Category: Crude oil

Canadian National’s main line shuts after crude cars derail

The train of 100 cars, all carrying crude from Canada’s oil-producing region of Alberta to eastern Canada, derailed just before midnight Saturday in a remote and wooded area about 30 miles north of Gogama, Ontario, Canadian National Railway nspokesman Patrick Waldron said in an e-mail  More »

Brent crude settles over $60 a barrel in London

West Texas Intermediate oil for March delivery advanced $1.57 to settle at $52.78 a barrel on the New York Mercantile Exchange.  More »

U.S. rig count dives by 98, Baker Hughes says

Eighty-four U.S. oil rigs were idled this week and 14 gas rigs stopped running, according to oil field services firm Baker Hughes. Two U.S. offshore rigs became active this week.  More »

North Dakota daily oil production sets record, but rig count dropping

The state’s Mineral Resources Department estimated December production at slightly more than 38 million barrels, or about 1.23 million barrels per day. That broke the November record of 1.19 million barrels per day.  More »

U.S. rigs are being idled, but the oil boom is not ending

The industry has become better at blasting crude out of deep underground layers of rock, according to productivity data tracked by the EIA in the major shale prospects.  More »

Driller: More than 1,000 field hands out of work as rigs decline

Fifty of Precision’s 250 drilling machines, each with crews of 20 to 25 field hands, are no longer running after oil prices have been cut in half since last summer, the firm said in its fourth quarter earnings release Thursday.  More »

Apache reports $4.8 billion loss

Exploration and production company Apache Corp. reported a $4.8 billion loss in the fourth quarter and said it would slow its production activity in the face of falling oil prices.  More »

Global oil layoffs exceed 100,000

While much of the focus on layoffs has centered on the U.S., where the shale fields that created the glut have seen the steepest cutbacks, workers in oil-related businesses across the globe are suffering, too  More »

U.S. should lift export ban despite possible impact on crude prices, API chief says

It’s not clear whether proposed changes to 40-year-old oil export ban will make much progress this year, whether by the Obama Administration or the Republican-controlled Congress.  More »

Oil ship explosion in Brazil kills three, union says

The Unified Oilworkers Federation said in a statement on its website that the blast was caused by a gas leak in the engine room of the vessel.  More »

Oil drilling banned in Arctic area that attracts walrus

“This administration has effectively declared war on Alaska,” U.S. Sen. Lisa Murkowski said.  More »

U.S. crude inventories continue to soar

U.S. commercial crude oil inventories are now at their highest level for this time of year in at least 80 years, the U.S. Energy Information Administration said in a weekly update Wednesday.  More »

EIA: U.S. crude oil production will approach record level in 2016

In the face of slower crude oil demand growth, many analysts say oil prices won’t start to rise significantly until U.S. producers slow down their production.  More »

Iran nuclear deal must end all sanctions, Rouhani tells rally

Rouhani said on Wednesday that since taking office in 2013 his government had been able to escape a “dead end” in its relations with the outside world  More »

OPEC producers cut oil prices to Asia in battle for market share

The cuts come after Saudi Arabia, the largest crude exporter, reduced pricing to Asia last week to the lowest in at least 14 years.  More »