Oil rose again, as traders kept buying on the belief that prices will just keep setting new records.
Light, sweet crude for June delivery gained $2.17 to settle at $126.29 on the New York Mercantile Exchange. Crude shot up to $127.82 a barrel, a new record, earlier in the session.
The market showed little reaction to the [...]

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 [...]

Gunmen in southern Nigeria hijacked an oil-services vessel carrying 11 crew members, according to a military spokesman.
They want about $250,000 for the release of the boat and the crew, including one Portuguese and one Ukrainian, said military spokesman Maj. Sagir Musa.
The boat, used for maintaining oil infrastructure in Africa’s biggest petroleum producing country, was taken [...]

In its weekly report, the Energy Department’s Energy Information Administration (EIA) said gasoline inventories fell by 1.7 million barrels, or 0.8 percent, to 210.2 million barrels last week — 5.9 percent above year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report.
Analysts expected stockpiles of gasoline to fall by only 800,000 barrels, [...]

Gasoline pump prices soared above $3.75 a gallon and oil prices fell as an Energy Department report painted a mixed picture of the nation’s petroleum reserves.
Light, sweet crude for June delivery fell $1.58 to settle at $124.22 a barrel on the New York Mercantile Exchange.
At the pump, the average national price of a gallon of [...]

Indonesia has denied that it will set a quota for coal exports as it wants to reserve the coal for future use.
The reports had prompted rising interest in the country’s natural resources from energy-hungry China and India.
The reports were baseless and the new mining law likely to be passed by Parliament by June would in [...]

Brazil wants to join the Organization of Petroleum Exporting Countries to help lower global oil prices, the country’s president was quoted as saying in a leading German magazine.
Brazilian President Luiz Inacio Lula da Silva said in the interview with Der Spiegel that his country plans to exploit its massive offshore oil reserves to make itself [...]

The U.S. Energy Department laid out plans to spend up to $1.3 billion on multiple “clean” coal-fired plants designed to capture carbon emissions and store them underground. The unveiling of the project kick-starts two weeks of public comment on the proposal.
The new proposal comes after the Energy Department killed an earlier plan that would have [...]

Then U.S. Energy Department awarded $61.1 million to a multistate environmental partnership to research new ways to capture and store carbon dioxide and other greenhouse gases.
The Midwest Regional Carbon Sequestration Partnership project, working with Columbus, Ohio-based Battelle Memorial Laboratories, will test ways to store the gases in underground geological formations, and in land occupied by [...]

Oil prices hit a new record near $124 a barrel after the U.S. Energy Department said diesel and heating oil supplies unexpectedly fell last week.
Light, sweet crude for June delivery hit a new high of $123.80 on the New York Mercantile Exchange before retreating slightly to settle up $1.69 at a record $123.53 a barrel.
The [...]