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While major energy commodities all began the day lower, analysts point to the fading threat from Hurricane Dolly on energy equipment in the Gulf of Mexico as the reason for lower prices for crude oil and natural gas.

ConocoPhillips' Jim Mulva issued comments to summarize the numbers and shed some light on the firm's short-term future. Mulva outlined JV agreements and spoke optimistically about the firm's prospects in the third quarter.

Gazprom's subsidiary and PDVSA will jointly complete the geological modeling, evaluation and assessment of the Ayacucho-3 block reserves of the Orinoco Oil Belt.

The Alaska House of Representatives approved a bill late Tuesday that would award TransCanada an exclusive license to build a $26.6 billion natural gas pipeline from Alaska's North Slope to Alberta, Canada.

A report by the U.S. Geological Survey found that the area north of the Arctic Circle has an estimated 90 billion barrels of crude oil and 1,670 trillion cubic feet of natural gas, more than the proved oil and gas reserves of Russia.

MMS reported that personnel have been evacuated from a total of 62 production platforms, equivalent to 8.6% of the 717 manned platforms in the Gulf of Mexico.

A pair of one-time events helped second-quarter net income at SeaBright Insurance Holdings Inc. fall to $6.4 million, or 30 cents per diluted share, from $10.2 million, or 49 cents a share a year earlier.

Sicilian regional authorities have blocked requests by Edison and Eni to develop two onshore gas and oil fields in Sicily.

Law firm Williams Mullen has signed a 75,000-square-foot lease to relocate to downtown Raleigh's RBC Plaza. (HIW)

The Federal Reserve Bank of Kansas City reported a moderation in growth for June and early July compared with a month earlier in its latest issue of the Beige Book.