Energy Update

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LONDON, Feb 25 (Reuters) - According to the U.S. government, there are over 1.3 billion barrels of crude oil and refined products in commercial storage around the United States, an increase of more than 300 million barrels in the last two years.

SINGAPORE, Feb 26 (Reuters) - Crude oil prices dipped in early trading on Friday as reports of a meeting by oil producers to freeze output failed to convince traders that enough effort was being made to rein in ballooning global oversupply.

WASHINGTON, Feb 25 (Reuters) - A December power outage in Ukraine affecting 225,000 customers was the result of a cyber attack, the U.S. Department of Homeland Security said Thursday, marking the first time the U.S. government officially recognized the blackout as caused by a malicious hack.

TORONTO, Feb 25 (Reuters) - Canada's main stock index notched a small gain on Thursday as two major banks rose after reporting quarterly numbers, while energy stocks weighed despite a late rally in crude prices.

Capping a busy February for the European Marine Energy Centre is an announcement that tidal turbine manufacturer Tocardo has signed a 20-year deal for testing at EMEC's array in Orkney.

LOS ANGELES, Feb 25 (Reuters) - The months-long natural gas leak that forced thousands of Los Angeles residents from their homes ranks as the largest known accidental methane release in U.S. history, equal to the annual greenhouse gas emissions of nearly 600,000 cars, scientists reported on Thursday.

HOUSTON, Feb 25 (Reuters) - Oil producer EOG Resources Inc posted a fourth-quarter loss on Thursday that beat Wall Street's expectations and cut its capital budget in half as the plunge in crude oil prices has eroded margins across the energy industry.

TORONTO, Feb 25 (Reuters) - Faced with a double whammy of the oil price collapse and a sluggish economy putting pressure on their corporate and consumer loan books, Canada's major banks started to show cracks this week as they posted another round of quarterly profits.

* EDC wants firms to be able to benefit from turnaround (Adds comments from official, background)

LOS ANGELES, Feb 25 (Reuters) - The months-long natural gas leak that forced thousands of Los Angeles residents from their homes ranks as the largest known accidental methane release in U.S. history, equal to the annual greenhouse gas emissions of nearly 600,000 cars, scientists reported on Thursday.

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