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California enacts one of the more ambitious climate plans
California Gov. Jerry Brown signed a pair of bills to make major cuts in the state’s greenhouse-gas emission, while allowing elected officials greater ability to oversee its progress. Already on pace with targets for 2020, the governor signed off on a package of measures that require California to cut emissions by at least 40 percent from the 1990 benchmark by 2030. “What we are doing is farsighted and far-reaching,” Gov. Brown said at the bill’s signing in a park in Los Angeles. “I hope it sends a message across the country.” […]
Oil Prices Fall on Dollar Strength, Continued Concerns About Glut
Oil prices fell Friday on a stronger dollar and skepticism that a large drop in U.S. inventories last week marks the beginning of a trend. But prices still posted a weekly gain following the biggest one-week stockpile decline in about 17 years and indications that some major producers are willing to cooperate on a production freeze. U.S. oil for October delivery settled down $1.74, or 3.7%, at $45.88 a barrel on the New York Mercantile Exchange. Prices rose 3.2% this week. Brent, the global benchmark, fell $1.98, or 4%, to $48.01 a barrel on ICE Futures Europe. The contract rose 2.5% on the week. Prices surged Thursday after the Energy Information Administration said U.S. crude supplies fell by 14.5 million barrels last week, the biggest weekly drawdown since 1999. A worker checks the valve of an oil pipe at a Lukoil field in Russia…. Crude inventories around the […]
Oil prices plummet after Thursday’s spike
A day after a data-driven spike, crude oil prices reversed course in early Friday trading as Russia’s energy minister pushed production talks off the table. Data from the U.S. Energy Information Administration published Thursday show U.S. crude oil inventory levels posted their largest decline since 1999, in part because of closures to shipping channels in Houston and production idling in response to Tropical Storm Hermine. Oilspiked after the data release, though movements tapered off later in the day. Analysis from S&P Global Platts said the “massive” drop was likely a one-off event in a week that would normally see some indication of declining demand. “While the summer driving season ended on a bullish note, it […]
Natural Gas Rises on Shrinking Surplus
Natural gas prices rose Friday on indications that the glut of the fuel is shrinking. The natural-gas market is oversupplied following a winter of sluggish demand and robust production. However, stockpiles of the fuel fell more than expected last week, reducing the surplus, the Energy Information Administration said Thursday. Inventories of natural gas stood 9.8% above the five-year average level for this time of year as of Sept. 2, according to the EIA, down from a surplus of 11% the prior week. Natural gas futures for October delivery recently rose 1.4 cents, or 0.5%, to $2.820 a million British thermal units on the New York Mercantile Exchange. However, demand for natural gas is expected to decline in the coming weeks as the weather cools. Hot temperatures increase demand for gas-powered electricity to run air-conditioning units. Last week’s storage injection “will quickly move into the rearview mirror as injections […]
Potential for more oil found in British waters
A “very significant” reservoir of oil was uncovered during a pilot program in British waters west of the Shetland Islands, a British-based company said Friday. “A very significant hydrocarbon column of at least 2,000 feet is present” in the Lancaster field in British waters, Hurricane Energy said in a statement. Robert Trice, the company’s CEO, said the pilot well confirmed a column of oil that was more extensive than the company first estimated. “Our initial assessment of the well results, which are subject to refinement of the provisional data, suggest that the Lancaster field is likely to be significantly greater than the 200 million barrels,” he said. Preliminary testing yielded a natural flow rate of 6,600 […]
