Energy News Results

  • U.S. Oil Inventories Rise as Fuel Supplies Decline

    U.S. inventories of crude oil rose slightly last week but supplies of gasoline and other fuels declined, according to data released Wednesday by the Energy Information Administration. Benchmark U.S. oil prices, which were sharply lower before the mixed-to-bearish data were released, extended those declines slightly afterward. The Nymex front-month crude contract for November delivery was recently down 3% at $39.45 a barrel.

  • U.S. Boosts Crude Sales to China, Forcing Saudis to Find Other Markets

    By Benoit Faucon in London and Collin Eaton in Houston. The U.S. is quickly ramping up oil sales to China, the world's biggest importer, forcing traditional suppliers in the Mideast to look for new markets or hold on to their crude in an already oversupplied world. The U.S. accounted for 7% of Chinese crude imports through mid-September, according to London-based market intelligence firm Vortexa Ltd-- up from 0.4% in January.

  • Pandemic Pain Persists for Big Oil Companies -- 2nd Update

    By Christopher M. Matthews and Sarah McFarlane. Major oil companies signaled they remain under extreme financial pressure and oil prices slid Thursday as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Despite a modest economic recovery, oil-and-gas companies are being hammered by a sustained drop in consumption of gasoline and jet fuel as millions of people work from home and avoid driving and flying.

  • Oil's Recovery Set to Drag On Beyond Next Year -- Update

    Oil prices won't recover to pre-coronavirus levels by the end of next year, investment banks say. A group of 10 investment banks polled by The Wall Street Journal forecast that futures for Brent crude oil, the global benchmark, will average $53.50 a barrel in 2021' s fourth quarter. U.S. benchmark West Texas Intermediate futures will average $50.31 a barrel in the same quarter, they estimated.

  • Pandemic Pain Persists for Big Oil Companies -- Update

    By Christopher M. Matthews and Sarah McFarlane. Major oil companies signaled they remain under extreme financial pressure and oil prices slid Thursday as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Despite a modest economic recovery, oil-and-gas companies are being hammered by a sustained drop in consumption of gasoline and jet fuel as millions of people work from home and avoid driving and flying.

  • Oil's Recovery Set to Drag On Beyond Next Year--Update

    Oil prices won't recover to pre-coronavirus levels by the end of next year, investment banks say. A group of 10 investment banks polled by The Wall Street Journal forecast that futures for Brent crude oil, the global benchmark, will average $53.50 a barrel in 2021' s fourth quarter. U.S. benchmark West Texas Intermediate futures will average $50.31 a barrel in the same quarter, they estimated.

  • Pandemic Pain Persists for Big Oil Companies

    By Christopher M. Matthews, Rebecca Elliott and Sarah McFarlane. The global oil-and-gas industry remains under extreme financial pressure as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Some of the largest western oil companies including Exxon Mobil Corp. (XOM) and Royal Dutch Shell PLC (RDS/A) signaled this week that key parts of their business continued to struggle through the summer and early fall, which will weigh down the third-quarter...

  • Cooling Demand Recovery Keeps Oil Stuck Around $40

    Gasoline demand in the U.S. has flatlined for much of the third quarter, keeping crude-oil prices near $40 a barrel and challenging the global energy industry heading into the final months of the year. Fragile fuel demand joins other indicators of economic activity-- from consumer spending to hiring-- in signaling that growth is softening after a surge from April to June. That trend has many investors skittish as fall begins, particularly with November's presidential election...

  • Oil Market Flies Blind as Covid-19 Clouds Demand Outlook

    Predicting oil demand has rarely been more challenging, buffeting prices and muddying the outlook for traders, investors and energy producers. Energy analysts are mapping out the course of the coronavirus and efforts to stop the pandemic, including limits on flights, cruises and the use of public transportation. They are also grappling with the effects on fuel demand of an economic downturn, rising unemployment, and changing patterns of work, study and travel.

  • Crude Prices Fall as Libya Ramps Up Production

    Oil prices dropped Monday on fears that some of Libya's long-blockaded crude would return to the market, adding to the global glut. Brent crude oil, the global benchmark, fell 2.4% to $42.12 a barrel and West Texas Intermediate futures, the main U.S. benchmark, were down 2.7% at $40.03 a barrel. Oil prices rallied last week on a combination of lower-than-expected U.S. inventory data and the Organization of the Petroleum Exporting Countries's reaffirmation that it would further...

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