LONDON, July 3 (Reuters) – U.S. crude stocks unexpectedly
rose by almost 2.4 million barrels last week, breaking a run of
eight consecutive weekly declines and sending oil prices sharply
But did the market overreact when the stock numbers were
released on Wednesday – misinterpreting normal week-to-week
variability in the data as a fundamental shift in the balance
between supply and demand?
LONDON, July 1 (Reuters) – Benchmark crude oil prices have
barely moved for more than two months, implying the market has
found a temporary equilibrium after the enormous price shock in
the second half of 2014 and early 2015.
Over the last 30 trading days, the range between the highest
and lowest closing prices for front-month Brent futures
has been just $4.50 per barrel.
LONDON, June 30 (Reuters) – In a rare defeat for the U.S.
Environmental Protection Agency, the U.S. Supreme Court ordered
it on Monday to reconsider whether the EPA’s regulations on
mercury and other toxic emissions from power plants are
appropriate and necessary.
While the EPA considered the costs and benefits of various
regulatory options later in the rule-writing process, the court
faulted it for not considering compliance costs at the beginning
to determine whether regulation was appropriate in the first
LONDON, June 29 (Reuters) – “The first shock of a great
earthquake had, just at that period, rent the whole
neighbourhood to its centre,” is how Charles Dickens described
the coming of the railroads to north London.
“Houses were knocked down; streets broken through and
stopped; deep pits and trenches dug in the ground; enormous
heaps of earth and clay thrown up; buildings that were
undermined and shaking, propped by great beams of wood,” Dickens
wrote of the railroad driven through Camden Town to connect
London with Birmingham.
LONDON, June 26 (Reuters) – The initial consumption stimulus
from lower oil prices may be fading, at least in the United
States, according to the latest round of official data on
traffic volumes and fuel sales.
Traffic on California’s highway network was 2.6 percent
higher in May than a year earlier, the state transportation
LONDON (Reuters) – Power grids across North America and Europe have been on high alert all week as two massive solar storms have battered Earth, threatening to disrupt electricity supplies to millions of homes and businesses.
On Monday, PJM Interconnection, which coordinates power to 61 million people across 13 U.S. states and the District of Columbia, alerted generators and transmission companies as the first storm was upgraded from “strong” to “severe” by the U.S. government’s Space Weather Prediction Center (SWPC) in Boulder, Colorado.
LONDON, June 22 (Reuters) – North America’s power grids set
new records for reliability in 2014 despite being tested by
extreme cold during the polar vortex and rising concerns about
physical and cyber attacks on the network.
Over the last year, newspapers have been full of stories
about the threat posed by physical and cyber-attacks on
transformers and power lines, extreme weather and solar storms.
LONDON, June 17 (Reuters) – Strong growth in demand for
refined fuels such as gasoline and diesel is helping to
rebalance the global oil market, according to most observers.
“Recent oil market strength … stems partly from
unexpectedly strong oil demand growth,” the International Energy
Agency explained in its June monthly oil market report.
LONDON, June 16 (Reuters) – North Dakota’s crude oil output
has peaked, according to the latest production data published by
the state government, as the slump in prices takes its toll.
The state produced 1.17 million barrels per day (bpd) in
April, down from a peak of 1.23 million in December, the
Department of Mineral Resources (DMR) reported on Friday.
LONDON, June 10 (Reuters) – World oil demand grew by just
843,000 barrels per day (bpd) last year, the slowest pace for 14
years, outside U.S. recessions.
Consumption increased by less than 1 percent to 92.1 million
bpd in 2014, according to the BP Statistical Review of World
Energy published on Wednesday (link.reuters.com/hus84w).