News Highlights: Top Energy News of the Day

Features Dow Jones Newswires

Oil Falls After Uptick in U.S. Production

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Oil futures fell as optimism following a drop in U.S. stockpiles quickly faded. Crude levels in U.S. storage fell by 6.3 million barrels in the week ended June 30, the U.S. Energy Information Administration said.

Natural-Gas Prices Pare Gains As EIA Reports Larger-Than-Expected Climb In U.S. Supplies -- MarketWatch

Natural-gas prices pared gains after data from the EIA showed that domestic supplies rose by 72 billion cubic feet for the week ended June 30, larger than expected.

OPEC Considers Production Caps for Libya, Nigeria

OPEC is considering putting a limit on how much oil members Nigeria and Libya can pump, cartel delegates say, as surging production from those countries is complicating the cartel's plans to influence crude prices.

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Wall Street Cash Pumps Up Oil Production Even as Prices Sag

Easy Wall Street funding is leading American shale companies to expand drilling even as most lose money on every barrel of oil they bring to the surface.

Buffett's Berkshire Signs Deal to Buy Electric-Grid Giant

Warren Buffett's Berkshire Hathaway agreed to buy one of the country's biggest power-transmission companies, which would cement electricity as one of the conglomerate's largest businesses.

Tesla Plans Giant Lithium-Battery System in Australia

Elon Musk has agreed to build the world's largest lithium-ion battery system in Australia, a project he hopes will show how the technology can help solve energy problems.

Electric Cars Need More Than Fans

Electric vehicles threaten oil's future as they are being favored by governments and even traditional manufacturers like Volvo, but they must keep improving to overcome the advantage of conventional cars.

Russia Ready to Consider Adjusting Oil Output Deal

Ministers from leading oil producers will meet in St. Petersburg on July 24 to monitor implementation of the agreement reached earlier this year to cut production. The meeting could also "make recommendations on further steps, if necessary," Russia's energy ministry said.

U.S. Oil Producers Find a Surprise New Market: China

China, one of the world's largest oil importers, is buying nearly 100,000 barrels of oil a day from the U.S., on average, the result of a surprise American glut that has made the country's oil cheaper than Mideast rivals.

Ships Exporting Iranian Oil Go Dark, Raising Sanctions Red Flags

Ships chartered by two oil traders responsible for a significant share of Iran's fuel exports last year failed to transmit their location and the origin of their cargo-red flags for governments seeking evidence of evasion of sanctions on Tehran.

(END) Dow Jones Newswires

July 07, 2017 11:17 ET (15:17 GMT)