Federal Regulator pushes for limits in energy markets

Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission, said Tuesday that the federal agency must seriously consider setting strict position limits in the energy markets, to avoid excessive speculation. Gensler has said he thinks speculation by investors contributed to the spike in oil prices last year.

BP 2Q profit drops 53 %

Oil giant BP Plc reported Tuesday its net replacement cost profit declined 53 percent in the second quarter totaling $2.92 billion, but it surpassed analysts' forecast of $2.81 billion, according to Reuters. The decline was due to lower crude and gas prices and weaker refining margins.

Valero Energy swings to 2Q loss

Valero Energy Corp. the U.S. largest independent oil refiner reported today a loss of $254 million or 48 cents per share citing lower diesel and jet fuel margins and lower sour crude oil differentials.