Oil

Oil

Fight over Keystone XL project doesn't stall pipeline boom

WASHINGTON (AP) — In a far corner of North Dakota, just a few hundred miles from the proposed path of the Keystone XL pipeline, 84,000 barrels of crude oil per day recently began flowing through a new line that connects the state's sprawling oilfields to an oil hub in Wyoming.

In West Texas, engineers activated a new pipeline that cuts diagonally across the state to deliver crude from the oil-rich Permian Basin to refineries near Houston. And in a string of towns in Kansas, Iowa and South Dakota, local government officials are scrutinizing the path of pipeline extensions that would pass nearby.

Oil

Algeria oil corruption trial begins after 5-year delay

ALGIERS, Algeria (AP) — Five years after it first came to light, the trial began Sunday for one of Algeria's most notorious corruption scandals involving the state-run oil company that generates most of the country's revenue.

In a packed courthouse that included a representative of the German embassy, prosecutors read out the charges against former head of Sonatrach, Mohammed Meziane, his two sons, and 16 other company officials.

Oil

Oil, stocks down while dollar jumps

NEW YORK (AP) — The stock market was hit hard Friday, capping a third week of declines, as investors reacted to a steep drop in oil prices and a jump in the value of the dollar.

Utilities, companies that make basic materials like steel, and major exporters had the biggest declines.

Oil

Oil is on its way down again; will gasoline prices follow?

NEW YORK (AP) — The price of oil is tumbling again, rattling an already-shaken oil industry and heralding lower prices for consumers.

The price of oil fell 10 percent this week, approaching its lowest price in six years. Many expect it to fall further in the coming weeks because supplies are rising and the summer driving season is still months away.

Oil

Feds order valve change on oil trains

Source: 
The Hill

Citing leaks of hazardous materials, the Federal Railroad Administration is ordering faulty valves manufactured by McKenzie Valve & Machining LLC to be removed from oil trains, The Hill reports.

Oil

US oil and natural gas rig count drops by 67 to 1,125

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. fell by 67 this week to 1,125 amid depressed oil prices.

Houston-based Baker Hughes said Friday that 866 rigs were seeking oil and 257 exploring for natural gas. Two were listed as miscellaneous. The count is down from 1,809 rigs active a year ago.

Oil

Oil down as IEA reports glut increasing

Source: 
Reuters

An International Energy Agency report that U.S. production is so far failing to slow down put new pressure on oil prices early Friday. U.S. benchmark crude was 35 cents lower at $46.70 a barrel in electronic trading on the Nymex, while in London Brent fell 50 cents to $56.58, Reuters reports.

Oil

Oil demand down from last year, says New England operator

Source: 
Platts

Power generators in the Northeast have used 11 percent less oil this year than in 2014 despite the recent cold wave, according to data from ISO New England, Platts reports.

Oil

Oil spending cuts shouldn’t compromise safety: Official

Source: 
Bloomberg

Oil companies shouldn’t compromise safety even as they slash spending to maintain their bottom lines in the face of falling oil prices, the head of the Association for Energy Service Companies told Bloomberg.

Oil

Cleanup set for illegal oilfield waste in ND

Source: 
The Associated Press

Cleanup will begin Friday for up to 100 radioactive oil filter socks that were found illegally dumped in a property in Williston, N.D., The Associated Press reports.

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