World Oil (Bloomberg) – The Biden administration is taking advantage of a dip in oil prices to restart plans to refill its depleted emergency oil cache. The Energy Department announced Tuesday it was seeking as much as 3.3 MMbbl of crude oil in October for the Strategic Petroleum Reserve after a rise in oil prices led the agency to cancel
World Oil (Bloomberg) – Exxon Mobil Corp. plans to establish a single North American research and technology hub at its Houston headquarters, resulting in the closure of campuses in Clinton, New Jersey, and Sarnia in Ontario. The closures will affect about 700 employees, with the majority being offered roles in Houston, said Exxon spokeswoman Emily Mir. The moves will be
U.S. News U.S. spot power and natural gas prices turned negative in Texas, California and Arizona for Tuesday as pipeline maintenance trapped gas in the Permian Shale in West Texas amid low demand for energy and ample hydropower in the West. Negative prices signal there is too much power or gas being produced in a region. Energy firms can either
Oil Price Lower oil and gas prices and a prolonged refinery outage in the United States dragged down BP’s earnings for the first quarter to below analyst expectations. UK-based supermajor BP (NYSE: BP) reported on Tuesday an underlying replacement cost profit – the closest metric to net profit – of $2.7 billion for the first quarter of 2024, down from $3.0 billion
World Oil (WO) – In October 2023, the American Petroleum Institute (API) urged the Biden administration to revise the proposed Subpart W greenhouse gas (GHG) reporting rule so that it reflects the progress the oil and gas industry has made to reduce emissions, increases reporting transparency and accuracy, and incentivizes empirical data innovations and cost-effective methane detection technologies. Today, API
Yahoo Finance LONDON – Investors shuffled positions in petroleum modestly last week after heavy selling the week before as war risk diminished and prices settled back towards long-term inflation-adjusted averages. Hedge funds and other money managers sold the equivalent of just 3 million barrels in the six most important petroleum futures and options contracts over the seven days ending on
