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US energy secretary sees oil market coming into balance

Ernest Moniz, Energy Department, oil glut

BEIJING (AP) — The U.S. energy secretary said Friday he sees the global oil market coming into balance over the next year as rising demand catches up with a two-year-old supply glut that depressed prices. Ernest Moniz said supplies should be adequate after the market comes into balance. He said Saudi Arabia has made clear it will maintain spare production ...

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Energy sector movers, losers and news: crude prices improve, no production freeze necessary.

Last week major oil producers met in Doha, Qatar to discuss an oil production freeze. Again, no agreement could be reached and crude prices temporarily suffered. But, today WTI opened at $43.42 per barrel, 7.6 percent higher than last week when it closed Friday at $40.36 per barrel. Market Movers Shares of NGL Energy Partners LP (NYSE: NGL) gained 50 ...

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Swedish company eyes Pittsburgh’s energy market

The world’s seventh largest construction company announced it has opened an office in Pennsylvania and has energy on its agenda. Skanska, a Sweden-based company, shared that its American division is making a new home in Pittsburgh and will be looking into opportunities in power and energy.  Geoff Murken, a vice president of operations for Skanska and also one of many ...

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Oil company CEOs likely to avoid big hit to compensation – for now

BOSTON- These are nervous times at the top of North America’s oil companies. Executives are trying to cope with the plunge in oil prices and are slashing costs as they watch earnings and revenue drop. Their own compensation, though, may not yet be on the chopping block. According to compensation consultants and some investors, the mostly generous packages executives were receiving ...

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Global crude shortages now outweighed by US production

Shane Thielges | Shale Plays Media Record-setting production levels of liquid fuel in the U.S. are high enough to offset global oil price spikes caused by unplanned production disruptions, reports the Energy Information Administration. The results of a multi-year EIA study of America’s effect on the global energy market were released yesterday. The organization concluded that the country’s growing liquid ...

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US energy stocks soar on overseas conflict

Shane Thielges | Shale Plays Media CNNMoney reports today that recent developments overseas have driven energy stocks to record levels. Russia’s Gazprom energy utility cut shipments of natural gas to Ukraine earlier this week following Kiev’s failure to pay off its debts by the June 16 deadline. The move cuts a significant source of power to the European Union, which ...

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