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Nebraska Supreme Court oral arguments over Keystone XL

Lincoln, Neb., September 5, 2014, 9:00 am

Oral arguments made before the Nebraska Supreme Court in the Thompson v. Heineman case, challenging the governor's approval of the Keystone XL pipeline route through the state. 

Oil

Limited rebound for oil prices

Source: 
Reuters

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.

Oil

Texas City refinery problem isolated, say officials

Source: 
FuelFix

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.

Oil

Stock market slips, lower oil prices have impact

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.

Oil

Oil slides again on weak global manufacturing data, strong dollar

Source: 
Bloomberg

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.

Oil

U.S. shale boom a headache for planned Canadian pipeline

Source: 
The Globe and Mail

With Canadian markets flooded with U.S. crude, TransCanada’s planned Energy East pipeline to transport oil to Quebec and New Brunswick faces a tough challenge, The Globe and Mail reports.

Oil

Halliburton reaches $1B Gulf oil spill settlement

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.

Oil

Demand concerns drag oil lower

Source: 
Reuters

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.

Oil

Mexico's Pemex says production to increase in 2015

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.

Oil

US rig count up 18 to 1,914

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by 18 last week to 1,914, oilfield services company Baker Hughes Inc. said.

The Houston firm said Friday in its weekly report that 1,575 rigs were exploring for oil and 338 for gas. One was listed as miscellaneous. A year ago there were 1,776 active rigs.

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