ENERGY NEWS-U.S. inventory declines, OPEC trouble help extend oil price rally

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U.S. inventory declines, OPEC trouble help extend oil price rally

July 26 (UPI) -- A bullish report on crude oil inventories from the United States added to planned and unplanned shortages from OPEC to give oil prices another rally Wednesday.

Hess: Taxes mask improvements in the second quarter

July 26 (UPI) -- U.S. energy company Hess Corp. said Wednesday its net loss for the second quarter of $449 million masked improvements apparent before income taxes.

After LNG project scrapped, TransCanada looks for more export options

July 26 (UPI) -- There's still a need to get Canadian natural gas out of North America, energy company TransCanada said after an export option for British Columbia was scrapped.

Britain to start taking gas, diesel vehicles off roads in 2040

July 26 (UPI) -- Britain will ban all new gasoline- and diesel-powered vehicles from its roads beginning in 2040 for environmental reasons, a government report says.

More reserves than initially thought in the North Sea, Norway says

July 26 (UPI) -- A new oil and natural gas discovery in the Norwegian waters of the North Sea holds an estimated 30 percent more reserves than expected, the government said.

Africa-focused Tullow Oil cuts costs, but keeps output steady

July 26 (UPI) -- London-listed Tullow Oil, which is focused heavily on Africa, said Wednesday it was cutting costs after seeing its realized oil price drop from last year.

Report: Gas could be sidelined by renewables in parts of Australia

July 26 (UPI) -- With Australia monitoring natural gas demand, a consultant group found gas-fired power could get squeezed out in parts of the country as renewables get cheaper.