The price of oil jumped Thursday as an insurgency in Iraq raised the risk of disruptions to supplies at a time when other major oil-producing countries are already pumping near capacity. The al-Qaida-inspired group that captured two key cities in Iraq earlier this week vowed Thursday to march on to Baghdad.
One of those two cities, Mosul, lies in an area that is a major gateway for Iraqi oil. While the loss of the city has no immediate effect on oil exports, now at over 3 million barrels a day, it adds to concerns over security and the country's plans to expand oil production.
West Texas Intermediate, the benchmark U.S. oil, rose $2.13, or 2 percent, to close at $106.53 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, rose more sharply, gaining $3.07, or 2.8 percent, to $113.02 a barrel on the ICE Futures exchange in London.
The price of oil fell slightly Monday and closed at a two-week low.
Benchmark U.S. oil for July delivery fell 24 cents to $102.47 a barrel on the New York Mercantile Exchange. Last week, the price of oil fell by 1.6 percent. Brent crude, a benchmark for international oils, slipped 58 cents to $108.83 a barrel on the ICE Futures exchange in London.
The U.S. Court of Appeals for the District of Columbia Circuit on Thursday lifted a stay on the Environmental Protection Agency’s implementation of its Cross-State Air Pollution Rule, although legal arguments on challenges to some aspects of the regulation are set to take place next March, E&E reports.
Producers for American Crude Exports, or PACE, for short, is made up of more than a dozen independent oil companies who would like to see the decades-old U.S. ban on crude exports overturned, Reuters reports.
The Federal Energy Regulatory Commission staff has cleared the Constitution pipeline on its environmental impact, leaving Commissioners to make the final decision on the project, which is intended to add some 650 million cubic feet of natural gas capacity in New York and New England, FuelFix reports.
If the Federal Energy Regulatory Commission approves changes that PJM Interconnection will suggest to the rules, it’s possible the wholesale electricity market manager might find a way to keep a demand response program going despite legal challenges, E&E reports.
Rising global supply and sluggish demand were continuing to weigh on oil prices. U.S. benchmark crude for December delivery dropped $1.08 to settle at $81.01 a barrel on the Nymex, $1.74 lower than the price a week ago, while Brent finished at $86.13, a loss of 70 cents on the day and 3 cents less than last Friday’s settlement price, Reuters reports.
ConocoPhillips, alongside partners including BP and Exxon Mobil, has announced what it says is the first new drilling in the North Slope’s Kuparuk River Field in nearly a dozen years, a well to come on line in 2016 that will add 8,000 barrels a day of production, Platts reports.
In one of the most hotly contested and expensive House races in the country, Rep. Nick Rahall, D-W.Va., is battling against Republican candidate Evan Jenkins and powerful conservative groups backed by the Koch brothers, The New York Times reports.
Kristin Jacobs – who has turned in a strong performance in her campaign to be elected to the Florida House of Representatives in a flood-prone Miami district – is one of a number of candidates who are successfully pressing climate change as an issue even when polls say it’s not a top voter concern, The New York Times reports.
Opower says pilot programs run in Vermont and Southern California over the summer, which involved contacting customers to ask them to go easier on their air conditioning and then reporting back to them on how much electricity they saved compared to their neighbors, cut usage by nearly 3 percent on a number of hot days, The Washington Post reports.