Daily News

Oil rises on China record crude imports

Oil prices rose on Thursday after record Chinese crude imports eased concerns that a slowdown in the world’s No.2 economy could stoke an emerging fuel glut. However, oil markets were held back somewhat after the United States became the world’s top crude producer as its output hit record levels. Front-month Brent crude oil futures were […]

Iran Sanctions Test U.S. Diplomatic Power

It is fashionable to argue that U.S. global power is fading, but you wouldn’t necessarily know it from Iran. Over the past six months, President Donald Trump has turned the global financial system into a weapon against Tehran, despite resistance from virtually every major world power, and he is getting results. The policy has triggered […]

Trump takes credit for low oil prices

President Trump took credit on Wednesday for driving down oil prices both before and after sanctions on Iran’s oil exports kicked in on Monday. “That’s because of me,” Trump said of the low prices. “If you look at oil prices they’ve come down very substantially over the last couple of months.” Nevertheless, the Energy Department […]

U.S. envoy aims to end Iran oil exports without price spike

he United States is determined to push Iranian oil exports to zero, U.S. Special Representative Brian Hook said on Wednesday, through a ‘calibrated’ approach using maximum economic pressure without lifting oil prices. The United States resumed sanctions on Iran’s oil, shipping and banking industries on Monday after President Donald Trump pulled out of a 2015 […]

API urges offshore drillers to use automatic shutoff valves

Offshore oil and gas drillers need to take greater caution to protect against spills during disruptions like hurricanes and power outages, the American Petroleum Institute recommended in new standard released Thursday. Under the new standard, companies are advised to use wellhead valves that automatically shut off in the event of a loss of power or […]

New 10/12 Industry Weekly Newsletter Debuts

This month, 10/12 Industry Report is launching 10/12 Industry Weekly—an enewsletter highlighting the latest happenings in the petrochemical, oil and gas, environmental and industrial construction industries, from Lake Charles to New Orleans. 10/12 Industry Weekly, which will be published online and sent to your inbox every Tuesday morning, will provide local and regional news from across the corridor; project updates; profiles and […]

Oil prices rise off multimonth lows ahead of weekend OPEC gathering

Oil prices rose Wednesday, a snap back from the deep losses of recent sessions, as traders looked ahead to meetings between OPEC and its allies over the weekend that could result in supply cuts. Oil traders were looking on with interest at the midterm election outcome. A split in Washington may force the Trump administration […]

Return to oil production cuts in 2019 cannot be ruled out – OPEC source

A return to oil production cuts by OPEC and its allies next year cannot be ruled out, a senior OPEC source said on Wednesday, to avert a possible supply glut that could weigh on prices. The source was responding to a report by Russia’s TASS news agency that Russia and Saudi Arabia had started bilateral […]

Who On Earth Would Sell Crude With Iranian Oil Sanctioned?

The question of this article is facetious. Maybe some will find it amusing. In my article, Trump Signals Drawdown Of The Strategic Petroleum Reservedated August 21, 2018, I mentioned several options President Trump had to manage the impact of the sanctions on Iran: get Saudi Arabia and friends to maximize their production, grant waivers to reduce […]

Natural gas prices surge on surprise forecast for cold weather across US

Natural gas prices are surging after a dramatic change to U.S. weather forecasts indicates that winter-like temperatures will grip much of the country in the coming days. The surprise forecast comes on the heels of a two-month rally that pushed natural gas futures up 12 percent through last week. Prices have lately been trading at […]