There’s been no letup in the plunge in oil prices, which slid further into bear market territory early Friday as demand growth slows and output continues to expand. West Texas Intermediate crude was down 1.3 percent to $84.62 a barrel in electronic trading on the Nymex, while in London November Brent tumbled 2.2 percent, or $1.94 a barrel, to $88.11, near a four-year low, Bloomberg reports.
Operators in areas where it’s more expensive, like the fringes of the Bakken shale, could cut back production as falling oil prices make it unprofitable to drill, experts have told The Wall Street Journal.
A new survey shows Americans are evenly divided about lifting the ban on most crude oil exports, but opposition soars if it means higher domestic gasoline prices.
The results indicate the oil industry faces a potential public backlash if pump prices rise following the lifting of the 1970s-era ban, which it has sought to overturn to put booming shale oil output on the world market.
NEW YORK (AP) — The stock market had its worst day of the year Thursday, just 24 hours after recording its best.
The Dow Jones industrial average plunged 334 points as falling energy stocks and worries about the global economy sent investors fleeing out of the market. The blue-chip index rose 275 points the day before.
A global economic slowdown alongside growing oil supply has triggered the recent plunge in prices, an analyst told Bloomberg Thursday. West Texas Intermediate crude for November delivery dove 1.8 percent, or $1.54, to settle at $85.77 a barrel on the Nymex, while in London Brent dropped $1.33 to $90.05.
A cut in the growth outlook for the German economy, which would signal lower energy demand, pressured oil prices early Thursday. West Texas Intermediate crude for November delivery slipped 4 cents to $87.27 a barrel in electronic trading on the Nymex, while in London Brent crude lost 30 cents to $91.08, Bloomberg reports.
Increasing crude supplies from the U.S., OPEC and Russia put further pressure on oil prices Wednesday. West Texas Intermediate crude for November delivery dropped 1.7 percent, sliding $1.54 to settle at $87.31 a barrel on the Nymex, while in London Brent crude fell into a bear market, losing 73 cents to $91.38, Bloomberg reports.
A downgrade in the International Monetary Fund growth forecast sent oil sliding again early Wednesday. West Texas Intermediate crude for November delivery dropped $1.46 to $87.39 a barrel in electronic trading on the Nymex, while in London Brent crude was 82 cents lower to $91.29, Bloomberg reports.
The expectation that the Energy Information Administration will announce a jump in crude stockpiles in its weekly report pushed U.S. benchmark crude to a 17-month low Tuesday. West Texas Intermediate crude for November delivery dropped 1.7 percent, or $1.49, to settle at $88.85 a barrel on the Nymex, while in London Brent crude lost 68 cents to $92.11, Bloomberg reports.
A bigger-than-expected drop in German industrial production coupled with predictions of a growth in U.S. crude inventories combined to send oil prices dropping again early Tuesday. West Texas Intermediate crude for November delivery was down 41 cents to $89.93 a barrel in electronic trading on the Nymex, while in London Brent lost 78 cents to $92.01, Bloomberg reports.
Launching personal attacks on environmental activists and celebrity supporters should be part of the oil and gas industry strategy if it wants to fight for expanded drilling, according to advice from consultant Richard Berman as he drums up support for his "Big Green Radicals" PR campaign, The New York Times reports.
The re-election contest for Rep. Fred Upton, R-Mich. and chair of the House Energy and Commerce Committee, is attracting last-minute money -- including some from the American Future Fund for an ad extolling his support for the Keystone XL pipeline -- as polling indicates his race against Democrat Paul Clements is a tight one, The Hill reports.
In an effort to maintain Democratic control of the Senate, environmental groups are supporting some backers of the Keystone XL pipeline –- like Michelle Nunn in Georgia and Sen. Kay Hagan in North Carolina -– as well as fracking supporter Sen. Mark Udall in Colorado, The Wall Street Journal reports.
Word that OPEC has boosted its crude output to a 14-month high sent oil prices plunging again early Friday. West Texas Intermediate crude for December delivery dropped 1 percent, or 81 cents, to $80.31 a barrel in electronic trading on the Nymex, while in London Brent was down 93 cents to $85.31, Bloomberg reports.
A tentative settlement Cheniere Energy has reached with shareholders over lawsuits would block executives from receiving shares authorized in February 2013 but not paid out, according to a filing with the Securities and Exchange Commission, FuelFix reports.
Robert MacLean –- now a solar power consultant after he was fired by the Department of Homeland Security for leaking information about the air marshal program -– says many federal employees, including those in the Environmental Protection Agency and the Departments of Energy and Interior, could be affected by the outcome of his lawsuit now before the U.S. Supreme Court, E&E reports.
The capacity market and infrastructure improvements will be the topics of discussion at a conference between New York officials and representatives of the Federal Energy Regulatory Commission Nov. 5, Reuters reports.