Oil Prices Continue to Fall in Flooded Market
Oil prices extended their recent slide on Friday, as a deluge of oil and refined products in the market weighed heavily, keeping prices near three-month lows. Brent crude, the global Continue Reading
Oil prices lower on U.S. GDP figures
A low estimate of U.S. gross domestic product and steep losses from some of the world’s biggest energy companies sent crude oil prices down early Friday. U.S. supermajor Chevron Corp. Continue Reading
Oil prices remain near April lows on ongoing oversupply
Oil prices on Friday remained around April lows as slowing economic growth threatened to worsen ongoing oversupply of crude and refined products. International Brent crude oil futures LCOc1 were trading Continue Reading
Hedge funds slash bullish bets on U.S. crude to 5-month lows
Hedge funds slashed positive bets on U.S. crude oil for a second straight week to hold the smallest bullish position in nearly five months, industry data released on Friday showed, Continue Reading
U.S. allows American-made planes to be flown to Iran
The United States said on Friday it would allow foreign airlines to fly U.S.-made aircraft to Iran, providing greater assurance to aviation companies as Iran tries to re-establish trade and Continue Reading
Libya Now Back In The Oil Business – For How Long Though
Oil tanker Libya’s key oil terminals have reopened for operations, Moussa al-Kouni, the deputy head of the country’s UN-brokered presidency council, told reporters late on Thursday at the Ras Lanuf Continue Reading
Nigeria: Shell to Lose 35,000BPd Oil for 3-Months Over Attacks
Royal Dutch Shell says its oil production in Nigeria will fall by 35,000 barrels per day in the third quarter of 2016 due to sabotage incidents and scheduled repairs. Shell, Continue Reading
Venezuela’s armed forces tighten grip as food crisis grows
When two trucks loaded with soldiers pulled up outside his butcher shop in the Barrio Unión slum of eastern Caracas, Daniel felt a deep unease. “They went into all the Continue Reading
U.S. Economy Grew at a Disappointing 1.2% in 2nd Quarter
Manny Silva welding in his bike shop that specializes in customized low-rider bicycles in Compton,… WASHINGTON–The U.S. economic growth sputtered this spring with cautious businesses largely offsetting more robust consumer Continue Reading
Oil Giants Find There’s Nowhere to Hide From Doomsday Market
Exxon posts worst profit in 17 years, missing estimates Chevron’s third straight loss capped longest streak in decades Exxon Mobil Corp. and Royal Dutch Shell Plc this week reported their Continue Reading
Canada GDP Shrinks Most Since 2009 as Wildfires Crimp Oil Output
Canada’s gross domestic product contracted at the fastest pace in more than seven years in May as wildfires curbed Alberta oil production. Canada’s gross domestic product contracted at the fastest Continue Reading
US exported 662,000 b/d of crude in May, highest on record: EIA
US crude exports jumped to their highest level on record in May, coming in at 662,000 b/d, monthly data from the US Energy Information Administration showed Friday. Exports are up Continue Reading
Oil Industry Slammed By Disappointing Earnings, Oil Price Plunge
WTI oil pared losses on Friday morning, breaking with a 6 day streak of losses. U.S. oil production also saw a slight increase, mainly due to higher output in Alaska Continue Reading
Exxon Misses Estimates By A Mile, Plunges To Two-Month Lows
ExxonMobil reported on Friday earnings of US$1.7 billion for the second quarter, a 59-percent tumble on the year, amid sharply lower commodity prices and weaker refining margins. Earnings per share Continue Reading
Oil Relieved As Rig Count Shows Negligible Gain
The U.S. oil and gas rig count was up only one rig this week, defying a significantly higher upwards trend reported by Baker Hughes for multiple weeks running. U.S. oil Continue Reading
Low Crude Prices Hammer Big Oil Companies
It is looking like another lost year for the world’s biggest oil companies, as profits shrank dramatically during the second quarter and they now face a volatile end to 2016 Continue Reading
Exxon’s earnings down 60 percent
Estimated quarterly earnings for Exxon Mobil Corp. were down about 60 percent from last year, the company said, pointing to sharply lower energy prices. Exxon reported second quarter earnings at Continue Reading
Oil rout erodes second-quarter profits for U.S. majors Exxon, Chevron
Chevron Corp ( CVX.N ) posted its worst quarterly loss since 2001 on Friday and Exxon Mobil Corp ( XOM.N ) reported a 59 percent slide in quarterly profit, both Continue Reading
Two Potential Storms Are Moving West Across the Atlantic
One system has 50 percent chance of development over 5 days System may drift into Gulf after drenching Puerto Rico It’s time to start watching the Atlantic Ocean for storms Continue Reading
Fight for survival returns to Europe’s battle-hardened refineries
Energy companies’ lifeline during the rout in oil prices – refining and downstream – has withered but the fall in margins is hardly a surprise for European refiners, which are Continue Reading
Taxing times: why Russian pump prices rise as oil prices fall
A truck drives past pump jacks at an oil field Buzovyazovskoye owned by Bashneft company north from Ufa, Bashkortostan, Russia, July 11, 2015. The global economic slowdown has hurt millions Continue Reading
Oil Prices Continue to Fall in Flooded Market
Oil prices extended their recent slide on Friday, as a deluge of oil and refined products in the market weighed heavily, keeping prices near three-month lows. Brent crude, the global Continue Reading
The Glut Strikes Back as Oil Returns to Brink of Bear Market
Surplus is harder to kill than Saudis and Goldman predicted Brimming inventories and returning supply prolong downturn The bullish spirit that gripped oil traders as industry giants from Saudi Arabia Continue Reading
Oil Approaches Bear Market Amid Biggest Monthly Loss in a Year
Highest seasonal level of U.S. crude, fuel supplies in decades Libyan oil ports reopening after dispute settled with guards Oil was poised to enter bear market in New York with Continue Reading
Oil hits 3-month lows below $43 as oversupply weighs
A view of an oil refinery off the coast of Singapore March 14, 2008. Oil prices fell to three-month lows on Thursday as producers continued to pump more than needed, Continue Reading
Forget Inventories – Drilling Cutbacks Will Lead To Much Higher Oil Prices
Oil markets continue to debate the vagaries of how much crude and refined products are stored in big white tanks and floating carriers. The feeling is that there is too Continue Reading
Natural Gas Rallies on Inventory Data
Natural gas prices surged to their biggest daily gains in seven months after new data showed a historically small addition to stockpiles last week, easing fears of a glut. The Continue Reading
Goldman says oil’s rebalancing remains fragile amid macro headwinds
A natural gas flare on an oil well pad burns as the sun sets outside Watford City, North Dakota January 21, 2016. Oil’s recovering fundamentals remain fragile, with many global Continue Reading
$60 Is the New $50 for U.S. Oil Drillers Contemplating Rebound
Hess, Anadarko cite $60 mark in second-quarter earnings calls Oil companies cautious following last year’s false starts For U.S. oil drillers, $60 is the new $50. Earlier this year, oil Continue Reading
Faltering Oil Rally Boosts Leveraged Loan Defaults, Fitch Says
Templar, Stallion likely to miss interest payments, Fitch says The defaults would push energy default rate to nearly 18% The default rate for leveraged loans in the energy sector could Continue Reading
Sinking Oil Prices Mean Fragile Unity for OPEC’s New Chief
Mohammed Barkindo becomes secretary general on August 1 OPEC at ‘critical time’ as cost of new strategy hits members When OPEC’s new chief starts next week, he’ll take over an Continue Reading
Aramco Buyer Beware: The Risky Track Record of Government Oil
Saudi Arabian Oil Co. has captured the oil industry’s attention with plans for an initial public offering that could raise more than $100 billion, but some investors are wary, pointing Continue Reading
Iraq pursues Basra refinery upgrade
Iraq’s Cabinet has given approval to activate a Japanese loan offer that will fund an upgrade to the Shuaiba refinery in Basra.The new plans promise to improve the efficiency of Continue Reading
Libya government in talks to reopen Ras Lanuf oil port: official
Libyan government officials were in talks with brigades holding the Ras Lanuf oil port, one of two major oil terminals shut down since December 2014, to reach a deal to Continue Reading
Pemex Losses Accumulate as Oil Production Hits Record Low
Mexico oil company hasn’t reported positive results since 2012 Pemex had plant explosion, received capital injection in 2Q Petroleos Mexicanos added to more than three years of losses as a Continue Reading
Surprise rally in coal prices expected to stretch as China buys more
labourer searches for usable coal at a cinder dump site on the outskirts of Changzhi, Shanxi province October 27, 2009. Thermal coal, the first energy market to go into a Continue Reading
Petróleos Mexicanos Posts $4.4 Billion Second-Quarter Loss
Mexican state oil company Petróleos Mexicanos on Thursday said it recorded an after-tax loss of $4.4 billion in the second quarter, as lower oil prices and output hit sales and Continue Reading
M&A activity in U.S. oil industry pick up in second-quarter: PwC
Dealmaking in the U.S. energy industry improved in the second quarter after five subdued quarters and activity is expected to accelerate in the second half of the year, consultant PwC Continue Reading
Baker Hughes posts bigger-than-expected loss on weak drilling
Oilfield services provider Baker Hughes Inc reported a bigger-than-expected quarterly loss, hurt by weak drilling activity and pricing, and said it did not expect a substantial recovery in North America Continue Reading
ConocoPhillips cuts 2016 budget again amid oil slump
U.S. oil producer ConocoPhillips reported a bigger-than-expected quarterly loss and cut its 2016 budget for the third time this year amid a crude oil slump that has lasted for two Continue Reading
Suncor Mulls Stranding Some Oil in Bid to Cut Costs, Save Planet
Suncor Energy Inc. is discussing with the Alberta government leaving some oil-sands bitumen in the ground in order to lower emissions and reduce costs, Chief Executive Officer Steve Williams said. Continue Reading
Faltering Oil Rally Boosts Leveraged Loan Defaults, Fitch Says
Templar, Stallion likely to miss interest payments, Fitch says The defaults would push energy default rate to nearly 18% The default rate for leveraged loans in the energy sector could Continue Reading
Here’s Why It’s All Downhill for Oil Refiners
As earnings season gets into full swing, a casual glance at the fundamentals shows there is little for refiners to be excited about. Excessive production in the first half on Continue Reading
Quiet Solar Revolution Unfolding In U.S. Despite Low Oil Prices
Oil is enduring a tough month, as further worries about the ongoing supply glut and declining demand push prices to their lowest point in three months. Yet as fossil fuels Continue Reading
Wholesale California gasoline prices plunge, consumers still pay up
Wholesale gasoline in California became the cheapest in the country this week, but that change has largely gone unseen at the pump, where consumers are still paying the highest prices Continue Reading
Shell’s Debt Nears Edge of Comfort Zone as Rout Boosts Borrowing
Gearing rose to 28.1% last quarter, double year-earlier level Debt ‘close to the maximum’ but may still climb, company says Royal Dutch Shell Plc is on the verge of breaching Continue Reading
Shell Disappoints Analysts With Abysmal Earnings Report
Royal Dutch Shell disappointed with its second quarter earnings , reporting numbers much lower than what analysts had expected. Shell’s profits fell by 72 percent, dropping to $1.05 billion, down Continue Reading
Ruble Heads for Worst Week Since January Before Rates Meeting
Bank of Russia expected to leave borrowing costs unchanged Brent in ruble terms declines more than 2 percent this week The ruble headed for the biggest weekly decline since January Continue Reading
Oil Near Three-Month Lows as Stocks Accumulate
Crude oil prices hovered near three-month lows on Thursday, as unexpected growth in U.S. inventories kept downward pressure on the market, while the weaker dollar provided some support. Brent crude, Continue Reading
Oil hits 3-month lows below $43 as oversupply weighs
Oil prices fell to three-month lows on Thursday as producers continued to pump more than needed, filling inventories, and economic growth prospects darkened. Brent crude oil LCOc1 was down 50 Continue Reading