Predictions that Energy Information Administration stockpile figures will show a decline for a third straight week, alongside strong consumer confidence numbers, were pushing oil prices higher early Wednesday. West Texas Intermediate crude for December delivery gained 50 cents to $81.92 a barrel in electronic trading on the Nymex, while in London Brent was up 67 cents to $86.70, Bloomberg reports.
If the Senate flips to Republican control next week, there's every reason to believe they will stick to their fossil fuels energy agenda. An op-ed on Tuesday by Sen. John Barrasso of Wyoming is just the latest roadmap they've laid out heading into the mid-term elections.
Barrasso, the second-ranking Republican on the Senate's energy committee, said in the piece published by Fox News that if the GOP takes charge, they will send bills to President Barack Obama to "strengthen our energy security," including opening new areas to drilling and approving the Keystone XL pipeline.
What he didn't mention was the falling prices of foreign and domestic crude, which have come just in time to potentially undercut the appeal of the "drill, baby, drill" mantra that has dominated the GOP's energy approach during the Obama era.
Gains on Wall Street and a dollar slump helped boost oil prices Tuesday, although traders kept a wary eye on a predicted stockpile increase. U.S. benchmark crude settled up 42 cents at $81.42 a barrel on the Nymex, while in London Brent finished 20 cents higher at $86.03, Reuters reports.
Speculation about an increase in U.S. stockpiles kept a lid on oil prices early Tuesday. West Texas Intermediate crude for December delivery increased just 5 cents to $81.05 a barrel in electronic trading on the Nymex, while in London Brent slipped 7 cents to $85.76, Bloomberg reports.
DAMASCUS, Syria (AP) — The middle-aged salesman sat glumly among an array of shorts, khaki leisure suits bedecked with gold belts and dresses with plunging necklines in the ancient Damascus bazaar — luxuries few can afford in today's Syria.
He, like many traders, lost most of his customers when Syria's uprising erupted in 2011 against the rule of President Bashar Assad, and his new clientele is far poorer: Syrians fleeing the fighting with barely any possessions.
Now, he fears there's even worse to come, as the U.S.-led bombings of the Islamic State group target the country's modest oil reserves under the militants' control, sending oil and diesel prices soaring.
NEW YORK (AP) — The price of oil dipped below $80 a barrel for a period on Monday, after a major investment bank lowered its forecast for crude prices this year and next, although it later rebounded to close at $81, down just one cent, on the New York Mercantile Exchange. Oil has tumbled from a high of $107 a barrel in June.
Analysts now expect U.S. oil prices to be roughly $75 a barrel in 2015, down from their previous forecast of $90 a barrel. Goldman also sees Brent crude, a benchmark used to price international oils used by many U.S. refineries, to be around $85 a barrel. The bank sees oil stabilizing at $80 a barrel until at least 2017.
Goldman Sachs is the latest Wall Street bank to lower its forecast for crude prices, saying that OPEC was unlikely to reduce exports in an effort to lift prices and that U.S. production continues to expand.
An early slide in oil prices Monday, triggered by Goldman Sachs cutting its 2015 forecast, reversed later on short covering. U.S. benchmark crude ended the day only 1 cent lower, at $81.00 a barrel on the Nymex, while in London Brent crude lost just 30 cents to $85.83, Reuters reports.
Disruptions to overseas oil production should be viewed as a potential warning signal of political instability in export-dependent nations, concludes a new staff analysis issued Monday by Alaska Sen. Lisa Murkowski, the ranking Republican on the Senate's energy committee.
The analysis by her committee staff examined unplanned production and export outages in global hotspots, and found those disruptions grew in advance of violent conflicts, most notably as the Islamic State swept through northern Iraq and Syria.
The GOP chorus denouncing the Environmental Protection Agency move to lower the ozone standard was joined by House Majority Leader Rep. Kevin McCarthy, R-Calif., senior figures on the House Energy and Commerce Committee, as well as Sen. John Thune, R-S.D., who is chairman of the Republican Senate caucus, The Hill reports.
Ahead of the OPEC meeting in Vienna, oil prices recovered Wednesday from earlier drops triggered by word of a greater-than-expected increase in U.S. crude inventories as well as a comment from Saudi Arabia's oil minister that there would be no need for a production cut. West Texas Intermediate crude for January delivery slipped just 3 cents to $74.06 a barrel on the Nymex, while in London Brent was 5 cents lower to $78.28, Bloomberg reports.
Freeport LNG has closed on financing deals – from Japanese sources -- for two of three planned liquefaction trains at its export facility, and should begin construction on its plant in Quintana, Texas this week, with operation projected to start in 2018, FuelFix reports.
Uranium prices are on track for an 18 percent increase in 2014, which would be the first annual gain for the energy commodity in four years and make it the best performing category in the sector, Bloomberg reports.
Nearly all of the claims dealt with through the settlement process after the 2010 BP Gulf of Mexico spill were handled correctly, according to a third party audit released Tuesday by claims administrator Patrick Juneau, The Times-Picayune reports.
The legal fight over the Environmental Protection Agency’s Waters of the U.S. rule could revolve around what’s meant by the words “adjacent” and “neighboring,” as well as how the regulation defines a flood plain, E&E reports.
After a shareholder lawsuit filed to stop the $2.86 billion merger announced in June between C&J Energy Services and the fracking business of Nabors Industries, a judge in Delaware Tuesday ordered a 30-day suspension to allow for competing offers, but C&J said it would appeal, FuelFix reports.
Oncor’s proposal to install battery storage across the grid in Texas is coming in for criticism from a state lawmaker – Republican State Sen. Troy Fraser said his support for the $5.2 billion project came before he realized an increase in transmission rates would be part of the package, The Dallas Morning News reports.
Speaking about the failure of Google’s renewable energy project RE<C, two engineers, writing in IEE Spectrum recently, said trying to fight climate change using only existing technologies like wind and solar energy won’t work, Fox News reports.