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).
LONDON, June 9 (Reuters) – Cost-cutting is set to remain the
main focus for the oil industry for at least the next two years
as petroleum producers adjust to an environment of much lower
If the boom was characterised by an emphasis on ambitious
and complex engineering and technology projects, the downturn
has brought a renewed focus on simplification and efficiency.
LONDON, June 8 (Reuters) – OPEC has never really been a
“cartel” in the conventional sense of an organisation that
agrees to restrict output to maximise revenues.
So its decision on Friday not to cut production was entirely
predictable and the only practical option open to its members.
LONDON, June 3 (Reuters) – The vanishing contango in U.S.
crude oil futures points to a sharp draw down in crude stocks
over the next few months as the incentive to store excess oil
The price for storing U.S. crude for six months has shrunk
from around $8.75 per barrel in mid-March to $1.25 on Tuesday (link.reuters.com/kyj84w).
LONDON, June 2 (Reuters) – U.S. refineries are processing
the lightest cocktail of crudes for almost a quarter of a
century, as they run out of room to switch light imported oils
with domestic shale production.
In March, U.S. refineries processed crude with an average
gravity of 31.95 degrees API, the lightest combination since
April 1991, according to data from the U.S. Energy Information