Daily News Energy Headlines from September 30, 2015

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CRUDE OIL
U.S. Crude and Gasoline Stockpiles Show Surprise Increase - The U.S. Energy Information Administration has reported that U.S. crude oil supplies rose by 4 million barrels for the week ending September 25, compared with analysts' expectations of an increase of a little more than 100,000 barrels. Gasoline stocks rose by 3.3 million barrels--also an unexpectedly high increase.

FINANCIAL
Chesapeake Cuts 15% of Workforce - Chesapeake Energy Corporation (NYSE:CHK) (Oklahoma City, Oklahoma) said on Tuesday that it had cut about 15% of its workforce, or 740 employees, to reduce costs.

PIPELINES
TransCanada Changes Keystone XL Tactic in Nebraska - TransCanada Corporation (NYSE:TRP) (Calgary, Alberta) says that it will drop lawsuits to gain access to property held by landowners who oppose the Keystone XL pipeline project and will instead reapply for the same route through Nebraska's Public Service Commission. The company says a positive decision from this group would provide greater certainty regarding the pipeline's proposed route.

POWER
Duke Announces Planned Solar Plant in Florida - Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) has announced that it will construct a 3.8-megawatt solar power plant in Osceola County, Florida.

Drax Drops U.K. Carbon Capture Project - One of the U.K.'s two leading carbon capture and storage (CCS) projects has lost a key backer as Drax Group plc (LSE:DRX) (Selby, England) announced its departure from the White Rose CCS project under way at its massive coal-fired power plant in Selby, England.

LNG
India LNG Buyer: Spot Prices Low Enough to Incur Penalties for Broken Contract - India's largest importer of liquefied natural gas (LNG) is taking only 70% of its agreed upon purchase of 7.5 million metric tons per year from Qatar's RasGas Company, as current spot prices of about $8 per million Btu are low enough to risk financial penalty from breaking the contract.

PRODUCTION
China's Shale Gas Drilling Costs in Substantial Decline - A report from the EIA states that China's investment in U.S. shale plays represents about 20% of foreign investment in U.S. shale activity, which has likely helped the country gain expertise in drilling and extraction techniques. The cost of drilling a horizontal natural gas well in the country's Sichuan Basin has declined 23% from 2013 to mid-2015.

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About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.