Joshua's Feed
Jul 29, 2010

BP denies Texas a cash advance, gets scathing response

NEW YORK (Reuters) – Oil giant BP Plc rejected a request from Texas for a $25 million cash advance to clean up shorelines sullied by the Gulf oil spill, and got a scathing response from top Texas officials, according to letters given to Reuters on Thursday.

BP denied a July 5 request from Texas Attorney General Greg Abbott for a $25 million “block grant,” similar to cash advances for clean up that BP gave to all other Gulf Coast states, the letter from BP to Abbott showed.

Jul 29, 2010

Oil rises for first time in week as dollar weakens

NEW YORK (Reuters) – Oil prices rose on Thursday as the dollar weakened to a 12-week low against the euro, boosting demand for oil priced in dollars, and after European data showed eurozone economic sentiment has improved.

Oil prices rose in spite of a volatile day in U.S. stock markets, in which equities gained early, then dipped in afternoon trade before closing slightly higher. .N

Jul 27, 2010

Oil falls toward $77 on double-dip recession fear

NEW YORK (Reuters) – Oil prices fell by 1.9 percent on Tuesday after data showed U.S. consumer confidence plunged to its lowest level in five months, prompting investors to sell off riskier assets including oil and equities.

The confidence index fell in July to the lowest level since February on worries about a stagnant job market in the world’s top economy.

Jul 26, 2010

Oil steady as U.S. home sales advance

NEW YORK (Reuters) – Oil steadied near $79 a barrel on Monday as stronger U.S. home sales stoked economic optimism, while oil output was restored in the Gulf of Mexico after Tropical Storm Bonnie passed uneventfully.

U.S. crude for September delivery settled unchanged at $78.98 a barrel.

Oil prices briefly reached $79.60 a barrel on Friday, an 11-week high for front-month crude, as offshore producers evacuated platforms and shut in output to brace for Tropical Storm Bonnie.

Jul 22, 2010

Energy companies brace for possible Gulf of Mexico storm

NEW YORK (Reuters) – Energy companies in the Gulf of Mexico on Thursday were closely monitoring a tropical depression that could become a storm as it crosses the region, with some pulling workers from offshore platforms.

Tropical Depression 3, which is not expected to reach hurricane strength, formed on Thursday near the Bahamas and is likely to strengthen into a tropical storm by Thursday night, the U.S. National Hurricane Center (NHC) said.

Jul 14, 2010

BP sells strategic oil storage assets to Magellan

NEW YORK (Reuters) – BP Plc said on Tuesday it sold its Cushing, Oklahoma, oil tanks, a major tool of its renowned trading arm, in its first asset sale since the Macondo well blowout saddled it with multibillion-dollar liabilities.

The oil major will lease back the 7.8 million barrels of tank storage space at Cushing for several years from Magellan Midstream Partners LP, which acquired the tanks as part of a larger $339 million transaction, including some of BP’s existing oil inventories.

Jul 6, 2010

Analysis: BP clean-up leaves U.S. vulnerable to another spill

NEW YORK (Reuters) – The Obama administration may succeed in pushing through its offshore drilling ban, despite fierce resistance from the oil industry, since a piece of machinery in short supply has left oil companies and the environment glaringly vulnerable to another oil spill.

The offshore skimming devices — seagoing vessels that suck up spilled crude — are the first line of defense in the contingency plans that big oil companies are required to submit when they drill in the deep waters of the U.S. Gulf of Mexico.

Jul 3, 2010

BP clean-up leaves U.S. vulnerable to another spill

NEW YORK (Reuters) – The Obama administration may succeed in pushing through its offshore drilling ban, despite fierce resistance from the oil industry, since a piece of machinery in short supply has left oil companies and the environment glaringly vulnerable to another oil spill.

The offshore skimming devices — seagoing vessels that suck up spilled crude — are the first line of defense in the contingency plans that big oil companies are required to submit when they drill in the deep waters of the U.S. Gulf of Mexico.

Jun 28, 2010

NY Fed probes Wall St. exposure to BP – sources

NEW YORK (Reuters) – The Federal Reserve Bank of New York has been probing major financial firms’ exposure to BP Plc(BP.L: Quote, Profile, Research) to ensure that if the oil giant buckles under the costs of the Gulf oil spill, it won’t put Wall Street or the global financial system at risk, according to two sources familiar with the matter.

After poring over documents and asking banks about their exposure to BP over the past two weeks, the Fed found no systemic risk, and hasn’t asked firms to alter their credit relationships with BP, the sources told Reuters.

Jun 7, 2010

Oil rises as stocks advance, dollar stabilizes

NEW YORK (Reuters) – Oil rose on Monday, rallying back from a fall in earlier trade, as energy investors were encouraged by firming equities markets following a sharp sell-off on Friday.

Crude prices turned positive after falling by 3 percent earlier. Benchmark U.S. crude prices rose 87 cents to $72.38 a barrel at 1:34 p.m. EDT (1734 GMT).