Oil prices fell on Thursday, adding to sharp overnight losses as U.S. crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed. U.S. crude was down 25 cents, or 0.5%, at $54.98 a barrel, having dropped 3.3% in the previous session. Brent crude was down 37 cents, or 0.6%, at $59.11 a barrel by 0300 GMT, after falling 3% in the last session. The combination of a slew of data suggesting a slowdown in global growth amid the … [Read more...]
Oil prices drop as data shows surprise climb in U.S. inventories
Oil prices fell on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week, erasing some gains from the last session that were stoked after Washington said it would delay tariffs on some Chinese goods. The move by U.S. President Donald Trump sent commodities, stocks and other assets higher because of optimism the effects of the trade war, already being felt in economies across the world, will be blunted. Oil prices surged by as much as nearly 5 … [Read more...]
Continental Resources CEO urges OPEC, shale oil output cuts
OPEC and U.S. shale producers should reduce crude shipments into an oversupplied market, Continental Resources Chief Executive Harold Hamm said on Tuesday, as Iran sanctions and the U.S.-China trade dispute has roiled the market. Hamm, who heads one of the largest U.S. shale companies, urged energy producers to curb spending and production, echoing his position two years ago when cuts by the Organization of the Petroleum Exporting Countries (OPEC) paved the way for greater U.S. shale … [Read more...]
U.S. crude oil stocks rise 3.7 mln bbls-API
U.S. crude stocks rose unexpectedly last week while gasoline inventories increased and distillate stocks drew, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories rose by 3.7 million barrels in the week to August 9 to 443 million, compared with analysts' expectations for a decrease of 2.8 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.2 million barrels, API said. Refinery crude runs fell by 173,000 barrels per day, … [Read more...]
Oil soars on easing U.S.-China trade tensions
Oil prices rose more than 3% on Tuesday after the United States said it will remove some products from its China tariff list, easing concerns over a global trade war that has pummeled the market in recent months. U.S. West Texas Intermediate (WTI) futures were up $1.38, or 2.5%, at $56.31. Brent crude futures were up $1.75, or 3.1%, from the previous settlement at $60.32 a barrel by 1357 GMT. The international benchmark has lost more than 20% since hitting its 2019 high in … [Read more...]
Exxon eyes UK North Sea exit after 50-year presence
Exxon Mobil is considering an exit from the British North Sea after more than 50 years in the oil and gas basin as it focuses on U.S. shale production and new projects. The world's largest publicly traded energy company, Exxon has held talks with a number of North Sea operators in recent weeks to gauge interest in some or all of its assets, which could fetch up to $2 billion, according to three industry sources with knowledge of the matter. Exxon declined to comment. Leaving the British … [Read more...]
U.S. natgas futures rise on forecast for higher demand next week
U.S. natural gas futures rose almost 2% on Tuesday on forecasts for more heat and cooling demand next week than previously expected despite an increase in output to a fresh record high. Front-month gas futures for September delivery on the New York Mercantile Exchange rose 3.7 cents to $2.142 per million British thermal units at 9:05 a.m. EDT (1305 GMT), or minus 1.8%. Front-month gas futures for September delivery on the New York Mercantile Exchange were up 1.8 cents, or 0.9%, to $2.123 per … [Read more...]
Heavy discount narrows as end of monthly trade cycle looms
The Canadian heavy crude discount narrowed against benchmark West Texas Intermediate (WTI) futures on Monday: * Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, last traded at $10.95 per barrel below WTI, according to Net Energy Exchange. On Friday, it settled at $12.00 per barrel below WTI. * One Calgary-based industry source said there was strong buying as market players covered positions ahead of the end of the monthly trade cycle on … [Read more...]
Oil steadies as Saudi, Kuwait signals offset demand fears
Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. Investors were torn between forecasts of slowing global oil demand growth and chatter about renewed efforts by major producers to … [Read more...]
U.S. natgas futures rise on forecast for more demand despite record output
U.S. natural gas futures edged up on Monday as the market focused more on forecasts for more demand over the next two weeks than previously expected as opposed to an increase in output to record levels. Front-month gas futures for September delivery on the New York Mercantile Exchange rose 2.7 cents, or 1.3%, to $2.146 per million British thermal units (mmBtu) at 9:10 a.m. EDT (1310 GMT). That keeps the contract within 10 cents of the $2.070 close on Aug. 5, which was its lowest settle since … [Read more...]
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