The front-month crude contract gained a modest 0.5% June 5 on the New York market while North Sea Brent retreated in London despite a government report of the biggest drop in US crude inventory in months. Front-month natural gas made a minimal gain.

The front-month US benchmark crude contract continued to waffle, retreating 0.1% June 4 in the New York futures market.

Using more natural gas could help reduce US greenhouse gas emissions in the near to medium term, but deeper long-term reductions will require broader deployment of other low-carbon energy sources as well, a new Center for Climate and Energy Solutions (C2ES) report concluded.

Oil prices bounced back June 3, recouping much of the previous session’s losses as they followed the rise of broader markets, while natural gas prices increased marginally.

Global exploration and production spending is forecast to reach a record $678 billion this year, a 10% increase over last year, according to a recent global E&P spending update report from Barclays.

US oil and gas producers boosted exploration, development, and acquisition spending in 2012 despite a steep decline in aftertax profits driven largely by low natural gas prices, Ernst & Young reported June 4 in the latest issue of its US oil and gas reserves study.

Oil and gas prices fell May 31 as the generally anticipated decision by the Organization of Petroleum Exporting Countries to maintain current production targets appeared nevertheless to weigh on markets.

The front-month crude contract on May 30 recovered a portion of its loss from the previous session, up 0.5% in the New York market despite a bearish government inventory report of gasoline demand climbing to its highest level since August.

Gasunie of the Netherlands and Gazprom of Russia have signed a memorandum of understanding aimed at streamlining cooperation in European natural gas markets.

Increasing and improving oil and gas transmission systems will need to be a top priority if North America is to take full advantage of its potential resources in Canada, Mexico, and the US, panelists said during the United States Energy Association’s 2013 annual meeting.

Oil prices dropped again May 29, wiping out the 1-day rebound of the previous session with front-month crude down 2% in the New York market as the broader market also retreated.

Establishing a tax on carbon would raise significant revenue for the federal government, but could have potentially serious general economic impacts, the Congressional Budget Office said in a new report.

The front-month crude contract rose 0.9% May 28, ending a four-session decline in the New York market. Natural gas continued to fall, however, down 1.5%.

Oil prices continued to slump May 24 going into the extended Memorial Day weekend that marked the start of the US summer driving season.