Under a settlement filed in a Manhattan court to wrap up an oil price manipulation case brought by the Commodity Futures Trading Commission, Parnon Energy Inc. and Arcadia Petroleum Ltd. have agreed to pay $13 million, Bloomberg reports.
Fears about developments in Libya, Iraq and Ukraine started oil prices rising again Monday after they hit lows not seen in months. U.S. benchmark crude for September delivery increased 41 cents to close at $98.29 a barrel on the New York Mercantile Exchange, while in London Brent crude finished 57 cents higher to $105.41, Reuters reports.
Despite continuing violence in global hot spots, oil prices remained steady Monday on an existing supply glut. U.S. benchmark crude for September delivery gained only 15 cents to $98.03 a barrel in electronic trading on the Nymex after hitting its lowest close since February on Friday, while Brent crude remained unchanged at $104.84, Reuters reports.
With a glut in the Atlantic basin and weaker demand, crude oil Friday dropped to its lowest settlements in months in New York and London despite continued crises in the Middle East and Ukraine. U.S. benchmark crude for September delivery finished the week more than 4 percent lower, falling 29 cents to close at $97.88 a barrel on the Nymex, its lowest settlement since February, while Brent crude tumbled $1.18 to $104.84, Reuters reports.
NEW YORK (AP) — The gasoline price roller coaster is running a strange course this summer. August began with the lowest average gasoline price for this time of year since 2010. Just a few weeks ago, drivers were paying the highest gasoline July Fourth gasoline price in six years.
The average price of a gallon of gasoline is $3.52 after falling 16 cents over the last month. Prices may continue to slide in early August and post larger drops after Labor Day — as long as there are no hurricanes that halt production in the Gulf Coast or violence in the Middle East that disrupts crude supplies.
"We'll see some more drops, and clearly we'll be below $3.50 by Monday," says Tom Kloza, chief oil analyst at the Oil Price Information Service and GasBuddy.com. "It's absolutely counter-intuitive."
Sluggish demand, higher North American production, an increase in gasoline inventories and a stronger dollar are pushing oil prices down, so far more than 4 percent lower on the week. U.S. benchmark crude for September delivery dropped 64 cents to $97.53 in electronic trading on the Nymex, while Brent crude was 18 cents lower in London, to $105.84, Bloomberg reports.
Word that a refinery in Coffeyville, Kansas might be shut for up to four weeks following a fire Tuesday has sent crude prices plummeting. Benchmark West Texas Intermediate dropped $2.10 to settle at $98.17 a barrel on the New York Mercantile Exchange Thursday, while in London Brent crude fell 49 cents to $106.02, Reuters reports.
Increasing OPEC production and higher U.S. gasoline stockpiles outweighed international crises to send oil prices lower Thursday. Benchmark crude for September delivery fell 75 cents to $99.52 a barrel in electronic trading on the New York Mercantile Exchange, while in London Brent crude was 40 cents down to $106.11, Reuters reports.
AMSTERDAM (AP) — Royal Dutch Shell PLC, Europe's largest oil company, says second quarter earnings rose on higher production and higher selling prices for oil, and fewer one-time charges.
Net profit was $5.31 billion, up from $1.74 billion in the same period a year earlier. Shell booked net one-time charges of $979 million in the quarter, down from $2.21 billion in the second quarter of 2013.
Six major energy companies – including Houston-based Southwestern Energy Co. and Norwegian giant Statoil – have agreed to monitor and disclose their methane emissions under a new United Nations framework, The Wall Street Journal reports ahead of the official announcement Tuesday.
The Defense Nuclear Facilities Safety Board, in a recommendation to Energy Secretary Ernest Moniz that will be published in the Federal Register Tuesday, says there must be an improvement in emergency preparedness regulations and guidelines to ensure that weapons sites will be better able to cope with potential disasters, including earthquakes and wildfires, The Hill reports.
An official’s pessimistic view of China’s economic growth gave a further downward push to oil prices Monday. The expiring October contract for West Texas Intermediate crude dropped 89 cents to $91.52 a barrel on the Nymex, the lowest close since May, 2013, while in London November Brent shed 1.4 percent to settle $1.42 lower at $96.97, Bloomberg reports.
Production at the Sharara oil field, Libya’s largest -- which had been shut last week because of shelling near a connected refinery -- resumed Monday although at a fraction of its full capacity, an official with National Oil Co. told The Wall Street Journal.
Temperatures this coming winter should be milder than they were during last winter’s deep freeze, but natural gas prices may be higher as industries and electricity generators use more gas, according to American Gas Association vice president Chris McGill, Platts reports.
The company behind the Jordan Cove LNG export facility – Canada’s Veresen Inc – is paying $1.43 billion to take a half interest in the Ruby pipeline system that would bring natural gas from Wyoming to Oregon, Reuters reports.
Although thousands will flock to Art and Helen Tanderup’s farm for a concert against the Keystone XL pipeline in Nebraska on Saturday, many of the residents in the nearby town of Neligh will stay away, The Omaha World-Herald reports.
In an interview with Diane Rehm on NPR affiliate WAMU, Google CEO Eric Schmidt said the tech giant would leave the American Legislative Exchange Council because of the group’s position on climate change and environmental issues, National Journal reports.
According to a filing with the Federal Election Commission, activist Tom Steyer contributed $15 million to his NextGen Climate PAC in August, while the group raised only $3,550 from other sources, The Hill reports.