More Economics & Oil Market News

MARKET WATCH: NYMEX crude prices drop back below $50/bbl

The New York Mercantile Exchange March crude oil contract dropped $1.18 on Feb. 11, closing at $48.84/bbl. The April contract dropped $1.15 to $50.93/bbl.

US House vote sends Keystone XL approval bill to Obama’s desk

The US House of Representatives voted by 270 to 152 to pass S. 1, which would deem the proposed Keystone XL crude oil pipeline approved more than 6 years after sponsor TransCanada Corp. applied for its presidential crossborder permit. The Feb. 11 action sends the measure to US President Barack Obama’s desk, where it is likely to be vetoed.

TransCanada challenges EPA’s comments on Keystone XL SEIS

TransCanada Corp. responded to the Feb. 2 comment letter from the US Environmental Protection Agency on the US Department of State’s final supplemental environmental impact statement (SEIS) for the Keystone XL crude oil pipeline.

PNR cuts capital spending nearly in half

Pioneer Natural Resources Co. (PNR), Dallas, plans to spend $1.85 billion in 2015 following a fourth quarter in which the company reported a net income of $431 million. The new budget represents a 45% reduction from 2014 capital spending for continuing operations, a change attributed to low oil prices.

PACE survey finds 69% support for crude exports to trading partners

More than two thirds of registered voters responding in a nationwide telephone survey commissioned by Producers for American Crude Exports (PACE) supported allowing US producers to sell crude to customers in countries that have a trading agreement with the US.

EIA: US gasoline prices to average $1/gal less in 2015 vs. 2014

US regular gasoline retail prices are expected to average $2.33/gal in 2015, down from $3.36/gal in 2014, according to the Energy Information Administration’s (EIA) latest Short Term Energy Outlook (STEO).

MARKET WATCH: NYMEX oil prices rise on revised OPEC forecast

Crude oil prices climbed more than $1/bbl on Feb. 9 to settle above $52/bbl, marking a third consecutive trading session that ended with higher prices. The latest gain came after the Organization of Petroleum Exporting Countries increased its forecast for demand for OPEC crude oil during 2015.

MARKET WATCH: NYMEX oil prices settle above $51/bbl

Crude oil prices rose on the New York market Feb. 6 to settle above $51/bbl after the Baker Hughes Inc. weekly rig count showed a decline of 87 rigs for the week ended Feb. 6, marking 10 weeks of consecutive falling rig count totals.

Statoil reduces capital budget by $2 billion following 4Q losses

Statoil ASA has reduced its organic capital expenditure to $18 billion in 2015 from $20 billion in 2014. The move comes on the heels of a fourth quarter in which the Norwegian multinational firm reported net losses of $1.18 billion, compared with a $1.98-billion gain in fourth-quarter 2013.

PwC: Low oil prices might drive surge in restructuring in 2015

Mergers and acquisitions (M&A) in the oil and gas industry hit 10-year highs in terms of deal value and volume in 2014, according to a report from PwC US.

MARKET WATCH: NYMEX oil price bounces back up somewhat

Crude oil prices on the New York market bounced up $2/bbl to settle slightly above $50/bbl Feb. 5. The positive momentum continued during early Jan. 6 trading in what has proved to be a turbulent week for oil prices.

Oil-price collapse may aggravate producing nations’ other problems

The recent global crude-oil price plunge could be aggravating underlying problems in Mexico, Colombia, and other Western Hemisphere producing nations, speakers suggested during a Feb. 4 discussion at the Woodrow Wilson International Center for Scholars.

MARKET WATCH: NYMEX oil drops, ending 4-day rally

Crude oil prices dropped on the New York market Feb. 4 to settle below $50/bbl and to end a 4-day rally after a weekly government report showed oil and product supplies climbed more than analysts had expected.

Alberta’s premier seeks more North American energy integration

Better policy integration and cooperation will be needed for Canada, Mexico, and the US to fully realize the North American energy renaissance’s potential, Alberta Premier Jim Prentice said. Unfortunately, trends are leading more toward fragmentation and confrontation, he warned.

Deloitte studies oil supply growth for 2015-16

A Deloitte MarketPoint analysis suggested large-field projects, each producing more than 25,000 b/d, could bring on 1.835 million b/d in oil supply this year of which 635,000 b/d would be from members of the Organization of Petroleum Exporting Countries and the rest from non-OPEC productions.

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