Soros Fund Management was among those hedge funds increasing their energy positions in the fourth quarter, picking up shares in Devon Energy and Transocean, according to filings with the Securities and Exchange Commission, Reuters reports.
WASHINGTON (AP) — U.S. wholesale prices fell by a record amount in January, led by the biggest drop in gasoline prices in six years.
The Labor Department said Wednesday that its producer price index declined 0.8 percent last month, the biggest drop in a data series that goes back to November 2009 when the government changed the calculation methods for its wholesale price index.
WASHINGTON (AP) — U.S. factory production edged up last month as manufacturers cranked out more computers, clothing and steel and other metals, offsetting declines in autos and aerospace.
Factory production increased 0.2 percent in January after a flat reading in December, the Federal Reserve said Wednesday. December's reading was revised down from a 0.3 percent gain. The data suggests manufacturing is still supporting the economy, even though it is growing at a weaker pace than last year.
TORRANCE, Calif. (AP) — An explosion devastated part of a major refinery on Wednesday morning, raining down ash in the area and, experts say, likely helping to increase California gas prices, which have been creeping up in recent weeks.
A huge smokestack flare — in which workers were burning off flammable product after the explosion — could be seen for miles around. Four contractors suffered minor injuries as workers fled the site of the blast, according to ExxonMobil, which owns the refinery.
Oil prices dropped early Wednesday on fears from cautious investors that the recent rally went too far given the continuing supply glut. U.S. benchmark crude fell 64 cents to $52.89 a barrel in electronic trading on the Nymex, while in London Brent slid $1.03 to $61.50, Reuters reports.
Losses mounted for Eni SpA in the fourth quarter, as the Italian company reported its red ink climbed to $2.67 billion on the drop in oil prices, although it was increasing its shareholder dividend slightly, The Wall Street Journal reports.
Royal Dutch Shell, which this month filed plans with the U.K. government to dismantle one of its North Sea oil platforms, faces a mammoth and expensive task as it decommissions the Brent field, The New York Times reports.
Drillers discovered around 16 billion barrels of oil equivalent last year, according to preliminary figures from research firm IHS. It’s the fourth year in a row that volume figure has dropped, and the amount may turn out to be the smallest quantity found since the early 1950s, which could have a big impact on prices in the future, The Financial Times reports.
Duke Energy has warned that power won’t be restored to most of its affected customers in North Carolina until midnight Friday, following a storm the day before that dumped heavy, wet snow in parts of the state, which didn’t melt after accumulating, the News & Observer reports.
A secession movement is gaining traction in economically-strapped New York state towns along the border with Pennsylvania, following Albany’s decision to ban fracking, which prevents them from taking advantage of their position atop the gas-rich Marcellus Shale, The Economist reports.
U.S. coal production for the week ending Feb. 21 fell to an estimated 16.5 million short tons -- down on the previous week and the year-ago period -- according to Energy Information Administration data, Platts reports, speculating that the drop could be attributed to the Presidents’ Day holiday and snowy weather that affected rail coal loading.
Workers exhausted by long hours and stress caused by bare bones staffing and the use of contractors unfamiliar with equipment are in charge of machines that operate at high temperatures and high pressure, striking members of the United Steelworkers at a Tesoro refinery told the Los Angeles Times.
The deadlines for meeting the goals in the Environmental Protection Agency’s Clean Power Plan don’t represent a glide path, but “a cliff,” an executive with a Phoenix-area utility told the Federal Energy Regulatory Commission during a regional meeting intended to gather feedback, E&E reports.
Moves to develop carbon capture technology would get a boost from legislation introduced Thursday by Sens. Heidi Heitkamp, D-N.D., and Tim Kaine, D-Va., which designates more Energy Department funding for research and also offers incentives for those who adopt so-called “clean coal” technology, The Hill reports.
Three senior House Republicans, including Energy and Commerce chair Rep. Fred Upton, have sent a letter to Energy Secretary Ernest Moniz, demanding to know whether his department was planning any use for Yucca Mountain other than accepting nuclear waste, E&E reports.
Fracking opponents have filed a petition with Gov. Jerry Brown, D-Calif., demanding that he ban hydraulic fracturing in the state because of the threat the practice poses to health and safety, The Hill reports.
The cleanup costs to states for abandoned wells – a burden they’re not well equipped to take on – could skyrocket as lower oil prices take some of the steam out of the shale drilling boom, The Wall Street Journal reports.
A natural Pacific Ocean cooling cycle has helped to keep global warming in check over the past decade, say researchers writing in the journal Science, but they warn that warming is likely to accelerate again once the cycle finishes, Reuters reports.