Oil prices fell sharply, even though the Energy Department reported unexpected declines in crude oil supplies last week. A stronger dollar and concerns about gas demand also weighed on prices.
Light, sweet crude for July delivery fell $4.41 to settle at $126.62 a barrel on the New York Mercantile Exchange, its lowest settlement in two weeks [...]
Shares of oil refiners fell, as concern grew among analysts and investors that high gasoline pump prices are putting a big crimp in fuel demand.
In a note to investors, Lehman Brothers analyst Paul Cheng cited fresh data from the Department of Energy and the Federal Highway Administration as further evidence to support his bearish view [...]
The Energy Department’s Energy Information Administration said in its weekly report that natural-gas inventories held in underground storage in the lower 48 states rose by 93 billion cubic feet to about 1.53 trillion cubic feet for the week ended May 9.
The inventory level was slightly above the five-year average, but well below last year’s storage [...]
The U.S. Geological Survey has released an assessment of the Bakken Formation, which stretches across 25,000 square miles from northeastern Montana across northwestern North Dakota and up into the southern region of Saskatchewan.
The last USGS study, completed in 1995, estimated the Bakken Formation had 150 million barrels of undiscovered technically recoverable oil. Thirteen years later, [...]
A shale formation stretching North Dakota and Montana may have an estimated 3 to 4.3 billion barrels of technically recoverable oil, according to a U.S. Geological Survey assessment.
Known as the Bakken Formation, the find would make the recoverable oil in North Dakota and Montana the largest U.S. oil reserves outside Alaska.
The recently released assessment shows [...]
Oil prices have plunged Monday at least temporarily retreat to record levels, investors were concerned that the financial crisis that forced the sale of Bear Stearns is a sign of deep economic difficulties.
Oil slump - falling $ US4.53 to settle at $ US105.68 barrel on the New York Mercantile Exchange - came hours after futures [...]
The U.S. Department of Energy Office of Legacy Management will open bidding for 19 parcels of land as uranium mining leases to the private sector on Friday, March 7.
These parcels, located in the Uravan Mineral Belt in southwestern Colorado, between the communities of Gateway and Egnar, will be leased for the exploration, development, and production [...]
US-based oil giant Chevron group said it is now conducting studies on untapped oil and gas prospects in the country.
Chevron Malampaya LLC president Kevin Lyon said the conduct of such studies is part of the company’s commitment to pursue oil and gas exploration opportunities in the Philippines.
“We have received the data from the Department of [...]
As buyers continue to be reluctant to commit to purchases, uranium spot prices dipped again last week – down US$3 to US$120 per pound, according to TradeTech’s indicator.
Customers are expecting further downward price movement due to the current supply overhang, the firm said in the Aug. 3 issue of Nuclear Market Review.
The U.S. Department [...]
The U.S. Department of Energy said a prototype coal dryer project at an Underwood, N.D., power plant is so successful it’s being expanded.
Department officials said the technology at the Great River Energy Co.’s Coal Creek Station has proven so successful the power company intends not only to install full-size dryers on the station’s Unit [...]
