U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year.
NEW YORK Oil prices on Tuesday jumped by the most so far this year after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months.
NEW YORK, Aug 12 U.S. oil output from seven
major shale formations is expected to rise by 85,000 barrels per
day (bpd) in September, to a record 8.77 million bpd, the U.S.
Energy Information Administration forecast in its monthly
drilling productivity report on Monday.
U.S. energy firms this week reduced the number of oil rigs operating for a sixth week in a row as producers cut spending on new drilling and completions leading to lower production growth forecasts.
U.S. natural gas demand is at an all-time high and expected to keep rising - and yet, prices are falling.
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.
NEW YORK Oil prices rose about 2% to a two-week high on Tuesday on optimism the U.S. Federal Reserve will cut interest rates this week for the first time in more than 10 years, boosting demand expectations in the world's biggest oil user.
New Jersey energy company Public Service Enterprise Group Inc plans to shut all but three of its fossil fuel-fired power plants in a bid to cut carbon emissions by 80% by 2046 from 2005 levels, Chief Executive Ralph Izzo told Reuters.
HOUSTON/NEW YORK Most U.S. refiners with plants in the path of Tropical Storm Barry scrambled on Friday to keep them running, as the storm continued to strengthen and was projected to become the season's first hurricane.