Oil Trades Near $60 as Retreat in U.S. Drilling-Rig Count Slows

Gulf Of Mexico Oil Rig And Workboat

*+-byBen Sharples (Bloomberg) — Oil traded near $60 a barrel as companies in the U.S. reduced the number of active rigs by the slowest pace since a prolonged retreat in drilling that began in December. Futures were little changed in New York after falling 1.7 percent on Friday. The number of rigs targeting oil dropped by one […]

Libya Airstrike Sets Oil Tanker Ablaze

ANWAAR_AFRIQYA

*+-By Nayla Razzouk and Saleh Sarrar (Bloomberg) — Warplanes deployed by Libya’s internationally recognized government bombed an oil tanker at a terminal controlled by the nation’s rival Islamist leaders, killing one person, the regional coastguard commander said. The Anwaar Afriqya, carrying fuel from Greece, was attacked while anchored to offload the cargo for a power plant in the coastal […]

New Supercarrier Is Super Over-Budget

Photo by Chris Oxley

*+-The second aircraft carrier in the Navy’s new Gerald R. Ford class is now estimated to exceed a cap imposed by Congress by at least $370 million, according to the Pentagon’s independent cost office.

U.S. To Change The Global LNG Market Forever

SabinePassLNG_132184

*+-When the first tanker carrying LNG from shale fields leaves the Sabine Pass terminal in Louisiana, it will turn consumers into traders with more bargaining power. That will transform a market dominated by long-term contracts into one where spot trading gains prominence, similar to crude oil.

Rolls-Royce to Cut Marine Unit Jobs

MT 30 engine rolls royce

*+-Rolls-Royce Group Plc, which is already eliminating about 2,600 positions globally, said it will cut an additional 600 jobs at its marine unit that’s suffering from a slump in oil prices.