges Bank said Thursday that growth was likely to remain low "for a longer period than projected earlier" because of weak oil prices and that oil investments were expected to fall further.
Traders trying to cash in on a sharp drop in oil sent prices moving the other way early Thursday. U.S. benchmark jumped 48 cents to $44.96 a barrel in electronic trading on the Nymex, while in London Brent rose 40 cents to $48.15, Reuters reports.
Oil dropped Wednesday after the government reported a 1.9 million decline in U.S. crude stockpiles last week—a substantially smaller figure than reported by the American Petroleum Institute a day earlier. Light, sweet crude for November delivery lost $1.88 a barrel, or 4.1 percent, to settle at $44.48 a barrel on the Nymex, while in London, Brent fell $1.33 to $47.75, The Wall Street Journal reports.
An American Petroleum Institute report of a 3.7 million barrel drop in U.S. crude stockpiles last week helped boost oil prices early Wednesday. U.S. benchmark crude rose 50 cents to $46.86 a barrel in electronic trading on the Nymex, while in London Brent jumped 55 cents to $49.63, Reuters reports.
In a speech to oil industry executives Tuesday, Royal Dutch Shell CEO Ben van Beurden is renewing his call for carbon pricing by governments, which he says will “level the playing field” for renewables and natural gas in the energy market, Bloomberg reports.
The nuclear industry is good at safety and physical security but lacking when it comes to cybersecurity, according to a report from the Chatham House think tank that points to a “culture of denial” when it comes to hacking, The Financial Times reports.
An analysis released Monday by the Pace Global Center for Liquefied Natural Gas concludes that overseas power plants burning LNG shipped from the U.S. still would release far fewer greenhouse gases than those burning local coal, FuelFix reports.
The Bureau of Land Management says Cadiz Inc., the company hoping to ship Mojave Desert groundwater to cities in Southern California, needs an environmental review for its pipeline right-of-way over federal land, the Los Angeles Times reports.
Traders were selling in the oil market early Tuesday to cash in on a big jump in the price on Monday. West Texas Intermediate crude lost 35 cents to $45.89 a barrel on the Nymex, while in London Brent fell 20 cents to $49.05, Reuters reports.
The Church of Jesus Christ of Latter-day Saints received the wattsmart Business Partner of the Year award from Rocky Mountain Power Monday, for conserving more than 16-million kilowatt hours of electricity in the eight years since partnering with the utility, the Deseret News reports.