Oil

Oil

Keystone XL review drags on 5 times longer than average

WASHINGTON (AP) — For six and a half years, the White House has had a quick comeback to questions about its yet-to-be-announced decision on the proposed Keystone XL pipeline: Talk to the State Department.

Under a George W. Bush-era executive order, oil pipelines crossing U.S. borders require a presidential permit, setting off a government-wide review that the State Department coordinates. President Barack Obama, in no rush to anger either environmentalists or energy advocates, has deflected criticism about the long-delayed decision by arguing that his administration is merely carrying out his Republican predecessor's directive in the ordinary way.

Oil

Chicago-area refinery outage scrambles prices

Source: 
Bloomberg

Crude prices have been slumping and gasoline prices in the Midwest soaring as a result of a shutdown at the BP refinery in Whiting, Indiana, Bloomberg reports, noting that the outage could continue for a month.

Oil

Oil price slumps to lowest level in more than 6 years

The price of U.S. crude oil has tumbled to its lowest level in more than six years.

The latest slide on Tuesday came as OPEC said its production rose to a three-year high. China also devalued its currency, suggesting economic growth there was softer and could cause lower crude demand.

Oil

Uganda lists 16 firms eligible to bid for oil exploration

KAMPALA, Uganda (AP) — The Uganda government on Tuesday listed 16 international firms that are authorized to bid for oil exploration rights to six blocks of land near Uganda's border with Congo.

The list includes firms from Russia, the U.S., South Africa and Australia.

Oil

Oil slips on Chinese devaluation

Source: 
Reuters

China’s move to devalue the yuan snuffed out Monday’s oil market rally, Reuters reports. U.S. benchmark crude lost 25 cents to $44.71 a barrel in electronic trading on the Nymex early Tuesday, while Brent fell 10 cents to $50.31.

Oil

OPEC sees U.S. crude production increasing

Source: 
Reuters

Offshore project start-ups will boost U.S. crude production through the end of the year, according to OPEC’s latest monthly forecast, which increased its projection for demand growth slightly, Reuters reports.

Oil

Low oil prices hit Chevron harder

Source: 
Dow Jones

Chevron had been outperforming rivals Exxon Mobil and Shell over the past five years, but the company’s performance has taken a beating since oil prices started sliding over a year ago, Dow Jones reports.

Oil

Drop in 2016 oil price projection from Raymond James

Source: 
FuelFix

Citing an “ugly” oil market, analysts at financial services firm Raymond James have dropped their 2016 projections for oil prices by $10, to $55 a barrel, FuelFix reports.

Oil

Shell seeks modified permit to drill deeper in Arctic offshore drilling

ANCHORAGE, Alaska (AP) — With a key safety vessel repaired and in northern waters, Royal Dutch Shell PLC has applied to amend its federal exploratory drilling permit to allow drilling into oil-bearing rock in the Arctic Ocean off Alaska's northwest coast.

Shell last month received permission to begin some drilling at two sites in the Chukchi Sea but was banned from digging into petroleum zones roughly 8,000 feet below the ocean floor.

Oil

Oil soars on higher gasoline, lower dollar; Brent back over $50

Source: 
Reuters

A problem at the BP refinery in Whiting, Indiana that pushed up gasoline prices had a knock-on effect on crude Monday, along with a drop in the dollar. U.S. benchmark crude gained $1.09 to settle at $44.96 a barrel on the Nymex, while in London Brent jumped 3.7 percent, or $1.80, to $50.41, Reuters reports.

Pages

Subscribe to Oil