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News Highlights: Top Energy News of the Day

08/05/2020 | 11:16am
Oil Trims Gains But Remains Up Sharply After Inventory Data Confirms Drop In Crude Stocks 

Oil futures trimmed gains but remained up sharply after official data showed U.S. crude inventories saw a large drop last week, although gasoline stocks unexpectedly rose.

Energy & Utilities Roundup: Market Talk 

The latest Market Talks covering Energy and Utilities

Tropical Storm Isaias Marches Up East Coast; About 2.5 Million Without Power 

Tropical Storm Isaias churned up the East Coast, leaving downed trees, flooding and about 2.5 million homes and businesses without power from North Carolina to Massachusetts.

BP Reports $17.7 Billion Loss, Cuts Dividend 

BP cut its dividend for the first time in a decade and outlined plans to pivot away from oil and gas and invest more in low carbon energy-marking one of the most dramatic energy-transition plans among its oil major peers.

U.S. Crude-Oil Stockpiles Seen Down in Week 

Government data are expected to show that U.S. crude-oil inventories fell by 1.8 million barrels in the latest week, while gasoline supplies decreased by 500,000 barrels, according to a survey of analysts.

CME Settles Lawsuit With Regulator Over Leaks by Former Employees 

Futures-exchange operator CME Group has agreed to pay a fine of up to $4 million to settle a long-running lawsuit with its regulator over accusations that former exchange employees leaked confidential trading information.

Refiners Retrench as Demand for Gasoline, Jet Fuel Shrivels 

U.S. fuel makers ran below capacity in the second quarter in a preview of the challenges they are likely to face as the world transitions away from fossil fuels.

Trump Fires Tennessee Valley Authority Board Members, Cites Shift to Foreign Workers 

President Trump removed the chairman and another board member at the Tennessee Valley Authority and called for firing the federally owned utility's CEO, as he signed an order meant to protect U.S. federal workers from displacement by foreigners.

Offshore Driller Fieldwood Energy Preps for Imminent Bankruptcy Filing 

Fieldwood Energy, an oil driller that operates in the Gulf of Mexico, is preparing to file for bankruptcy within days as it grapples with the prolonged slump in commodity prices exacerbated by the coronavirus pandemic.

Marathon to Sell Gas-Station Chain to 7-Eleven Owners for $21 Billion 

Fuel maker Marathon Petroleum agreed to sell its gas stations to the owners of the 7-Eleven convenience-store chain for $21 billion in the largest U.S. energy-related deal of the year.


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