Category: Crude oil

China’s fuel demand to peak sooner than oil giants expect

Sinopec has offered a view of the country that should serve as a reality check to any oil bull.  More »

Engineer of oil tanker train sues BNSF for Casselton crash

The accident about 30 miles west of Fargo happened when a train carrying soybeans derailed in front of a BNSF oil train, causing that train to also derail and set off a fire that could be seen from nearly 10 miles away.  More »

Moody’s predicts tough year for oil field services firms

Even if oil prices rebound, oil field services firms still have a tough year ahead as producers squeeze them for deeper discounts, Moody’s Investors Services said in a new analysis.  More »

Crude prices are jumping as production falls

The U.S. Energy Information Administration said Wednesday that stocks of crude oil in commercial storage had grown to 471 .4 million barrels, the highest level seen in the last 80 years.  More »

Kinder Morgan and Keyera are building crude oil storage for 4.8 million barrels in Alberta

The project, called the Base Line Terminal, will include 12 tanks that are expected to be commissioned by the second half of 2017.  More »

Samson Resources says it may seek bankruptcy protection

Oklahoma oil producer Samson Resources says it doesn’t expect to be able to repay its debt with income from battered oil fields and it may have to file for chapter 11 bankruptcy protection or face liquidation.  More »

Texas manufacturers are blaming oil prices for March’s production slump

Production tumbled into negative territory in March for the first time in nearly two years, pointing to a contraction in factory activity.  More »

Exxon Mobil starts production at its new deepwater project in the Gulf

Total production of the project is expected to reach about 300 million cubic feet of gas and 3,000 barrels of liquids per day from two wells.  More »

Apache has pumped almost 1 million barrels of oil from its Egypt fields since November

Apache has already spent $14 million to install production facilities at two fields in Egypt’s Western Desert.  More »

Oil is heading for its longest run of quarterly drops as the deadline for an Iran deal looms

Oil in New York is sliding toward the longest run of quarterly declines since 2003 amid speculation the global surplus that cut prices by almost 50 percent last year will persist.  More »

Petrobras investors claim PwC ignored red flags of fraud

Petrobras and its senior executives violated provisions of U.S. and Brazilian corporate law, according to a complaint in Manhattan federal court.  More »

Citigroup says renewables will continue upward trajectory, even as crude tumbles

Oil generates about 5 percent of global electricity and doesn’t generally compete directly with wind and solar power, Citigroup researchers said.  More »

Report: Cheap crude prices could boost the U.S. economy for another two years

Just three months ago, the group forecast that oil would spike to $85 per barrel by December 2015; now it expects prices below $70 until 2016.  More »

A Houston oil company’s foiled Venezuelan sale is prompting reorganization talk

The company’s stock was down slightly less than a cent in trading Monday — 0.008 or 1.67 percent — to $0.448.  More »

U.S. crude production sets record in 2014

The shale boom in 2014 fueled the most dramatic rise in U.S. oil production since the government began keeping records more than a century ago.  More »
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