Oil prices bounced back after plunging Tuesday, but the upside was kept in check by substantial supplies and continuing demand concerns. U.S. benchmark crude for October delivery was 89 cents higher Wednesday morning in electronic trading on the Nymex, to $93.77 a barrel, while in London Brent crude gained $1.08 to $101.42, Reuters reports.
An electrical panel malfunction that led to a toxic gas emission from a Valero refinery in Texas City early Sunday won’t signal a repeat of wider problems that plagued the facility in 2011, officials told FuelFix.
NEW YORK (AP) — Concerns over weaker global growth appeared to overshadow strong reports about the U.S. economy Tuesday, nudging the stock market to a tiny loss.
Crude prices sank 3 percent, pulling down stocks of oil producers. Small companies, which have fewer ties to the world economy, made gains. Meanwhile, the dollar reached a one-year high against the euro.
"It's the picture of U.S. strength against the backdrop of global weakness," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.
Worry that weak manufacturing data from China and Europe might slow global demand weighed on oil prices Tuesday, as did a strong dollar. WTI for October delivery plunged $3.08, or 3.2 percent, to settle at $92.88 a barrel on the New York Mercantile Exchange, while in London Brent crude slumped $2.45 to hit a 16-month low of $100.34 a barrel, Bloomberg reports.
NEW ORLEANS (AP) — Halliburton's agreement to pay more than $1 billion to settle numerous claims involving the 2010 BP Gulf of Mexico oil spill could be a way for the company and victims of the spill to avoid years of costly litigation — if all the pieces fall into place.
A federal judge still has to approve the settlement. That same judge has rulings pending on the extent to which parties, including Halliburton, were negligent in the deadly explosion of the Deepwater Horizon offshore oil rig. Those rulings could affect plaintiffs' decisions on whether to participate in the settlement, which was announced Tuesday.
Weak factory data in China and Europe weighed on oil prices Tuesday. U.S. benchmark crude for October delivery, at $95.23 a barrel in electronic trading on the Nymex, was 73 cents lower than Friday’s close, while in London Brent crude dropped 87 cents to $101.91, Reuters reports.
MEXICO CITY (AP) — Mexico's state-owned oil company Petroleos Mexicanos estimates its crude production will increase to 2.4 million barrels per day in 2015, compared with the 2.35 million barrels per day it expects to produce this year, a company official said Friday.
Gustavo Hernandez, director of Pemex's exploration and production unit, said the upward estimate is based on the company's plans to reactivate hundreds of mature oil fields and start production in recently discovered reserves as part of new rules governing a historic opening of Mexico's state-run oil, gas and electricity industries to foreign and private companies.
A failure to lift the ban on crude exports could have a chilling effect on the U.S. oil boom, Rice University economist Kenneth Medlock told a panel in Washington Wednesday, painting a “train wreck” scenario where falling domestic crude prices could encourage drillers to go elsewhere, FuelFix reports.
Meeting voters in Iowa, Vice President Joe Biden wouldn’t divulge it when asked his opinion on the Keystone XL pipeline -- although he said he had given it to President Obama -- commenting that he’s learned “not to step on the president’s lines,” The Guardian reports.
Taking a stance against measures to fight global warming will be "extremely harmful" to Republican candidates when voters cast ballots in the general election for president in November, 2016, activist Al Gore told National Journal in an interview Wednesday.
The same set of factors weighing on oil in recent weeks – ample supply, weak demand projections and a strong dollar – moderated by renewed Libya fighting that affected oil production, saw prices edge down Thursday. U.S. benchmark crude dropped 21 cents to $94.21 a barrel in electronic trading on the Nymex, while in London Brent slipped 7 cents to $98.90, Reuters reports.
Consol Energy and Noble Energy hope to raise more than $422 million on 20 million shares up for sale in an initial public offering for their firm Cone Midstream Partners, according to documents filed with the Securities and Exchange Commission Wednesday, the Houston Business Journal reports.
George P. Bush is unlikely to have much trouble winning his race to become Texas land commissioner, which gives him control over the state’s oil and gas contracts and has been a jumping off point for those seeking higher office in the past, E&E reports.
Massachusetts is selling $350 million in green bonds this week, more than three times what the state sold last year, as it tries to cash in on interest in environmentally friendly investments, The Wall Street Journal reports.
In a non-binding vote last week, shareholders of Cheniere Energy said no to the company’s 2013 plans for executive compensation, including a package for CEO Charif Souki worth $142 million, according to documents filed with regulators Wednesday, FuelFix reports.
A task force report recommending against fossil fuel divestment for the University of California right now was backed by a regents committee Wednesday and is expected to gain the support of the full board Thursday, the Los Angeles Times reports.