July 2011 Archives

Clermont, Ind.-July 30-Brad Keselowski wound up with a surprise NASCAR Nationwide Series victory Saturday night at the Lucas Oil Raceway at Indianapolis when the seemingly predictable Kroger 200 suddenly turned on a dime over the final 24 laps.

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Up to that point, Ricky Stenhouse Jr. threatened to turn the event into a snoozer as he along with Roush-Fenway racing teammates Trevor Bayne and Carl Edwards thoroughly dominated the race, securely holding down the top three positions. The fireworks began with a red flag on lap 176 caused when Tim Andrews and Michael Annett tangled in between turns three and four and were slammed into hard by Steven Wallace who was unable to avoid them. With the leaders hitting pit road once the track was cleared, Austin Dillon rolled the dice and remained on track as Stenhouse, Bayne, and Edwards all came in for two fresh tires. Edwards was tagged for speeding upon exiting the pits and the penalty sent him to the rear of the field as Stenhouse and Bayne lined up behind Dillon while Keselowski was mired outside the top seven. As racing resumed, Dillon's gamble quickly went bust as Stenhouse, Bayne, Justin Allgaier, Elliott Sadler, and Keselowski all drove by with fresh rubber. Bayne's night came to an end on lap 188 when his engine let go, sending a thick white plume of smoke billowing from beneath his car with the caution flag waving. As the field was lined up to resume racing, a small brake fire developed in the left front of Allgaier's second place car and what at first appeared to be a minor situation suddenly turned major when large flames ignited from beneath the car forcing him to retire from the race. With Allgaier removed from the line-up, officials merely moved up the outside lane, allowing Keselowski to advance to the outside of the front row for the restart while leaving Sadler in third and on the inside directly behind Stenhouse.

Keselowski Powers To Nationwide Win At Lucas Oil Raceway - RacingNation.com

An oil rush is occurring along the Kansas-Oklahoma border, where residents are seeing fierce bidding wars and receiving some of the highest prices in recent history for the oil lease rights for their properties.

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Much of the recent activity is occurring in an area spanning 160 miles from east to west and 100 miles from north to south along the Kansas-Oklahoma border known as the horizontal Mississippian oil play. Some of the lease buyers work for major oil companies and others are independents hoping to flip their leases to the oil companies, The Hutchinson News reported Friday. In Barber County, registrar Susan Hubbell says her office is recording 400 documents a day, compared with the usual 400 a week. "It's really put a burden on all the courthouses," said Harper County Register of Deeds Rhonda Berry.

Kansas ranchers selling oil rights for big profits - BusinessWeek

ConocoPhillips will begin oil exploration in four metro-area counties in what an industry expert characterized as a major step in development of the oil-rich Niobrara formation under Colorado's plains.

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Most of the 46,000 acres to be explored are adjacent to the north and east boundaries of the old Lowry bombing range in Arapahoe County. "It is a big deal," said Marilee Utter, president of Denver-based Citiventure Associates. Utter, a consultant to the Colorado Land Board, is developing a leasing plan so thousands of acres of the former bombing range owned by the board can be auctioned off for Niobrara exploration.

ConocoPhillips to begin oil exploration near metro Denver - Denver Post

Reuters

Chevron 2Q Profit Soars 43% On Higher Oil Prices Wall Street Journal s (CVX) second-quarter earnings surged a better-than-expected 43%, following the trend of soaring profits posted this week by oil giants thanks to higher oil prices and improved refining margins. Chevron's quarterly profit of $7.73 billion, ... Chevron profit jumps with oil, output growth slowReuters Chevron earnings jump on high oil pricesFinancial Times Chevron profits of $7.73 billion soar 43 percent, propelled by rising oil and ...San Jose Mercury News TheStreet.com (blog) -RTT News -Bloomberg all 228 news articles »

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Chevron 2Q Profit Soars 43% On Higher Oil Prices - Wall Street Journal

Oil fell, headed for the first weekly decline in five, on concern a failure to reach a deal on raising the U.S. debt limit may cause the nation to default, threatening the economy of the world’s biggest crude consumer.

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Futures slipped as much as 0.6 percent after House Speaker John Boehner delayed a planned vote on debt-limit legislation as Senate leaders stood ready to kill the measure should it get to their chamber. Prices also dropped before a report forecast to show the world’s largest economy grew at the slowest pace in a year. U.S. crude stockpiles rose for the first time in eight weeks last week, Energy Department data showed July 27. Crude for September delivery fell as much as 55 cents to $96.92 a barrel in electronic trading on the New York Mercantile Exchange . It was at $97.05 at 3:15 p.m. Singapore time. Yesterday, the contract rose 4 cents to $97.44. Prices are down 2.9 percent this week and 1.7 percent higher the past month.

Crude Oil Falls, Heads for Weekly Decline, on U.S. Debt Ceiling Dispute - Bloomberg

Comments more in Business » --Exxon missed expectations of $2.33 per share due to weaker than anticipated results in both its international E&P business and its refining and marketing arm.

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Comments more in Business » --Exxon missed expectations of $2.33 per share due to weaker than anticipated results in both its international E&P business and its refining and marketing arm. --2Q capital expenditure was up 58% to $10.3 billion compared with a year ago.

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Comments more in Business » --Exxon missed expectations of $2.33 per share due to weaker than anticipated results in both its international E&P business and its refining and marketing arm. --2Q capital expenditure was up 58% to $10.3 billion compared with a year ago. --UBS says Exxon in on track to spend at the high-end of its full year capital expenditure guidance of $33 billion to $37 billion.

Exxon Mobil 2Q Profits Soars 41% On Higher Oil Prices - Wall Street Journal

Oil declined for a second day in New York as investors bet that rising crude supplies and signs of a slowing economy in the U.S. indicate fuel demand may falter in the world’s biggest consumer of the commodity.

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Futures slid as much as 0.6 percent today after falling to the lowest in more than a week yesterday. U.S. crude stockpiles climbed 2.3 million barrels to 354 million last week, a Department of Energy report showed. A 2 million-barrel drop was forecast in a Bloomberg News survey. Gasoline, diesel and heating oil inventories also rose. Orders for U.S. durable goods unexpectedly dropped in June. Crude for September delivery fell as much as 60 cents to $96.80 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.83 at 9:11 a.m. Sydney time. The contract yesterday slid $2.19, or 2.2 percent, to $97.40, the lowest close since July 18. Prices are 26 percent higher the past year.

Crude Oil Falls for a Second Day on US Economy, Rising Crude Stockpiles - Bloomberg

Oil fell on Wednesday as a stalemate in the United States over raising the debt ceiling dragged on, with analysts saying the wrangling had already damaged the economy.

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Oil fell on Wednesday as a stalemate in the United States over raising the debt ceiling dragged on, with analysts saying the wrangling had already damaged the economy. Lawmakers have one week left to hash out a deficit-cutting plan without which Republicans in Congress have said they will not raise the legal USD trillion debt limit. That uncertainty weighed on the dollar, making the currency fall to a fresh record low against the Swiss franc and limiting oil's losses.

Oil falls as US debt crisis drags on crude stocks gain - Moneycontrol.com

Oil fell in New York as investors bet that rising U.S. crude stockpiles indicated fuel demand may falter in the world’s biggest consumer of the commodity.

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Futures slipped as much as 0.5 percent today after the industry-funded American Petroleum Institute said inventories climbed 3.96 million barrels to 358.2 million last week. An Energy Department report today may show supplies slipped 2 million barrels, according to a Bloomberg News survey of analysts. It would be the eighth week of declines. Futures slipped as much as 0.5 percent today after the industry-funded American Petroleum Institute said inventories climbed 3.96 million barrels to 358.2 million last week. An Energy Department report today may show supplies slipped 2 million barrels, according to a Bloomberg News survey of analysts. It would be the eighth week of declines. “ Oil prices weakened after the regular trading session in the wake of this week’s API report,” Peter Beutel , president of Cameron Hanover Inc., an energy adviser in New Canaan , Connecticut , said in an e-mailed note today. Crude stockpiles “showed an unexpected build,” he said.

Oil Falls in New York After Industry Report Shows U.S. Stockpile Increase - Bloomberg

Deseret News

1 year later, Michigan oil spill cleanup is costly, complex, ongoing Detroit Free Press Enbridge oil spill one year later: One year ago today Enbridge reported a ruptured pipeline that dumped at least 800000 gallons of oil into Talmadge Creek. Clean-up and recovery efforts continue. BY ERIC D. LAWRENCE AND CHRISTINA HALL Booms are left on ... Oil and Water: Ceresco on the river 'not the same'Battle Creek Enquirer Frustrations Linger One Year After Oil SpillWLNS A year after the oil spill, homeowners still at odds with EnbridgeWWMT WILX-TV -The Bozeman Daily Chronicle -WZZM all 129 news articles »

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1 year later, Michigan oil spill cleanup is costly, complex, ongoing - Detroit Free Press

A worker at a gas station refuels a vehicle in Wujiang, Guizhou Province, China. Oil use in the world’s fastest-growing consumer, China, will jump 6.9 percent this year and 4.9 percent in 2012, according to a forecast in the IEA’s monthly Oil Market report on July 13.

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The biggest bet in the oil market has become a 20 percent increase to $120 by the end of the year as global growth drives demand for raw materials. The number of contracts held by traders in options to buy West Texas Intermediate crude at $120 a barrel in December totaled 45,502 lots on the New York Mercantile Exchange as of July 21, 4,226 lots more than the next-highest wager, which is for $125. Open interest in the two contracts jumped 29 percent in the past four weeks, according to data compiled by Bloomberg.

Oil at $120 Becomes Biggest Energy Bet as Futures Leave Forecasters Behind - Bloomberg

HELENA, Mont. (AP) — A northwestern Montana oil spill that went unreported for a month has led to calls for increased scrutiny over the thousands of small flow pipelines within the nation's oil and gas fields.

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Flow lines are completely contained within the fields and pipe unprocessed oil, gas and water from wells to holding tanks and separating facilities and aren't regulated like larger pipelines, such as the one that broke under the Yellowstone River earlier this month.

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But flow lines often face the same issues of corrosion and defects, and should fall under the same federal regulation as larger transmission pipelines, conservation advocates say.

Oil spill brings calls for scrutiny of small lines - Albany Times Union

Gary Steele prepares his kayak as he and four others get ready to boat a stretch of the Yellowstone River looking for oil on Saturday, July 16, 2011.

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Almost one week and 130 miles after putting into the Yellowstone River, a small group of boaters on Friday completed their independent survey of damage from a July 1 oil spill along the river's banks. Gary Steele, a kayaker from St. Ignatius, and three other boaters put into the river near South Billings Boulevard on July 16 with the goal of documenting how far downstream, and how often, they'd find oil from an ExxonMobil pipeline that burst under the river near Laurel and sent an estimated 42,000 gallons of crude gushing into the water.

Boaters wrap up survey of Yellowstone oil spill - Billings Gazette

The U.S. State Department still plans to decide sometime this year whether to allow a Canadian firm to build a $7 billion pipeline carrying tar sands oil across the Plains to refineries near the Gulf of Mexico.

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Officials said Friday that a series of meetings will be held in September in the capitols of each of the six states TransCanada's Keystone XL pipeline would cross. Additional meetings will be held in the Nebraska Sandhills, on the Gulf Coast and in Washington D.C. The new pipeline would carry crude oil extracted from tar sands in Alberta, Canada, to the Gulf of Mexico, traveling through Montana, South Dakota, Nebraska, Kansas and Oklahoma before reaching refineries in Houston and Port Arthur, Texas. TransCanada also has proposed connecting it to the Bakken oil field in Montana and North Dakota.

Public meetings planned on proposed oil pipeline - BusinessWeek

Crude oil rose as U.S. housing starts surged and better-than-estimated earnings sent equities higher, bolstering optimism that the economy of the world’s biggest oil consuming country will grow.

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Oil climbed as much as 2.6 percent after U.S. housing starts in June advanced more than forecast to the fastest pace in five months. Companies from International Business Machines Corp. to Novartis AG announced profits. A report tomorrow may show U.S. crude supplies fell for a seventh week, the longest stretch of declines in two years. Crude for August delivery rose $1.89, or 2 percent, to $97.82 a barrel at 12:02 p.m. on the New York Mercantile Exchange . Earlier, it touched $98.45. Prices have risen 28 percent in the past year.

Oil Gains on Housing Surge, Speculation Europe Will Resolve Debt Crisis - Bloomberg

HELENA, Mont. (AP) — A new oil spill involving hundreds of gallons of crude has been discovered in Montana 350 miles from where cleanup crews are mopping up a larger one on the Yellowstone River.

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The amount spilled at the FX Drilling Co. oil field in a remote corner of the Blackfeet Indian Reservation appears to be much less than the estimated 42,000 gallons that emptied into the Yellowstone River earlier this month. But the northwestern Montana spill comes at a time when all pipeline and oil operations in the state are under scrutiny as a result of the larger Exxon Mobil Corp. pipeline break.

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Andy Pierce, vice president of FX Energy Inc., the Salt Lake-based parent company of FX Drilling, estimated that between 10 to 15 barrels, or 420 to 630 gallons, leaked from a broken line as a result of the earth shifting during flooding in the area.

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New oil spill reported in northwestern Montana - The Associated Press

NEW YORK, July 15 (Xinhua) -- Crude prices fluctuated this week as the European debt crisis, United States debt ceiling talks and speculation of another quantitative easing by the U.S. all had an impact on markets.

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U.S. crude benchmark West Texas Intermediate (WTI) closed Friday higher at 97.24 U.S. dollars a barrel, ending the choppy week with an 1.08 percent increase. Early in the week, as Greece still struggled for a way out of its debt mess, fears the contagion would spread to Italy, the EU's third biggest economy, sent its 10-year bond yields soaring to a record high of over 6 percent.

Oil fluctuates on debt woes, QE3 speculation - Xinhua

Crude oil rose, capping a third weekly gain, as investors purchased commodities as a store of value amid concern that the U.S. debt ceiling won’t be raised by the Aug. 2 deadline.

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Oil advanced as much as 2.1 percent as House Republicans plan a vote next week on a measure to cut spending and increase the debt ceiling. Futures also rose after Citigroup Inc. said second-quarter profit rose 24 percent. Futures dropped 0.5 percent earlier when Standard & Poor’s joined Moody’s Investors Service in reviewing the U.S.’s credit rating.

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Crude oil for August delivery rose $1.55, or 1.6 percent, to settle at $97.24 a barrel on the New York Mercantile Exchange . Prices advanced 1.1 percent this week and have climbed 27 percent in the past year.

Oil Rises, Capping Third Weekly Gain, as US Debt Concern - Bloomberg

SINGAPORE (Dow Jones)--Crude-oil futures were little changed in Asia trade Monday after sharp losses overnight, as investors await economic data from the U.S. later in the day to provide further trading cues.

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On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $95.55 a barrel at 0709 GMT, down $0.14 in the Globex electronic session. September Brent crude on ... Libor is losing its clout as an indicator of global banking health, a development analysts say could mask deeper problems in the credit markets.

OIL FUTURES: Crude Choppy In Asia; Focus On US Economic Cues - Wall Street Journal

Moneycontrol.com

OIL FUTURES: Crude Down Near $97 After Bernanke Stimulus Comment Wall Street Journal NEW YORK (Dow Jones)--Crude oil futures shed earlier gains and were near $97 a barrel at midmorning Thursday after Chairman Ben Bernanke said the Federal Reserve isn't currently prepared to take further action to ... Oil Trades Near 4-Day High as US Supply Counters Debt ReviewBloomberg Oil shifts lower on Bernanke commentsReuters Oil falls over 2 percent on Bernanke commentsThe Associated Press San Francisco Chronicle -BusinessWeek -MarketWatch all 1,673 news articles »

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OIL FUTURES: Crude Down Near $97 After Bernanke Stimulus Comment - Wall Street Journal

Oil traded near a four-day high in New York after signs of rising crude demand in the U.S. countered speculation the world’s biggest consumer of the commodity may face a credit rating downgrade.

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Futures were little changed, after slipping as much as 0.5 percent, after Moody’s Investors Service put the U.S. under review for a rating downgrade as talks to raise its $14.3 trillion debt limit stall. Prices advanced 0.6 percent yesterday after the Energy Department said oil stockpiles fell for a sixth week and gasoline supplies dropped for a fourth week. Crude for August delivery was at $98.08 a barrel, up 3 cents, in electronic trading on the New York Mercantile Exchange at 11:06 a.m. Sydney time. The contract yesterday rose 62 cents to $98.05, the highest close since July 7. Prices are 27 percent higher the past year.

Oil Trades Near Four-Day High as US Supplies Counter Debt Rating Concern - Bloomberg

NEW YORK, July 13 (Reuters) - U.S. crude futures eased on Wednesday in choppy trading ahead of government weekly oil inventory data and after an industry report the previous day showed a surprise rise in crude stocks.

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Investors awaited the weekly report on the country's oil inventories due from the U.S. Energy Information Administration at 10:30 a.m. EDT (1230 GMT).

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Late on Tuesday, the industry group American Petroleum Institute (API) reported crude stocks rose 2.3 million barrels in the week to July 8, against expectations stocks would be lower.

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NYMEX-Crude eases ahead of US EIA oil inventory data - Reuters

Oil declined from a three-day high in New York as investors bet that increasing U.S. crude supplies and signs that Europe’s debt crisis may spread indicated fuel demand may falter.

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Futures fell as much as 0.9 percent after the American Petroleum Institute said crude inventories rose for the first time in six weeks. Prices also dropped after global stocks extended the biggest three-day slump since March yesterday and the euro weakened as Ireland’s debt rating was cut to junk, adding to signs Europe’s crisis is spreading. Crude for August delivery slipped as much as 90 cents to $96.53 in electronic trading on the New York Mercantile Exchange and was at $96.57 at 9:03 a.m. Sydney time. The contract yesterday climbed $2.28, or 2.4 percent, to $97.43, the highest since July 7. Prices are 25 percent higher the past year.

Oil Drops From Three-Day High on Rising U.S. Crude Supplies, Europe Crisis - Bloomberg

Telegraph.co.uk

BP oil spill grievances aired to Marco Rubio Pensacola News Journal Marco Rubio speaks at a congressional field hearing in Pensacola to discuss the ongoing impacts and recovery from the BP oil spill. / Travis Griggs/tgriggs@pnj.com The Senate field hearing on oil spill recovery will continue to accept witness testimony ... Oil spill disaster | One year laterMiamiHerald.com FL Senator Hears Impacts of Gulf Oil SpillWKRG-TV A year later, Gulf Coast still coming to terms with oil spillLexington Herald Leader 10 Connects -Reuters Africa -Daily Comet all 484 news articles »

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BP oil spill grievances aired to Marco Rubio - Pensacola News Journal

BILLINGS, Mont. — The Environmental Protection Agency said Thursday it will collect indoor air samples from homes downstream of a Yellowstone River oil spill after residents raised concerns about health risks from the tens of thousands of gallons of crude that poured into the watercourse.

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About 150 people showed up at an EPA meeting Wednesday night with questions about health risks, the duration of the cleanup, and whether the oil will permanently damage their livestock or property. George Nilson, 69, said the fumes from oil that washed through his neighbor's property had been overwhelming. "I've been in it for five days now, and the only way I can breathe is to have all the windows open," he said.

EPA to test air in homes near Montana oil spill - Palm Beach Post

SINGAPORE -- Oil prices rose to above $97 a barrel Thursday in Asia as a report showed U.S. crude supplies fell more than expected for a second week, suggesting demand is improving.

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Benchmark oil for August delivery was up 78 cents to $97.43 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude lost 24 cents to settle at $96.65 on Wednesday. Some analysts said falling U.S. supplies will likely spark crude producers to boost output, cutting into extra production capacity and supporting prices.

Oil rises to above $97 after US crude supply drop - Forbes

Oil traded near a three-week high in New York as signs of economic growth in the U.S. and China stoked speculation that fuel demand may increase in the world’s biggest crude-consuming countries.

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Futures were little changed after advancing 2.1 percent yesterday. Prices rose as separate reports showed orders placed with U.S. factories increased in May, while China’s services industries expanded at the second-fastest pace this year as new orders and employment climbed. An Energy Department report tomorrow may show crude stockpiles fell for a fifth week. Crude for August delivery was at $97.10 a barrel, up 21 cents, in electronic trading on the New York Mercantile Exchange at 8:46 a.m. Sydney time. The contract yesterday gained $1.95 to $96.89, the highest settlement since June 14. Futures have gained 35 percent in a year.

Crude Oil Trades Near Three-Week High on Signs of Growth in U.S. and China - Bloomberg

Efforts to clean up an oil spill along the scenic Yellowstone River have been hampered by flooding and swift river conditions, ExxonMobil said in a statement Monday.

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The oil giant said more than 280 people were now involved in the cleanup around the spill site from the Silvertip pipeline into the river near Billings, Mont.

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An estimated 2,300 absorbent pads have been used in a bid to soak up the estimated 1,000 barrels of oil the pipeline spilled into the river late Friday.

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Cleanup Efforts in Montana Hampered by Flooding - Fox News

ABC News

Exxon Pipeline Oil Spill Cleanup Efforts Widening Wall Street Journal (XOM) had been confident in the integrity of a pipeline that spilled crude oil into the Yellowstone River, although it remains to be seen whether extreme flooding in the region may have caused the accident, a company executive said Monday. ... ExxonMobil Pipe Ruptures; 42000 Gallons of Oil Leak Into Yellowstone RiverChristian Post Montana leak may alter Exxon safety reviews: execReuters EPA coordinates oil-cleanup effort along riverBillings Gazette Los Angeles Times -Fort Worth Star Telegram (blog) -WXXI all 2,038 news articles »

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Exxon Pipeline Oil Spill Cleanup Efforts Widening - Wall Street Journal

Upbeat Manufacturing Data Helps Extend Rally On Wall Street - U.S. Commentary (RTTNews) - Oil and Gas giant Exxon Mobil Corp. (XOM: News ) late Sunday said its unit ExxonMobil Pipeline Co. has provided an update as cleanup operations continued following a release of oil into the Yellowstone River in Montana.

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The company noted that more than 120 people were involved in the response and cleanup effort, while an additional 80 people were expected on site Monday.

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ExxonMobil's North America Regional Response Team, the Clean Harbors oil spill response organization, and additional contractors are taking part in the cleanup efforts.

Exxon Mobil Says Cleanup Continues In Yellowstone River Following Oil Spill - RTT News

Some of the oil being released from the U.S. Strategic Petroleum Reserve to bring down prices may be held by traders for later sale rather than sent directly to refiners for processing into gasoline or other fuels.

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The U.S. Energy Department is offering 30 million barrels of light, low-sulfur crude for sale, half of the 60 million barrels to be released by International Energy Agency member nations to make up for the loss of Libyan oil exports during the civil conflict. Bids for the oil were due by 1 p.m. central time yesterday. Traders can profit from buying the oil and selling more valuable contracts for later delivery, if the SPR oil is sold at a big enough discount to cover storage costs. Libya ’s oil output sank to 150,000 barrels a day in June, according to a Bloomberg News survey, as civil unrest disrupted production and shipments.

U.S. Reserve Oil May Be Stored by Traders - Bloomberg