Canada’s Suncor trims spending
Canadian energy company Suncor, after a success hostile takeover of a rival, reported a fourth quarter net loss of almost $1.5 billion. The company reported an operating loss of $18.9 Continue Reading
House scoffs at Obama’s proposed $10 oil fee
Republican leaders in the U.S. House said a White House proposal to impose a $10-per-barrel tax on U.S. oil stands no chance of gaining legislative traction. President Barack Obama proposed Continue Reading
U.S. oil drillers deepen cuts in seventh week of declines: Baker Hughes
U.S. energy firms deepened their cuts in oil drilling rigs in the seventh week of declines to the lowest levels since March 2010, data showed on Friday, as they continue Continue Reading
After rapid growth, U.S. energy MLPs running out of road
Investment vehicles that funneled more than $100 billion into U.S. pipelines, storage and other facilities during the shale boom now face an existential crisis after oil tumbled so low that Continue Reading
World economy seems trapped in ‘death spiral’
The global economy seems trapped in a “death spiral” that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned. Some Continue Reading
Oil prices steady, weak fundamentals weigh after volatile week
Crude oil futures steadied on Friday after earlier losses, as bearish fundamentals weighed on markets at the end of a volatile week that saw prices seesaw over 10 percent within Continue Reading
Oil Prices Fall on Oversupply Concerns
Oil prices fell Thursday on expectations that Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries, is unlikely to change its strategy of pumping at full Continue Reading
Natural Gas Prices Slip on Inventory Data
NEW YORK–Natural gas prices settled below $2 on Thursday for the first time since December after weekly inventory data showed a smaller-than-average withdrawal from storage. Futures for March delivery settled Continue Reading
Wednesday’s Market Mayhem Shows How Four Huge Asset Classes Are Intertwined
Wednesday was “a complete and utter mess” in markets, according to Bespoke Investment Group. What were some of the wild moves? Oil rallied on what at first blush would seem Continue Reading
As energy rout deepens, CME, ICE reap benefit from record volumes
As the long rout on world energy markets intensified in volatile trade in recent months, exchange operators have reaped benefits. The two largest commodity exchanges, CME Group Inc and IntercontinentalExchange, Continue Reading
The IEA’s Oil Production Predictions for 2016
The IEA Oil Market Report , full issue, is now available to the public. Some interesting observations: Non-OPEC oil supplies are nevertheless seen sharply lower in December. Overall supplies are Continue Reading
How Much Global Oil Output Halted Due to Low Prices? Just 0.1%
After a year of low oil prices, only 0.1 percent of global production has been curtailed because it’s unprofitable, according to a report from consultants Wood Mackenzie Ltd. that highlights Continue Reading
Oil Lower for Longer Seen Hurting Offshore Rig Owners Even More
As most of the battered oil industry looks ahead to 2017 for a solid recovery, signs are emerging that the downturn pain could last even longer for owners of the Continue Reading
Billions pledged for Syria as tens of thousands flee bombardments
Donor nations pledged on Thursday to give $11 billion in aid to Syrians by 2020 as world leaders tried to tackle the world’s worst humanitarian crisis, while Turkey reported a Continue Reading
The Latest: ‘Like a siege of Aleppo is about to begin’
The latest on fighting in Syria and Thursday’s Syria aid conference (all times local): 8:30 p.m. The aid group Mercy Corps says intensified airstrikes and fighting around Aleppo have cut Continue Reading
As Syria Talks Fizzle, ‘War Has No Meaning Anymore’
Four Syrian rebel commanders huddled in a knot, all broad shoulders and shiny gray suits, surveying the hotel lounge. Gigantic portraits of Jim Morrison and Jimi Hendrix gazed down at Continue Reading
Source: Turkey isn’t preparing to invade Syria
Istanbul (CNN)Turkish forces aren’t preparing to invade northern Syria and Russia’s allegation that they are is an attempt to hide Moscow’s crimes in the war-ravaged nation, a source within the Continue Reading
Oil spill mars Basra power plant expansion
Iraqi regulators are threatening to shut down Basra’s newly expanded Najibiya power plant after an oil spill contaminated residential and agricultural water supplies.Iraqi Prime Minister Haider al-Abadi formally opened the Continue Reading
Disappointed With Europe, Thousands of Iraqi Migrants Return Home
Night after night, Mohammed al-Jabiry tossed and turned in his bed at a refugee center in Finland, comparing life in Europe with life in Baghdad. After many sleepless nights, he Continue Reading
No Respite for the Oil Market: Saudi Arabia Cuts Prices
Saudi Arabia on Thursday cut prices for its best-quality crude oil destined for customers in Europe and Asia amid uncertainty about whether the Organization of the Petroleum Exporting Countries will Continue Reading
Saudi Aramco Cuts Prices of Most Crude Grades for Mediterranean Customers
Saudi Arabian Oil Co., known as Saudi Aramco, has offered discounts across most crude grades for Mediterranean customers loading crude oil in March, according to its latest official selling prices, Continue Reading
Saudi official says kingdom ready to send troops to Syria
A Saudi military spokesman said Thursday the kingdom is ready to send ground troops to Syria to fight Islamic State group provided coalition leaders agree during an upcoming meeting in Continue Reading
US struggling to build anti-Islamic State strategy in Libya
The Obama administration is struggling to find the right mix of military and diplomatic moves to stop the Islamic State in Libya, where the extremist group has taken advantage of Continue Reading
A Saudi-Russian Oil Détente? Not Likely
Most oil analysts and traders were intrigued when Russia’s energy minister signaled on Jan. 28 that the Kremlin wanted to discuss oil production cuts with OPEC. After all, limiting supply Continue Reading
Saudis Say Cash Crunch Won’t Derail an Ambitious Foreign Agenda
Saudi Arabia won’t let the plunge in oil prices derail a regional agenda that includes waging war in Yemen and funding allies in Syria and Egypt, Foreign Minister Adel al-Jubeir Continue Reading
Venezuela talks oil prices with Qatar, Oman; to meets Saudis
Venezuelan Oil Minister Eulogio Del Pino, on a tour of oil producers to lobby for action to prop up prices, said on Thursday he had a “good and productive” meeting Continue Reading
From Iran to Nigeria, cheap oil means perilous politics
One of Donald Trump’s stock campaign lines is that the Iran nuclear agreement was “ terrible .” I’m beginning to wonder whether that’s true, but from the other side. Iran Continue Reading
Obama Administration Proposes New Tax on Oil Companies
The Obama administration is proposing a $10 per barrel tax on oil companies to fund hundreds of billions of dollars’ worth of alternative transportation efforts, part of President Barack Obama’s Continue Reading
Xi Jinping Assuming New Status as China’s ‘Core’ Leader
China ’s president, Xi Jinping , has already grasped more power more quickly than his two recent predecessors, and he has shown a taste for audacious decisions and a loathing Continue Reading
China Oil Output Seen Cracking Under Pressure of Price Collapse
Cheap crude is a double-edged sword for one of the world’s biggest markets. China’s output in 2016 will decline between 3 percent and 5 percent from last year’s record 4.3 Continue Reading
Obama to seek new tax on oil in budget proposal
U.S. President Barack Obama will propose a $10-a-barrel fee on oil in his budget plan next week, as the White House seeks to boost the nation’s investments in clean transportation Continue Reading
Phillips 66 says California rail project critical to crude supply
Phillips 66 says a long-proposed crude-by-rail project at one of its California refineries is more critical to supply because of the extended shutdown of an oil pipeline that ruptured last Continue Reading
U.S. oil, gas industry sheds 100,000 jobs in slump: Kemp
The number of people employed in oil and gas extraction and support activities across the United States has fallen by around 100,000 since October 2014. Between October 2014 and November Continue Reading
The Bakken Bust Hits North Dakota Hard
It’s a buyer’s market in Dickinson, N.D. For most of the past decade, North Dakota has been the economic envy of every state in America. It posted the lowest jobless Continue Reading
Big Oil Opts for Payouts Over Debt Rating
The world’s biggest energy companies have a tough decision to make amid languishing oil prices: Do they keep their coveted investment-grade credit ratings or maintain century-old practices of paying shareholders Continue Reading
Statoil cuts spending to prepare for rebound
Norwegian energy company Statoil said Thursday it was cutting spending for the year in an effort to position its portfolio for growth once the market recovers. The company outlined a Continue Reading
Oil Rout Threatens Vicious Cycle for Economy
With oil hovering at $30 a barrel and gasoline below $2 a gallon, the pleasure of lower fuel prices is turning painful for more of the U.S. economy. The problem Continue Reading
If There Is a Recession in 2016, This Is How It Will Happen
More and more news headlines and stock market analysts’ reports have started predicting , or at least insinuating , that a recession could be near in the United States. I’ve Continue Reading
Porter Ranch gas leak begins taking big toll on small business
On a recent afternoon at King TaeKwonDo , in one of the many shopping centers dotting this sprawling suburb north of Los Angeles, only seven young children were attending the Continue Reading
After rapid growth, U.S. energy MLPs running out of road
Investment vehicles that funneled more than $100 billion into U.S. pipelines, storage and other facilities during the shale boom now face an existential crisis after oil tumbled so low that Continue Reading
Oil Rout Threatens Vicious Cycle for Economy
With oil hovering at $30 a barrel and gasoline below $2 a gallon, the pleasure of lower fuel prices is turning painful for more of the U.S. economy. The problem Continue Reading
Russia’s fuel oil exports down amid higher home demand
Russia exported less fuel oil in January as domestic utilities snapped up fuel oil cargoes, which were cheaper than natural gas, industry sources told Reuters. Russia’s fuel oil exports dropped Continue Reading
EU still net energy importer
Members of the European Union imported more than half of their energy in 2014, data from the region’s statistics office showed. Eurostat, the statistics office of the European Union, said Continue Reading
Oil Prices Rise 8% on Weak Dollar, Despite Daunting Supply Data
NEW YORK—Oil prices soared on Wednesday, as traders looked past record-high U.S. crude inventories and focused on the sliding dollar. Light, sweet crude for March delivery settled up $2.40, or Continue Reading
Oil bears closing of $600 million triple-short fund bet seen adding to tumult
This week’s roller-coaster ride in the global crude oil market was likely fueled in part by the sudden liquidation of a $600 million leveraged fund bet on falling prices, market Continue Reading
Global oil demand growth is slowing going into 2016
The United States was one of the biggest sources of oil demand growth in 2015 but the outlook for 2016 is much more muted, according to official forecasters. The U.S. Continue Reading
Why an Oil Price Rally Is So Slippery
How do you say “fade the rally” in Russian? Last week, and to a lesser extent Wednesday morning, oil prices jumped on reports from Russia about that country’s willingness to Continue Reading
Natural Gas Rises Ahead of Inventory Data
Natural-gas prices rose Wednesday ahead of weekly inventory data expected to show that stockpiles of the fuel fell last week by near-average levels for this time of year. Natural gas Continue Reading
Global gas market braced for price war
Could Gazprom be about to start a price war in the global gas market? With the prospect of a wave of US liquefied natural gas (LNG) supplies starting to hit Continue Reading
No peak oil demand until 2040
A peak in global oil demand is unlikely to occur before 2040 in a sub-$70 oil world, according to a research report from Bank of America Merrill Lynch (BoAML). Over Continue Reading