U.S. energy companies added 12 oil rigs this week, the biggest weekly increase since March, as crude prices hovered near their highest levels since 2014, prompting drillers to return to the well pad. Drillers boosted the rig count to 759 in the week to Jan. 26, the highest level since September, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is much higher than a year ago [Read more]
Oil firm, set for weekly gain as weak dollar underpins
HOUSTON (Reuters) - Oil prices were firmer on Friday after hitting fresh three-year highs in the previous session, as weakness in the dollar continued to underpin prices with crude on track for a weekly gain. Brent crude futures were trading 5 cents higher at $70.47 per barrel at 11:15 a.m. EST (1615 GMT). On Thursday, the contract climbed to as high as $71.28, its highest since 2014. U.S. West Texas Intermediate (WTI) crude futures were trading 57 cents, or 0.8 percent higher, at $66.08 a [Read more]
Shell buying spree cranks up race for clean energy
LONDON, Jan 26 (Reuters) - Royal Dutch Shell has spent over $400 million on a range of acquisitions in recent weeks, from solar power to electric car charging points, cranking up its drive to expand beyond its oil and gas business and reduce its carbon footprint. The scale of the buying spree pales in comparison to the Anglo-Dutch company’s $25 billion annual spending budget. But its first forays into the solar and retail power sectors for many years shows a growing urgency to develop cleaner [Read more]
U.S. FERC orders ETP to halt one Rover natgas pipeline drill, delays seen
U.S. federal energy regulators told Energy Transfer Partners to consider alternatives to get its Rover natural gas pipeline to cross the Tuscarawas River in Ohio, which an analyst said could delay completion of the project. After a few weeks of drilling under the Tuscarawas, the U.S. Federal Energy Regulatory Commission (FERC) on Wednesday ordered ETP to cease work at the site. ETP planned to run two pipes under the Tuscarawas. One is already in service and has over 1 billion cubic feet per [Read more]
Keystone XL pipeline route change is not major issue – TransCanada CEO
TransCanada Corp does not see a route change for the proposed Keystone XL oil pipeline to Nebraska as a major issue, and the company is confident that a key regulatory approval will stand, Chief Executive Russ Girling said on Thursday. Analyzing the November approval by Nebraska Public Service Commission was an important factor in TransCanada's deliberations on a final investment decision on whether to build the $8 billion pipeline from Hardisty, Alberta to Steele City, Nebraska, Girling [Read more]
Keystone XL pipeline route change is not major issue – TransCanada CEO
TransCanada Corp CEO Russ Girling said on Thursday that he does not see a route change for the proposed Keystone XL pipeline through Nebraska as a major issue, and that the Canadian company was advancing the project by acquiring land. Girling, speaking at a CIBC investor conference in Whistler, British Columbia, said the route change would likely add $100 million to $200 million in cost. Girling did not specify the currency. (Reporting by Rod Nickel in Winnipeg, Manitoba; editing by Grant [Read more]
Ohio again asks FERC to block drilling for Rover natural gas pipeline project
Ohio environmental regulators again asked federal energy regulators to order Energy Transfer Partners to cease drilling operations on the Rover natural gas pipeline project under the Tuscarawas River over concern about the potential for a spill. Rover has reported a loss of approximately 200,000 gallons of drilling fluids from the hole ETP is drilling under the Tuscarawas River in Stark County, Ohio, the Ohio Environmental Protection Agency said in a filing with the U.S. Federal Energy [Read more]
Kinder Morgan sees $1.4 bln hit from U.S. tax reform
Pipeline company Kinder Morgan Inc said on Wednesday that it expects U.S. tax reform to result in a one-time, $1.4 billion charge against earnings and added that it would be better off in the long run. * In a presentation to analysts, Houston-based Kinder said the charge was caused by lower tax rates affecting the value of its deferred tax assets. * Kinder Morgan said on Jan. 17 that the charge was an initial estimate and would be applied against fourth-quarter 2017 earnings. * The company [Read more]
U.S. crude oil inventories down for record 10th week: EIA
(Reuters) - U.S. crude stocks fell for a record 10th straight week as levels at the Cushing, Oklahoma hub continued to draw down to three-year lows, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell 1.1 million barrels in the week to Jan. 19, compared with analyst expectations for a decrease of 1.6 million barrels. At 411.6 million barrels, crude stocks were at the lowest since February 2015, and the string of [Read more]
A tale of a tanker, Russian gas, sanctions and energy politics
(Reuters) - After months of President Donald Trump’s promises to bring about a new era of American “energy dominance,” largely based on booming oil and natural gas production, it was surprising to learn that the United States will continue importing liquefied natural gas this winter. Even more surprising: that the country could import its first Russian LNG produced by Yamal LNG, a facility subject to U.S. financial sanctions. The cargo at the heart of the controversy is carried by Gaselys, a [Read more]