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Oil prices cratered during the early days of the pandemic, taking oil stocks with them. Crude prices and oil stocks have cooled off over the past several months on macroeconomic concerns. Three that stand out are Devon Energy (NYSE: DVN), Occidental Petroleum (NYSE: OXY), and Marathon Oil (NYSE: MRO).
On the other, it’s whether a stay or another cut is coming. New York-traded West Texas Intermediate, or WTI, crude settled Friday’s trade up 84 cents, or 1.2%, at $72.67 per barrel. London-traded Brent crude, the global benchmark for oil, settled up 69 cents, or 0.9%, at $76.95.
With its stock down 10% over the past three months, it is easy to disregard Tethys Petroleum (CVE:TPL). However, a...
Oil prices rose Friday, heading towards their second consecutive week of gains on signs of tightening U.S. supply and improving fuel demand in the world’s largest oil consumer. Both benchmarks are on course for gains of close to 2% this week on expectations of tighter U.S. supplies as the travel-heavy summer season approaches, boosted by an unexpected, hefty fall in U.S. crude oil inventories last week. U.S. commercial crude oil inventories fell by 12.5 million barrels a day, the largest weekly decline since November, while ING noted that “the 4-week average for implied gasoline demand remains just above 9MMbbls/d, which is the highest post-COVID level seen for this time of year.”
Investing.com-- Oil prices retreated in Asian trade on Friday, extending a sharp drop from the prior session as traders awaited more clarity on the OPEC’s plans for future production cuts, while concerns over the U.S. debt ceiling kept markets on edge.
(Bloomberg) -- Colombia is studying the need for more exploration contracts after a report showed oil and gas reserves dropping, according to a senior minister. Most Read from BloombergCathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion SurgeEmerging US Debt Deal Would Raise Limit, Cap Spending for Two YearsEurope’s Economic Engine Is Breaking DownCredit Suisse Loses Singapore Case Against Georgian Billionaire IvanishviliJPMorgan Tells 1,000 First Republic Employees They'll Lose Their Job
OPIS Global Head of Energy Analysis Tom Kloza joins Yahoo Finance Live to discuss gas prices, the upcoming summer travel season, and the impact of debt ceiling negotiations on the energy market.
The Russians aren’t helping the price of oil — to the delight possibly of the West and the utter frustration likely of other producers within the OPEC+ alliance, not to mention market bulls. Crude prices tumbled some 3% Thursday after Russian Deputy Prime Minister Alexander Novak, who is also the nation’s de facto oil minister, said he expected no new steps from OPEC+ at its meeting on June 4. Given that Saudi Energy Minister Abdulaziz bin Salman had hinted just 24 hours earlier of the possibility of another round of production cuts at the meeting, Novak’s remarks meant only one thing — that the alliance will keep output unchanged.
A fire incident at Marathon Petroleum's (MPC) Galveston Bay refinery leads to a worker's death, raising concerns regarding safety within the facility.
Some oil-related stocks that could benefit in the current environment include NOW Inc. (DNOW), Murphy USA (MUSA) and Dril-Quip (DRQ).
Traders consider whether another crude production cut is on the cards as oil prices rally.
Oil prices fell Thursday, handing back some of the week’s strong gains as U.S. debt ceiling uncertainty and a stronger dollar weighed on the crude market. Fears of a U.S. debt default have grown after rating agency Fitch raised the possibility of a downgrade to the U.S.’s prized “AAA” rating, placing it on credit watch negative, citing the uncertainty surrounding the negotiations to lift the country’s $31.4 trillion debt ceiling. "Fitch still expects a resolution to the debt limit before the X-date," the credit agency said in a report.
Investing.com -- Oil prices fell slightly in Asian trade on Thursday, capping off three days of gains amid growing pressure from a strong dollar, while uncertainty over the U.S. debt ceiling persisted as a June deadline to reach a deal grew closer.
Yahoo Finance's Ines Ferre joins the Live Show to discuss the rise in oil prices amid retailers stocking up on supplies before the Memorial Day holiday.
New York-traded West Texas Intermediate, or WTI, crude settled up $1.43, or 2%, at $74.34 per barrel. London-traded Brent crude, the global benchmark for oil, also hit a three-week peak, at $78.66, before settling up $1.52, or 2%, at $78.36. Brent rose 1.6% in two previous days of trading.
U.S. crude stockpiles plunged by almost 12.5 million barrels last week, multifold to expectations, and fuel demand overshot forecasts too, the government agency responsible said on Wednesday as oil bulls bet on higher demand in the run-up to summer road, air and seaborne travel. The U.S. crude inventory balance fell by 12.456 million barrels during the week ended May 19, the Energy Information Administration, or EIA, said in its Weekly Petroleum Status Report. Analysts tracked by Investing.com had only forecast a crude draw of 0.920M for last week.
President Biden and House Speaker Kevin McCarthy have still not reached an agreement on how to raise the US government's $31.4 trillion debt ceiling.
Glencore is braced for a heated debate over its highly profitable coal-mining business when it meets shareholders this week as the group comes under pressure to tackle climate change. A growing number of shareholders support a resolution asking the company to explain how its thermal coal production — the largest of any company outside China and India — is compatible with its climate goals. Legal & General Investment Management, Allianz, Scottish Widows, Man Group and HSBC Asset Management have all backed the measure in recent days, as have proxy advisers Glass Lewis and Institutional Shareholder Services.
In Douglas Stuart’s Booker Prize-winning novel Shuggie Bain, the main character relocates in the early 1980s to a bleak former mining community on the outskirts of Glasgow. Stuart’s description of the local miners’ “pink hands that looked free of work” recalls the real-life fate of many British workers when big industries shrank or disappeared completely. The UK government’s official climate advisers on Wednesday urged politicians to heed the lessons from the closures of coal mines and steelworks, as the country tries to reduce its dependence on oil and gas.
Investing.com -- Oil prices rose in Asian trade on Wednesday as industry data signaled a sharp drop in U.S. inventories, heralding tighter supplies, although concerns over slowing economic growth and a U.S. debt default still persisted.
U.S. crude stockpiles fell more than expected last week and fuel demand overshot expectations too, petroleum industry group API indicated in a report Tuesday as oil bulls bet on a pick up in energy demand in the run-up to summer road, air and seaborne travel. The U.S. crude inventory balance fell by 6.799 million barrels during the week ended May 19, according to the API, or American Petroleum Institute. The petroleum industry group reported a crude build of 3.69M barrels in the prior week to May 12.
It had been a while since the overbearing voice of the Saudi energy minister had been heard, and it arrived on cue Tuesday as speculators to oil producers sought for every means in pushing prices higher in the run-up to the peak summer demand for travel. New York-traded West Texas Intermediate, or WTI, crude settled up 86 cents, or 1.2%, at $72.91 per barrel. London-traded Brent crude, the global benchmark for oil, settled up 85 cents, or 1.1%, at $76.84.
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Oil prices rose Tuesday, as the expectation of rising U.S. demand during the summer driving season as well as tight supply conditions overshadowed U.S. debt ceiling uncertainty. The crude market has benefited this week from the expectation of a seasonal rise in gasoline demand ahead of the Memorial Day holiday which traditionally marks the start of the peak summer demand season in the U.S., the largest consumer in the world. This has helped the market overlook the lack of agreement to lift the U.S. debt ceiling, with U.S. Treasury Secretary Janet Yellen warning that it was now “highly likely” the government would run out of sufficient cash in early June.
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