The spike in U.S. crude production from shale formations like the Bakken, Eagle Ford and Permian Basin has kept a lid on oil prices, Energy Information Administration chief Adam Sieminski told Reuters in an interview Wednesday, adding that otherwise given the conflicts in the Middle East and North Africa the going rate would have hit $150 a barrel.
With new technology consistently boosting production, U.S. crude prices could fall as much as $30 a barrel below international benchmark Brent unless the U.S. ban on exports is lifted, according to an analysis from Wood Mackenzie, FuelFix reports.
Increased crude exports from Iraq and Libya coupled with weak economic data from Europe was pressuring oil prices early Wednesday. U.S. benchmark crude slipped 5 cents to $91.50 a barrel in electronic trading on the Nymex, while in London Brent was 30 cents lower at $96.54, Reuters reports.
Ample crude supplies were continuing to outweigh concerns about tensions in the Middle East Tuesday. U.S. benchmark crude for November delivery gained 69 cents to settle at $91.56 a barrel on the Nymex, while in London Brent crude dropped 12 cents to close at $96.85, Reuters reports.
An increase in a Chinese manufacturing gauge beyond analysts’ expectations sent oil higher early Tuesday. West Texas Intermediate crude for November delivery gained 61 cents to $91.48 a barrel in electronic trading on the Nymex, while in London Brent was 40 cents higher at $97.37, Bloomberg 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.
The now familiar combination of ample supply alongside the expectation of “downbeat” demand weighed on oil prices again Monday. U.S. benchmark crude was down 50 cents to $91.91 a barrel in electronic trading on the Nymex ahead of the expiration of the October contract later in the day, while in London November Brent dropped 67 cents to $97.72, Reuters reports.
Rising inventories and a dollar gaining on the expectations of an interest rate hike pressured oil prices Friday. West Texas Intermediate crude for October delivery fell 66 cents to $92.41 on the Nymex but ended the week slightly higher, while in London November Brent settled up 69 cents to $98.39, an increase of 1.3 percent on the week, Bloomberg reports.
U.S. oil prices eased off again on speculation over future action by the Federal Reserve to increase interest rates. West Texas Intermediate crude for October delivery was 21 cents lower to $92.86 a barrel in electronic trading on the Nymex, while in London November Brent gained 1 cent to $97.71, Bloomberg reports.
With a push from the strong dollar – trading at a six-year high against the Japanese yen – alongside increasing supplies, oil tumbled Thursday. West Texas Intermediate crude for October delivery dropped $1.35, or 1.4 percent, to $93.07 a barrel on the Nymex, while in London November Brent lost 1.3 percent, or $1.27 to settle at $97.70, Bloomberg reports.
Riding the back of the oil boom, Halliburton reported a 70 percent increase in earnings in the 3rd quarter, The Wall Street Journal reports, noting that CEO Dave Lesar predicted in a conference call Monday that the recent drop in oil prices would be temporary.
Skepticism about OPEC agreeing to cut oil production pressured prices again Monday. West Texas Intermediate crude for November delivery slipped 4 cents to settle at $82.71 a barrel on the Nymex, but in London December Brent lost 76 cents to end at $85.40, Bloomberg reports.
Proposed new regulations from the Department of Energy, published in Tuesday’s Federal Register seeking public comment, would cover energy conservation standards for some water heaters, while others would target certain fluorescent lamps, The Hill reports.
Despite industry support for the GOP bid to take over control of the Senate, oil and gas companies are still giving substantial donations to the re-election effort of Energy Committee chair Sen. Mary Landrieu, D-La., Reuters reports.
One of the people who helped write the McCain-Feingold legislation on political contributions says Tom Steyer’s NextGen Climate change is an example of how politics has become “privatized,” The New York Times reports.
As the U.S. prepares to take the chair of the Arctic Council for two years, environmentalists have been heartened by recent statements from U.S. Special Representative Robert Papp, who has said that climate change would figure prominently on his agenda, E&E reports.
With 419 megawatts added to U.S. wind power capacity in the 3rd quarter, installations in the first nine months of 2014 – totalling 1,254 megawatts -- have surpassed what came on line in all of the year before, according to the American Wind Energy Association, Bloomberg reports.
Robert W. Fri, who held a number of posts at the Environmental Protection Agency in the 1970s and served as president of the research institute Resources for the Future for a decade starting in the mid 80s, died on Oct. 10 in Maryland, The New York Times reports.