Oil

Oil

Energy, rail industry reach agreement for sturdier tanker cars

Source: 
Reuters

The American Petroleum Institute and the Association of American Railroads have reached an agreement to make thicker tanker cars for shipping oil and schedule plans for retiring older cars; if the agreement is endorsed by the Transportation Department, it will become a key component of a larger rail safety overhaul, Reuters reports.

Oil

Concerns over possible link between injection wells and quakes

FORT WORTH, Texas (AP) — States where hydraulic fracturing is taking place have seen a surge in earthquake activity, raising suspicions that the unconventional drilling method could be to blame, especially the wells where the industry disposes of its wastewater.

Fracking generates vast amounts of wastewater, far more than traditional drilling methods. The water is pumped into injection wells, which send the waste thousands of feet underground. No one knows for certain exactly what happens to the liquids after that. Scientists wonder whether they could trigger quakes by increasing underground pressures and lubricating faults.

Oil

Oil barely changed; US gas prices at 3-month lows

Lacking any catalysts, the price of oil barely changed Monday. Meanwhile, gasoline prices in the U.S. slipped to three-month lows.

Benchmark U.S. crude for August delivery rose 8 cents at $100.91 a barrel on the New York Mercantile Exchange. The Nymex contract fell 3.1 percent last week and is down 4.3 percent so far in July. Brent crude, a benchmark for international oils, gained 45 cents to $107.71 on the ICE Futures exchange in London.

Oil

IEA chief warns U.S. energy boom may not guarantee security

Source: 
FuelFix

International Energy Agency head Maria van der Hoeven warned that surging U.S. oil and gas production may not guarantee energy security, recommending that the government review its gasoline tax rates, FuelFix reports.

Oil

Bank says shale industry to keep up growth, even as prices fall

Source: 
Platts

Investment bank Raymond James told Platts that increased production efficiency means that U.S. shale exploration firms are becoming immune to sluggish commodity prices, keeping up positive growth even with moderate declines in oil and gas prices, Platts reports.

Oil

N.D. crude production reaches new high in May

Source: 
Platts

North Dakota's Department of Mineral Resources said the state's crude oil production climbed 36,379 barrels per day in May from the previous month, setting a new monthly output record of 1,039,635 barrels per day, Platts reports.

Oil

Oil edges lower after big drop on Libyan supplies

The price of oil edged lower Monday after its biggest one-day drop since April on expectations Libyan oil will soon return to the market.

Benchmark U.S. crude for August delivery was down 39 cents to $100.44 per barrel at 0535 GMT in electronic trading on the New York Mercantile Exchange. It fell 3.1 percent last week and is down 4.3 percent so far in July.

Oil

Pemex monopoly could hinder energy reform implementation: Analyst

Source: 
FuelFix

Mexico's moves to implement new energy reform measures to open the nation's oil reserves to foreign investment could be hindered by Petroleos Mexicanos' monopoly on energy infrastructure, FuelFix reports.

Oil

Influence game: Shaping railroad safety rules

WASHINGTON (AP) — A string of fiery train derailments across the country has triggered a high-stakes but behind-the-scenes campaign to shape how the government responds to calls for tighter safety rules.

Billions of dollars are riding on how these rules are written, and lobbyists from the railroads, tank car manufacturers and the oil, ethanol and chemical industries have met 13 times since March with officials at the White House and the Pipeline and Hazardous Materials Safety Administration.

Oil

Whiting to top Bakken oil firms in $6B Kodiak buy

DENVER (AP) — Whiting Petroleum Corp. said Sunday it is buying Kodiak Oil & Gas Corp. for $6 billion in stock, worth $13.90 per share, in a deal that will make it the largest producer in the booming Bakken region of North Dakota and Montana.

The combined company had over 107,000 barrels of oil equivalent production per day in the first quarter.

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