News Highlights: Top Energy News of the Day
Oil At Two-Week Low
Oil prices fell to a two-week low Wednesday as investors continued to cash in on last week's bullish market and retrace crude's upward march.
U.S. Oil Inventories Fall Sharply in Latest Week
U.S. crude-oil inventories decreased by six million barrels, weekly government data showed, much more than the 300,000 barrels expected by analysts. Gasoline supplies rose by a greater-than-expected 1.6 million barrels.
Egyptian Company to Develop Mature Oil Fields With Mexico's Pemex
Mexican state oil company Petróleos Mexicanos' effort to secure a partner for two shallow-water fields in the Gulf of Mexico fell flat as no companies made bids at an auction.
GulfMark Offshore Cleared to Exit Bankruptcy
GulfMark Offshore won court permission to exit bankruptcy Wednesday after raising $250 million to help dig its oil-and-gas service operation out of financial trouble.
Oil-Price Forecasts Fall for Fifth Month in a Row
Banks cut their oil-price forecasts for a fifth consecutive month despite a recent price rally amid concerns that the oversupply of crude will grow next year.
U.S. Auto Makers Step Up Plans for Electric Vehicles
Detroit's largest auto makers ramped up plans for electric vehicles in coming years. GM plans to introduce two more electric vehicles over the next 18 months, and Ford has formed a team to help direct investments toward new electrified vehicles.
Tesla Misses Model 3 Production Goals
Tesla badly missed its goal of building 1,500 Model 3 cars in the third quarter, only managing 260, in the first sign that the production ramp-up for the new sedan isn't going as smoothly as planned.
China, With Methodical Discipline, Conjures a Market for Electric Cars
Nearly half of all plug-in vehicles are sold in China, driven by multiple subsidies and regulations, creating a giant test bed for local design and technology. Global vehicle makers are accelerating their battery-powered efforts to keep up.