Escalating conflict in Yemen countered news of another sizeable build in U.S. crude stockpiles, keeping oil prices steady early Thursday. U.S. benchmark crude lost 10 cents to $56.06 a barrel in electronic trading on the Nymex, while in London Brent gained 5 cents to $62.78, Reuters reports.
A growth in stockpiles sent U.S. benchmark crude lower Wednesday, while renewed fighting in Yemen pushed the international benchmark higher. West Texas Intermediate crude for June delivery lost 45 cents to settle at $56.16 a barrel on the Nymex, while in London Brent gained 65 cents – more than 1 percent – to close at $62.73, Reuters reports.
Signs of another build in U.S. crude inventories were keeping pressure on oil prices early Wednesday. U.S. benchmark crude for June delivery was down 51 cents to $56.10 a barrel in electronic trading on the Nymex, while in London Brent fell 45 cents to $61.63, Reuters reports.
Expectations that data will show another build in U.S. stockpiles were pressuring oil prices early Tuesday. U.S. benchmark crude for May delivery was down 15 cents to $56.23 a barrel ahead of the expiration of the contract, while in London Brent lost 17 cents to $63.28, Reuters reports.
ConocoPhillips CEO Ryan Lance told the IHS CERAWeek conference that volatility in the oil market is here to stay, and companies that slow production hoping to ramp up later when prices increase will only contribute to the trend, FuelFix reports.
A report of a drop in stockpiles at the Cushing delivery point helped support oil prices Monday, Reuters reports. U.S. benchmark crude settled 64 cents higher at $56.38 a barrel, having bounced around in a $2 spread throughout the day, while in London Brent finished flat at $63.45.
As many as 1,800 employees of Murray Energy could be notified today that they’ll be losing their jobs, according to CEO Robert Murray, who said “the tide is just too high” for his company in the face of low prices and demand for coal, the Tribune-Review reports.
Legislation introduced by Sen. Shelley Moore Capito, R-W.Va., and Rep. Steve Scalise, R-La., sets “accountability measures” targeting the Environmental Protection Agency, to help industry that Capito says say is burdened by “onerous regulations and deeply flawed permitting process” when it comes to air pollution rules, The Hill reports.
Sen. Bill Nelson, D-Fla., has introduced a measure extending the ban on offshore drilling in the eastern Gulf of Mexico off the Florida coast, opposing legislation introduced by Republicans last week that would open the area to drilling as early as 2016, The Hill reports.
Oil prices were trading slightly lower early Friday following big gains the day before, ahead of the closely watched figures from Baker Hughes about the number of rigs drilling in the U.S. Light, sweet crude for July delivery was down 18 cents to $60.54 a barrel in electronic trading on the Nymex, while in London, Brent lost 15 cents to $66.39, The Wall Street Journal reports.
U.S. railroads transported 113,089 carloads of crude in the first quarter, according to the Association of American Railroads, a drop of almost 14 percent from the 4th quarter as lower prices impacted drillers, particularly in the Bakken Shale, The Wall Street Journal reports.
Vanguard Natural Resources says it will spend $474 million to take over upstream rival Eagle Rock Energy Partners LP, the second acquisition for the master limited partnership this spring, FuelFix reports.
Westchester County will pay a civil penalty record $1.1 million fine for failing to properly treat drinking water, overall spending around $12 million as part of a settlement of a federal lawsuit, U.S. Attorney Preet Bharara said, according to Reuters.