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Obama calls for offshore drilling in Southeast

WASHINGTON — The Obama administration on Tuesday outlined a politically fraught plan for allowing oil and gas drilling offshore along parts of the Atlantic coast while imposing new restrictions on environmentally fragile waters off northern Alaska.

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Alliance's Hillwood Commons lands first tenant

A large title insurance, property valuation and settlement services company is the first tenant at Hillwood Commons I, an office complex at Alliance Town Center.

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Energy Transfer Partners, Regency Energy announce $18B merger

Energy Transfer Partners LP of Dallas and Regency Energy Partners LP have entered into a definitive merger agreement.

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Fort Worth's mayor looking for new chief of staff

Jason Lamers is leaving the city after 14 years to join Burlington Northern Santa Fe.

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Podcasting superstar from 'Serial' coming to Fort Worth

If you hear yourself hearing a certain haunting theme in early August as you pass the Omni Fort Worth Hotel, don’t be alarmed.

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Oil falls on weak China trade data, US supply rise


The Associated Press

The price of oil fell from a five-week high Thursday after China reported weak monthly trade data and a report showed a big increase in U.S. crude supplies.

Benchmark crude for May delivery was down 31 cents to $103.29 at 0525 GMT in electronic trading on the New York Mercantile Exchange. The contract rose $1.04 to settle at $103.60 on Wednesday amid unrest in eastern Ukraine after gaining more than $2 the day before. The last time it finished above $103 was on March 4.

Brent crude, a benchmark for international oil prices, fell 42 cents to $107.53 a barrel on the ICE exchange in London.

Oil fell as Chinese trade numbers showed that exports contracted unexpectedly in March, shrinking by 6.6 percent from a year earlier while imports contracted 11.3 percent.

The numbers highlight the gradual slowdown in China's economic growth, which could result in lower demand for energy. The country's leaders are struggling to hit a full-year target of 7.5 percent growth this year while reorienting the world's second biggest economy away from trade and investment to one based on domestic spending.

Crude prices also slipped following the report by the U.S. Energy Department's Energy Information Administration that showed 4 million barrels were added to supplies last week. That's a lot more than the 2.5 million barrels predicted by analysts surveyed by Platt's, the energy information arm of McGraw-Hill Cos.

In other energy futures trading in New York:

— Wholesale gasoline lost 1.5 cents to $2.993 a gallon.

— Natural gas fell 1.1 cents to $4.575 per 1,000 cubic feet.

— Heating oil was down 0.7 cent at $2.947 a gallon.

 

 

 

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