More Economics & Oil Market News

Supporters, as well as critics, call for RFS reforms

Calls to reform the federal Renewable Fuels Standard increased as critics and supporters alike said it is not working as it was intended. Its corn ethanol mandates need to be repealed, officials from the American Petroleum Institute, Environmental Working Group, and antihunger group ActionAid USA jointly said at a Mar. 11 press event.

US rig plunge seen hastening recovery

The plunge in US drilling should help the oil market recover faster than had been expected, says an Oppenheimer analyst.

MARKET WATCH: NYMEX crude oil hovers around $48/bbl on higher inventory

Crude oil prices fell slightly on the New York market to settle just above $48/bbl Mar. 11 after a weekly government report showed US oil inventories climbed again to remain at record levels.

MARKET WATCH: NYMEX crude oil drops back below $49/bbl

Crude oil futures retreated Mar. 10, settling below $49/bbl on the New York market as traders awaited the weekly government oil and product inventory report, and also on a strengthening dollar, analysts said.

Low crude prices alter challenges in sub-Saharan Africa, speakers say

Significantly lower crude oil prices have reduced foreign companies’ interest in developing oil and gas resources in sub-Saharan Africa nations, speakers at a Woodrow Wilson Center for International Studies seminar agreed. Lower prices also could give governments some time to develop better frameworks so economic and social benefits reach their countries’ general populations, they added.

EIA: Monthly average Brent price up for first time in 8 months

North Sea Brent crude oil prices averaged $58/bbl in February—up $10/bbl from the January average—representing the first monthly average price increase since June 2014, according to the US Energy Information Administration’s latest Short-Term Energy Outlook (STEO).

MARKET WATCH: NYMEX crude oil prices rebound to $50/bbl

Crude oil futures settled higher on the New York market Mar. 9, and the contract for April delivery reached $50/bbl after falling sharply in previous trading sessions. Meanwhile, US natural gas futures prices for April delivery dropped on weather forecasts calling for higher-than-normal temperatures across much of the nation for several days.

Sasol takes more cost-cutting measures as oil prices stay low

Sasol Ltd. hopes to cut $2.5-4.1 billion over a 30-month period, using Dec. 31 as the baseline, in response to what is describes as the “lower-for-longer oil price environment.”

Outlook for US industrial gas use trimmed

Industrial demand for natural gas in the US will rise to 22.1 bcfd in 2020 from 19.8 bcfd in 2012, according to an updated analysis of projects in progress by the Center for Energy Economics (CEE), Bureau of Economic Geology at the University of Texas at Austin.

Cairn India cuts spending to $500 million for FY 2016

Cairn India Ltd. reported it will cut its capital spending to $500 million from the previously projected $1.2 billion for fiscal year 2016, which begins Apr. 1.

GOP senators ask Obama to stop attacks on OCS revenue sharing

Seven Republican US senators asked US President Barack Obama to reconsider his proposal to deprive Gulf Coast states of a fair share of revenue from energy produced off their shores in federally controlled waters as promised under the 2006 Gulf of Mexico Energy Security Act (GOMESA).

MARKET WATCH: NYMEX prices fall on strengthening dollar

Oil prices fell more than $1/bbl on the New York market Mar. 6 on a strengthening dollar, prompted by statistics showing the US employment rate was improving.

Statoil to delay development of Johan Castberg, Snorre 2040 projects

Statoil ASA and its respective partners have reported the postponement of the development of both the Johan Castberg and Snorre 2040 field projects to cut costs.

Tap Oil starts review of divestment options

Tap Oil Ltd., Perth, has begun a strategic review of its divestment options, which is being held in the shadow of a boardroom leadership challenge from Thai millionaire Chatchai Yenbamroong.

MARKET WATCH: NYMEX prices fall on strengthening dollar

Oil prices fell modestly on the New York market Mar. 5, which analysts attributed to concerns about an unexpected increase in US gasoline supplies along with a strengthening dollar.

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