Proposals from Greece to resolve the country’s financial crisis helped to boost oil early Monday, although the global supply glut continued to weigh on prices, Reuters reports. U.S. benchmark crude for July delivery gained 44 cents to $60.05 a barrel in electronic trading on the Nymex, while August Brent rose 30 cents to $63.32 in London.
Concerns about the Greek financial crisis alongside profit taking and a slowdown in the decline of active U.S. rigs pushed oil prices lower Friday, resulting in a loss for the week. U.S. benchmark crude ended 84 cents lower to settle at $59.61 on the Nymex, while in London, Brent tumbled $1.24, or 1.9 percent, to $63.02, Reuters reports.
Oil prices dropped early Friday amid signs of continuing strong U.S. shale production and concerns about the impact of the Greek financial crisis on European oil demand. U.S. benchmark crude dropped 44 cents to $60.01 a barrel in electronic trading on the Nymex, while in London Brent fell 42 cents to $63.84, Reuters reports.
With the dollar falling in the wake of the Federal Reserve’s failure to give a clear signal on interest rates and Genscape reporting a draw in crude at the Cushing hub, oil prices finished higher for a third day in a row. U.S. benchmark crude rose 53 cents to settle at $60.45 a barrel on the Nymex, while in London, Brent gained 39 cents to $64.26, Reuters reports.
WASHINGTON (AP) — Consumer prices increased in May by the largest amount in more than two years, reflecting the biggest one-month jump in gas prices in nearly six years. But outside of energy, price pressures remained modest.
The consumer price index rose 0.4 percent in May, the biggest advance since February 2013, the Labor Department reported Thursday. The increase was driven by a 10.4 percent rise in the cost of gasoline, which has started climbing after nearly a year of falling energy prices.
Oil prices gained early Thursday on the back of a weaker dollar and mixed data on inventories, according to The Wall Street Journal. U.S. benchmark crude for July delivery was up 64 cents to $60.56 a barrel in electronic trading on the Nymex, while in London Brent rose 92 cents, or 1.4 percent, to $64.79.
An uncertain stance from the Federal Reserve about its future plans for interest rates triggered volatile price swings in oil Wednesday. U.S. benchmark crude for July delivery ended the session 5 cents lower to $59.92 a barrel on the Nymex, while in London, August Brent gained 17 cents to $63.87, Reuters reports.
Data from the American Petroleum Institute indicating a drop in crude stockpiles and gasoline inventories helped push oil prices higher early Wednesday. U.S. benchmark crude for July delivery gained 83 cents to $60.80 a barrel, while in London August Brent soared 99 cents to $64.69, Reuters reports.
The arrival of Tropical Storm Bill pushed U.S. oil prices higher Tuesday, while Brent was pressured by continuing evidence of a global crude glut. West Texas Intermediate crude for July delivery gained 45 cents to settle at $59.97 on the Nymex, while in London, August Brent lost 25 cents to $63.70, Reuters reports.
The Obama administration may be backing away from its insistence that future coal-burning power plants use carbon capture technology, settling instead on a requirement for ultra-supercritical technology in the Environmental Protection Agency's Clean Power Plan, E&E reports.
The U.S. Army Corps of Engineers argued that the Environmental Protection Agency's Clean Water Rule lacks a sound scientific basis in memos made public by the House Oversight and Government Reform Committee Thursday, The Hill reports.
The Department of Energy has agreed to rework its proposed efficiency standards for walk-in freezers and coolers, according to the Air-Conditioning, Heating and Refrigeration Institute, which says it has reached a settlement with the DOE over the issue, The Hill reports.
Sen. Martin Heinrich, D-N.M. says some other Democrats may be willing to go along with him and Sen. Angus King, I-Me., in a willingness to support legislation lifting the ban on U.S. crude exports if it also backs renewable energy such as wind and solar, E&E reports.
Despite data from the Energy Information Administration showing that U.S. crude production peaked at almost 9.7 million barrels a day in March, news of an increase in oil rig count this week piled more pressure on prices. U.S. benchmark crude slumped $1.40, or 2.9 percent, to settle at $47.12 a barrel on the Nymex, while in London, Brent dropped $1.10 to $52.26, its lowest settlement since January, The Wall Street Journal reports.
Chevron is getting nearly a third more oil and gas from its wells in the Permian Basin, and is paying less for oilfield services as well—but even so, its second quarter profits dove 90 percent on lower crude prices, FuelFix reports.
Hess has increased its production forecast for its Bakken Shale operations to up to 110,000 barrels of oil equivalent per day, despite the company dropping the number of rigs it’s operating in the play, Platts reports.
Many witnesses testifying at the first Interior Department hearing on the future of the federal coal program—which was attended by Secretary Sally Jewell—said they wanted to see higher royalty rates to raise more money for U.S. taxpayers, High Country News reports.
Senior creditors for Alpha Natural Resources Inc. will loan money to the beleaguered Virginia-based coal company to help it get through bankruptcy, a filing for which could come as early as Monday, Bloomberg reports.
Although Thursday’s peak demand of 67,624 megawatts didn’t break the all-time record as the Electric Reliability Council of Texas had feared, it's been a huge week for demand, and the grid operator expects high usage throughout the summer, FuelFix reports.