Oil tankers are fetching 25 percent higher lease rates this month, the highest level since January 2014, but analysts say the glut of crude oil and few places to ship it are turning the ships into storage vessels, The Wall Street Journal reports.
U.S. crude production increased in May by 870,000 barrels a day, according to the Platts forecasting unit Bentek Energy, which added that output in the Eagle Ford Shale declined but remained 21 percent higher than the year-ago period, FuelFix reports.
Lifting the long-standing ban on crude oil exports will lead to higher domestic crude prices and could stress the country's transportation infrastructure, hurting farmers, witnesses and lawmakers said at a House Small Business Committee hearing Wednesday.
While the effort to lift the ban appears to be gaining momentum, with bills set to get committee consideration in both chambers this year, the hearing highlighted that some lawmakers, including Republicans, still need some convincing.
Expectations that the Energy Information Administration report on crude inventories will show another weekly decline was helping to support oil prices early Tuesday, after a big drop to start the week.
“As the fundamental outlook continues to improve in the States, with economic indicators pointing towards steady demand growth and weekly EIA inventories declining for six straight weeks as the supply overhang is finally being addressed, we could see WTI outperform Brent over the coming week,” said Kash Kamal, senior analyst at Sucden Financial in London.
Earlier predictions that oil prices would start recovering in the second half of the year are being challenged by increasing crude production in OPEC countries and the U.S., The Wall Street Journal reports.
JAKARTA, Indonesia (AP) — Indonesia's energy ministry said Friday the country will rejoin the Organization of Petroleum Exporting Countries this year to forge a closer relationship with oil suppliers.
I Gusti Nyoman Wiratmadja Pudja, director-general of oil and gas at the ministry, said Indonesia will reactivate its membership in November after all OPEC members approved its application to rejoin the oil cartel at a meeting in Vienna last week.
The International Energy Agency predicts oil demand will grow as a result of lower prices, but supplies will remain robust with continuing strong production in OPEC countries and the U.S., Reuters reports.
VIENNA (AP) — OPEC decided to keep its oil output target on hold Friday and predicted prices would remain low for the foreseeable future — good news for both for oil-hungry international industries and consumers at the gas pump.
The cartel said its output level would remain at 30 million barrels a day despite the fact that prices were still low compared with a year ago. It left it to member states to restrain any overproduction, an acknowledgment of the cartel's inability to enforce its own limits as it struggles to control world supply and prices.
The narrow window for Shell to drill exploratory wells in the Arctic could become even smaller as a result of sea ice clogging the area around the Chuckchi Sea’s Burger prospect, where the company is planning to conduct its operations, FuelFix reports.
United plans to become the first U.S. airline to operate a regularly scheduled commercial domestic flight using alternative fuels, and also will announce Tuesday a $30 million investment in Fulcrum BioEnergy, The New York Times reports.
Gov. Bill Walker is set to approve an update to Alaska’s Interior Energy Project, signing into law Tuesday a bill that extends the search for natural gas in the state beyond the North Slope, the Fairbanks Daily News-Miner reports.
Despite Monday’s Supreme Court ruling impacting the Mercury and Air Toxics Standards rule, Michigan South Central Power Agency and Iowa’s Alliant Energy won’t reverse their decisions to shut coal-fired plants, officials have told Platts.
Democratic Gov. Tom Wolf's decision to slash estimates for the number of Pennsylvania jobs provided by the shale-gas industry –- to 89,000 -– is the latest in a series of actions alarming drillers in the state, The Wall Street Journal reports.
Continuing concerns about the future of Greece in the European Union were weighing on oil prices early Tuesday. U.S. benchmark crude lost 14 cents to $58.19 a barrel in electronic trading on the Nymex, while in London Brent dropped 3 cents to $61.98, Reuters reports.
Documents that Patriot Coal Corp. filed in court about its bankruptcy did not contain detailed information about the compensation for officers and directors of the company, The Wall Street Journal reports.
Venture capital firm Energy Power Partners has bought Talen Energy’s renewable subsidiary -– including 65 megawatts of generation from 25 projects in 4 states –- for an undisclosed sum, according to The Morning Call.