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Oct 16, 2015

PSEG to spend $3.5 billion over five years to expand U.S. power plant fleet

By Scott DiSavino

(Reuters) – Public Service Enterprise Group Inc plans to spend about $3.5 billion over the next five years to expand and modernize its U.S. power plant fleet to remain competitive in the current low natural gas price environment.

“The gas industry has done a remarkable job of finding more fuel over the past several years, but that has depressed both gas and power prices. We have to continue modernizing our fleet to keep our plants competitive,” said Shahid Malik, president of PSEG Energy Resources and Trade.

Oct 13, 2015

U.S. shale oil output to fall by most on record in November: EIA

NEW YORK (Reuters) – U.S. shale production is expected to fall the most on record in November, extending a nationwide output decline into its seventh consecutive month, according to a forecast on Tuesday from the U.S. Energy Information Administration.

Total output is set to fall by more than 93,000 barrels per day (bpd) to 5.12 million bpd, according to the EIA’s monthly drilling productivity report. That’s the largest monthly cut forecast since data was available in 2007.

Oct 9, 2015

U.S. oil drillers cut rigs for 6th week on weak crude prices – Baker Hughes

Oct 9 (Reuters) – U.S. energy firms cut oil rigs for a sixth
week in a row this week, the longest streak of weekly declines
since June, data showed on Friday, a sign low prices continued
to keep drillers away from the well pad.

Drillers removed nine oil rigs in the week ended Oct. 9,
bringing the total rig count down to 605, oil services company
Baker Hughes Inc said in its closely followed report.
That total was the least since July, 2010. Drillers had cut a
total of 61 rigs over the prior five weeks.

Oct 8, 2015

Oil rallies to 5-week high on Chinese stock rise, Syria worry

NEW YORK (Reuters) – Oil prices climbed to their highest in five weeks on Thursday, as buoyant Chinese equity markets encouraged buying, and as Russia’s military involvement in Syria brought a geopolitcal risk premium into the market.

The market shrugged off concern about the higher-than-expected U.S. crude stock build as reported by the U.S. Energy Information Administration on Wednesday.

Oct 8, 2015

Oil rallies to five-week high on Chinese stability, Syria concerns

NEW YORK (Reuters) – Oil prices climbed to their highest in five weeks on Thursday, as buoyant Chinese equity markets encouraged buying, and as Russia’s military involvement in Syria brought a geopolitical risk premium into the market.

The market shrugged off concern about the higher-than-expected U.S. crude stock build as reported by the U.S. Energy Information Administration on Wednesday.

Oct 2, 2015

U.S. oil drillers cut rigs for 5th week -Baker Hughes

Oct 2 (Reuters) – U.S. energy firms cut 26 oil rigs in the
latest week for a fifth straight weekly decline, data showed on
Friday, a sign low prices were keeping drillers from returning
to the well pad.

The reduction in the week ended Oct. 2 brought the total rig
count down to 614, the least since August, 2010. In the previous
four weeks, drillers cut a total of 35 rigs, oil services
company Baker Hughes Inc said in its closely followed
report.

Sep 25, 2015

U.S. oil drillers cut rigs for 4th week on weak crude-Baker Hughes

Sept 25 (Reuters) – U.S. energy firms cut oil rigs for a
fourth week in a row this week, data showed on Friday, a sign
the continued weak prices were causing energy firms to reduce
drilling plans.

Drillers removed four oil rigs in the week ended Sept. 25,
bringing the total rig count down to 640, the lowest since July,
after cutting a total of 31 rigs over the three prior weeks, oil
services company Baker Hughes Inc said in its closely
followed report.

Sep 22, 2015

U.S. regulators allege Total rigged natgas market for 3 years

Sept 22 (Reuters) – U.S. federal energy regulators extended
their years-long effort to crack down on a contested form of
market manipulation on Tuesday, alleging that French firm Total
SA and two of its traders rigged southwestern natural
gas prices for years.

In a brief notification posted on the Federal Energy
Regulatory Commission’s website, Total was alleged to have made
intentionally losing trades – known as “uneconomic” trading – in
order to affect index prices on at least 38 occasions between
June 2009 and June 2012. Those losses would be offset by larger
gains on other related positions, FERC said. It did not mention
any potential penalties or fines.

Sep 18, 2015

U.S. oil drillers cut rigs for third week on weak crude prices -Baker Hughes

Sept 18 (Reuters) – U.S. energy firms cut oil rigs for a
third week in a row this week, data showed on Friday, a sign the
latest crude price weakness was causing drillers to put on hold
plans announced several months ago to return to the well pad.

Drillers removed 8 rigs in the week ended Sept. 18, bringing
the total rig count down to 644, after cutting 23 rigs over the
prior two weeks, oil services company Baker Hughes Inc
said in its closely followed report.

Sep 11, 2015

U.S. oil drillers cut rigs with crude price decline -Baker Hughes

Sept 11 (Reuters) – U.S. energy firms cut oil rigs for a
second week in a row, data showed on Friday, a sign the latest
price declines may be causing some drillers to put on hold their
recently announced plans to return to the well pad.

Drillers removed 10 rigs in the week ended Sept. 11 and 13
rigs in the week ended Sept. 4, bringing the total rig count
down to 652, after adding rigs in six of the past eight weeks,
oil services company Baker Hughes Inc said in its
closely followed report.

    • About Scott

      "I cover the North American power and natural gas markets from New York since 2000. Before that I worked on the Equities desk covering energy, mining and heavy industry companies."
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