News Highlights : Top Energy News of the Day
Oil Pulls Back After Topping $50 a Barrel
Oil futures fell Thursday, pulling back after topping $50 a barrel as investors weighed evidence that the world stock overhang is finally falling against rising OPEC production.
OPEC Says Crude Output Rose in July
OPEC's crude-oil production rose further in July, in the latest sign the cartel's efforts to reduce output and drain a global supply glut are falling short.
Babcock & Wilcox Agrees to Buy Back Private-Equity Stake a Day Before 72% Plunge
A private-equity firm that three months ago took a 10% stake in power-generating company Babcock & Wilcox Enterprises Inc. struck a deal to sell its position back to the company, dodging by one day a 72% plunge in the stock.
British Columbia Vows to Block Pipeline Expansion
The government of British Columbia, Canada's westernmost province, vowed to use every legal option to stop construction of Kinder Morgan Inc.'s planned expansion of a pipeline connecting the Alberta oil sands with the Pacific Coast.
A Reason to Cheer at OPEC
Crude stockpiles are down, yes, but what may really please oil exporters is the oil futures curve.
Natural Gas Surges After Data
Natural gas prices settled sharply higher Thursday, extending a rally to a fourth day after data showed that stockpiles grew by less than expected last week, helping keep the natural gas glut in check.
Glencore Profits Rise on Commodities Boom
Swiss mining and trading giant Glencore reported strong first-half results benefiting from rising commodity prices as it continues to recover from a downturn that sparked widespread worries about its financial health and caused an investor revolt.
Investors Question Oil Output in America's Fastest-Growing Field
Investors helped turn West Texas' Permian Basin into America's fastest-growing oil field, but their confidence is cracking over whether drillers can keep production rising.
U.S. Oil Supplies Fall as Refinery Activity Increases
U.S. crude-oil inventories declined by 6.5 million barrels for the week ended Aug. 4, much more than expected, according to EIA data. Gasoline stockpiles increased by 3.4 million barrels when a decline was expected.
Knight Energy Files for Chapter 11
Oilfield equipment supplier Knight Energy Holdings has filed for bankruptcy to implement a debt-cutting plan that transfers ownership of the company to its lenders, saying it has been squeezed by low crude oil prices.