Oil

Oil

US industrial output falls for 5th month on lower drilling

WASHINGTON (AP) — A plunge in energy-related drilling and sluggish manufacturing sent U.S. industrial output down for a fifth straight month in April.

Overall industrial production slid 0.3 percent in April after a drop of the same size in March, the Federal Reserve said Friday. The figures suggest that weakness in manufacturing and mining is weighing heavily on the economy.

Oil

US oil and natural gas rig count drops by 6 to 888

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by six this week to 888.

Houston-based Baker Hughes said Friday that 660 rigs were seeking oil and 223 explored for natural gas. Five were listed as miscellaneous. A year ago, 1,861 rigs were active.

Oil

US says Gulf oil spill could last 100 years

WASHINGTON (AP) — A decade-old oil leak where an offshore platform toppled during a hurricane could continue spilling crude into the Gulf of Mexico for a century or more if left unchecked, according to government estimates obtained by The Associated Press that provide new details about the scope of the problem.

Taylor Energy Company, which owned the platform and a cluster of oil wells, has played down the extent and environmental impact of the leak. The company also maintains that nothing can be done to completely eliminate the chronic oil slicks that often stretch for miles off the coast of Louisiana.

Oil

Oil in holding pattern as inventories build

Source: 
Reuters

Oil prices were steady early Friday, although a growing global inventory build could signal an end to the climb seen in recent weeks, Reuters reports. U.S. benchmark crude for June delivery lost 25 cents to $59.63 a barrel in electronic trading on the Nymex, while in London July Brent was unchanged at $66.70.

Oil

UK North Sea oil, gas fields to get investment boost

Source: 
Reuters

Private equity funds are joining with oil and gas executives in a bid to inject badly needed funds into Britain’s aging North Sea assets, Reuters reports.

David vs Goliath fight against Arctic drilling: Protester

SEATTLE (AP) — As a massive oil drill rig moved into Seattle, about two dozen activists in kayaks paddled to the middle of Elliott Bay, linked boats and unfurled a banner to make a stand against Royal Dutch Shell's plan to open a new frontier of fossil fuel exploration in the Arctic Ocean.

The 400-foot-long rig rising nearly 300 feet above the water dwarfed the flotilla of tiny boats on Thursday, as it passed the city's Space Needle and downtown skyline and docked at Terminal 5.

Oil

Seattle, like it or not, becomes Shell's Arctic base

SEATTLE (AP) — A 400-foot-long Arctic oil drilling rig pulled by tugs has arrived in Seattle waters despite environmentalists' protests and the city's opposition to letting it dock here.

The Polar Pioneer drilling rig arrived in Seattle waters Thursday afternoon and was headed to Terminal 5.

Oil

Oil slips on supply worries

Source: 
Reuters

Concerns about overall global supply outweighed factors such as a drop in U.S. stockpiles, pressuring oil prices Thursday. U.S. benchmark crude for June delivery lost 62 cents to settle at $59.88 a barrel on the Nymex, while in London, the expiring Brent contract ended 22 cents lower at $66.59, Reuters reports.

Oil

Canada hurt by Keystone delay, says finance minister

Source: 
Bloomberg

Finance Minister Joe Oliver said in New York Wednesday that the U.S. delay in approving the Keystone XL pipeline puts any economic benefits for Canada on hold, Bloomberg reports.

Oil

Lower gasoline prices prompt drivers to abandon hybrids, electrics

Source: 
The New York Times

As gasoline prices have dropped, owners of hybrids and electric vehicles are abandoning them in favor of conventional gas-powered cars including SUVs, The New York Times reports.

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