Oil

Oil

Kuwait backs Saudi position, sees no quick OPEC supply cuts

Source: 
Bloomberg

Kuwait indicated it would follow Saudi Arabia's lead on not immediately cutting oil production amid plunging prices, further indicating that Venezuela's call for an emergency meeting won't be answered, Bloomberg reports.

EnergyGuardian
Oil

Analysis : Oil exports fight looks to drag on

For those hoping the Energy Information Administration will make a definitive case for or against the U.S. oil exports ban, this weekend was a letdown.

EIA's study for the Obama administration on the tie between oil exports and gasoline prices is almost done, and the preliminary numbers don't show a strong link, Administrator Adam Sieminski said Sunday on the Platts Energy Week program.

That's not the news either side of the debate wants to hear. They alternatively contend that lifting the ban would drive gasoline prices down or up. But a finding of little impact takes some of the sting out of both arguments, in a fight that may not be resolved anytime soon.

Oil

Falling prices may press Bakken drillers to temper 2015 plans

Source: 
Bloomberg

The recent decline in crude oil prices is putting pressure on some oil producers working the Bakken shale to curb their drilling plans for 2015, as the extraction process requires prices between $70 and $80 per barrel to make target returns, Bloomberg reports.

Oil

CSX, Canadian Pacific talks still alive, sources say

Source: 
The Wall Street Journal

Though CSX wasn't initially responsive to a merger proposed by Canadian Pacific Railway, people familiar with talks tell The Wall Street Journal that a deal is still possible as Canadian Pacific Chief Executive Hunter Harrison makes the case that the move would streamline rail transport.

Oil

Targa buying Atlas Pipeline, Atlas Energy

HOUSTON (AP) — Targa Resources is buying Atlas Pipeline Partners and Atlas Energy in a deal valued at close to $6 billion, creating a huge energy transportation and storage company.

Targa Resources Partners LP, based in Houston, will pay $4 billion and assume $1.8 billion in debt for Atlas Pipeline. Each Atlas Pipeline unitholder will receive 0.5846 units of Targa Resources Partners and a one-time cash payment of $1.26 per Atlas Pipeline unit for total consideration of $38.66 per Atlas Pipeline unit.

Oil

US indexes slide, led by energy stocks

U.S. stock indexes sank in late trading Monday, led by decline in energy stocks and the price of oil falls further.

The market is coming off a turbulent week during which it was shaken by concerns over shaky global growth prospects. Investors were also looking ahead to earnings news from a number of big companies later this week including General Electric, Intel and Bank of America.

Oil

Why drop in oil prices has downside for US economy

NEW YORK (AP) — If you're a driver, a shipper or an airline, low oil prices sure feel nice. But there are downsides to the recent plunge in oil prices — for the oil industry and for the economy.

Low fuel prices can help boost economic growth by reducing fuel bills and leaving consumers and companies with more money to spend on other things. Problem is, two factors behind the oil-price drop — a weaker global economy and a stronger dollar — could hurt the U.S. economy by reducing exports, employment and spending. And all that, in turn, could outweigh the economic benefit of cheaper fuel.

Oil

OPEC report shows declining Gulf Coast imports

Source: 
FuelFix

OPEC's monthly market report found that crude oil imports into the six states along the Gulf Coast fell to 3.5 million barrels per day in July, the lowest level in six years, FuelFix reports.

Oil

Fuel smugglers taking toll on Indonesian economy

Source: 
Bloomberg

Bloomberg examines the growth of fuel smuggling in Indonesia, ranging from small-time thieves to crime syndicates taking advantage of the nation's poor fuel distribution policies and more than $20 billion in yearly subsidies.

Oil

Brent crude falls to lowest front-month price since 2010

Source: 
Reuters

Prices for Brent crude for November fell 1.5 percent Monday to settle at $88.89 per barrel after dropping to $87.74 per barrel midday, the lowest front-month price since December 2010, Reuters reports. U.S. crude ended at $85.74, down 8 cents.

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