US Crude Inventories Rise By 9.6M Barrels To Record Highs

Oil futures held above $42 per barrel on Wednesday after government data showed inventories of U.S. commercial crude rose again, marking a 10th straight week of record builds. Stockpiles of crude rose by 9.6 million barrels in the week ending March 13, the Energy Information Administration reported. Total inventory stood at 458.5 million barrels, the… Read more »

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Oil Slumps to Six-Year Low as U.S. Production Seen Filling Tanks

U.S. oil futures slumped to the lowest level since March 2009 on speculation that record supply may start to strain the country’s storage capacity. U.S. crude inventories have increased to the highest level since at least 1982, according to the Energy Information Administration. Stockpiles at Cushing, Oklahoma, the delivery point for New York futures, reached… Read more »

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Brent Crude Oil Trades Near $58 As Dollar Weakens

Brent oil futures rose above $58 a barrel on Thursday as the dollar weakened and Iraqi security forces battled Islamic State fighters in Tikrit. The dollar was down 0.47 percent against a basket of currencies, making dollar-traded commodities such as crude oil more attractive to holders of other currencies. “A slightly weaker dollar is helping… Read more »

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Natural Gas Production Growth Swells Despite Fewer Rigs

Natural Gas Production Since mid-2011, natural gas production has increased even though there are fewer natural gas-targeted rigs in operation. The U.S. Energy Information Administration, or EIA—in its “Short-Term Energy Outlook,” that was released in February 2015—reported that dry natural gas production is set to increase to 72.80 billion cubic feet, or Bcf, per day in… Read more »

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U.S. fracking bonanza to lift GDP by 1 percent by 2040

(Reuters) – A surge of oil and gas production will drive the U.S. economy 1 percent higher in 2040 than it would have otherwise grown, and energy exports will only stoke the expansion, an independent study on energy policy concluded on Tuesday. New drilling technologies such as ‘fracking’ have unlocked an abundance of fossil fuels… Read more »

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