Oil

Oil

US stocks edge mostly lower on oil slump

The slump in crude oil prices and disappointing U.S. home sales data helped nudge stocks mostly lower on Monday, pulling the market back from an all-time high reached last week.

Oil drilling companies and homebuilders notched broad declines, while traders bid up shares in utilities stocks.

Oil

Oil sands pullout for Shell from western Canada

Source: 
The Wall Street Journal

Plans for an oil sands surface mine in western Canada are being put off indefinitely by Royal Dutch Shell, following its move last month to trim 3,000 jobs in the region, The Wall Street Journal reports.

Oil

Exxon: Reserves swell in 2014

Source: 
FuelFix

The oil equivalent reserves of Exxon Mobil Corp. grew by 1.5 billion barrels last year, with nearly half of the new reserves coming from the Kearl Resource in northern Alberta, FuelFix reports.

Oil

Canada: Oil train accident shows new safety rules inadequate

TIMMONS, Ontario (AP) — Canada's transport investigator says an oil train derailment in Ontario this month suggests new safety requirements for tank cars carrying flammable liquids are inadequate.

The Transportation Safety Board said Monday the Class 111 tank cars involved in the Feb. 14 CN train derailment met the upgraded standards for new tank cars carrying crude and other flammable liquids.

Oil

Conference analyzing oil price plunge

Washington and New York, February 23, 2015, 12:30 pm

The Council on Foreign Relations sponsors a conference examining aspects of the oil price plunge, featuring a variety of economists and policymakers.

Oil

Oil drops again on renewed supply glut worries

Source: 
Reuters

Record high inventories in the U.S. and a strong dollar were continuing to pressure oil prices early Monday. U.S. benchmark crude fell 63 cents to $49.71 a barrel in electronic trading on the Nymex, while in London Brent was down $1 to $59.34, Reuters reports.

Oil

Libya’s Sarir flow resumes

Source: 
The Wall Street Journal

The flow of crude oil into the Hariga terminal from the Sarir oilfield – Libya’s largest – has resumed about a week after a pipeline blast following repairs, although fighting is continuing elsewhere, The Wall Street Journal reports.

Oil

Refinery strike expands, no talks scheduled

Source: 
FuelFix

United Steelworkers workers walked off the job at three refineries and a chemical plant over the weekend, extending their strike to include 15 facilities and 6,600 workers across the country. No new negotiations were scheduled between representatives of the union and Shell Oil Co. as the two sides traded comments about the way maintenance is handled, FuelFix reports.

Oil

Exxon appeals $1 million penalty for Yellowstone River spill

BILLINGS, Mont. (AP) — Exxon Mobil Corp. has asked federal regulators to reconsider a $1 million penalty imposed against the oil giant over a 63,000-gallon crude spill into Montana's Yellowstone River.

The Texas-based company asked the Department of Transportation to withdraw three of its four findings of pipeline safety violations. It also asked for the penalty amount to be reduced.

Oil

Fuel-hauling trains could derail at 10 a year: DOT analysis

BILLINGS, Mont. (AP) — The federal government predicts that trains hauling crude oil or ethanol will derail an average of 10 times a year over the next two decades, causing more than $4 billion in damage and possibly killing hundreds of people if an accident happens in a densely populated part of the U.S.

The projection comes from a previously unreported analysis by the Department of Transportation that reviewed the risks of moving vast quantities of both fuels across the nation and through major cities. The study completed last July took on new relevance this week after a train loaded with crude derailed in West Virginia, sparked a spectacular fire and forced the evacuation of hundreds of families.

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