Joshua's Feed
Aug 17, 2010

Oil rises on U.S. earnings, industry expansion

NEW YORK (Reuters) – Oil rose on Tuesday, snapping a five-day decline, as expanding U.S. corporate earnings and industrial production eased worries about the economy and a weaker dollar made commodities cheaper for holders of other currencies.

U.S. crude for September delivery rose 53 cents to settle at $75.77 a barrel, after hitting a one-month low of $74.86 during Monday trade.

Aug 17, 2010

Oil rises above $76 a barrel, snapping losing streak

NEW YORK, Aug 17 (Reuters) – Oil rose above $76 a barrel on
Tuesday, snapping five days of declines as stronger U.S.
corporate earnings eased worries about the economy and a weaker
dollar made commodities cheaper for holders of other
currencies.

U.S. crude for September delivery CLc1 rose $1.00 a
barrel to $76.24 a barrel by 1:05 p.m. EDT (1705 GMT),
recovering from a one-month low of $74.86 on Monday.

Aug 11, 2010

U.S. oil spills hit support for Canada mega-pipeline

NEW YORK (Reuters) – For Calgary-based TransCanada, a recent Michigan oil spill from a pipeline operated by its rival Enbridge Inc couldn’t have come at a worse time.

The spill threatens to tilt public opinion against TransCanada’s $12 billion pipeline system that could ultimately stretch from Alberta to Texas.

Aug 11, 2010

Analysis: U.S. oil spills hit support for Canada mega-pipeline

NEW YORK (Reuters) – For Calgary-based TransCanada, a recent Michigan oil spill from a pipeline operated by its rival Enbridge Inc couldn’t have come at a worse time.

The spill threatens to tilt public opinion against TransCanada’s $12 billion pipeline system that could ultimately stretch from Alberta to Texas.

Aug 3, 2010

Enbridge faces spill scrutiny before pipeline start

NEW YORK, Aug 3 (Reuters) – Scrutiny into the biggest
pipeline leak in recent U.S. history may delay a restart of
Enbridge Inc.’s (ENB.TO: Quote, Profile, Research, Stock Buzz) 6B supply line that feeds refineries
in Michigan, Ohio and southern Canada, officials and industry
sources said on Tuesday.

The unexplained rupture of Enbridge’s 190,000
barrel-per-day 6B pipeline on July 26 spewed between 800,000
and 1 million gallons into a Michigan creek that feeds the
Kalamazoo River.

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.