Energy News Results

  • Oil Rallies on Surprise Supply Drop

    Oil prices climbed Wednesday, after unexpectedly upbeat U.S. inventory numbers extended a rally that began Tuesday. Brent crude oil, the global benchmark, rose 3.9% to $42.11 a barrel and West Texas Intermediate futures, the U.S. benchmark, were up 4.4% at $40.00 a barrel. Crude extended its gains after the Energy Information Administration released weekly inventory data showing the seventh drop in U.S. crude-oil stocks in eight weeks, with those inventories falling to a...

  • U.S. Gas Exporters Eye Europe's Surging Prices

    Natural-gas prices have surged in Europe following a plunge in the spring, offering much-needed relief to U.S. exporters. Spot prices for gas in the Title Transfer Facility, a virtual trading hub in the Netherlands, have rallied 265% from their trough in late May, even after slipping over the past week. Prices have gone from just under $1 per million British thermal units to $3.63 in under four months, according to S&P Global Platts.

  • Oil Prices Rise as Hurricane Season Disrupts U.S. Supply

    Oil prices rose Tuesday, clawing back some of their losses from recent weeks, with U.S. hurricane season limiting supply from the Gulf of Mexico. Before paring some gains, West Texas Intermediate futures, the U.S. benchmark, rose 1.7% to $37.86 a barrel, and global benchmark Brent crude rose 1.4% to $40.15 a barrel. The International Energy Agency said that precautionary shut-ins prompted by Hurricane Laura cut U.S. supply by 400,000 barrels a day in August.

  • OPEC Deepens Forecast for Decline in Global Oil Demand

    The economic hit from the coronavirus pandemic will hurt global energy demand harder and for longer than previously feared, the Organization of the Petroleum Exporting Countries said Monday. In its monthly report, OPEC said it expects the pandemic to reduce demand by 9.5 million barrels a day, forecasting a fall in demand of 9.5% from last year. In further signals of the gloom, the cartel softened the amount by which it expects non-OPEC oil supply to fall this year-- in part because of...

  • Oil Prices Tumble on Faltering Recovery in Demand -- 4th Update

    Oil prices slumped to their lowest level in nearly three months Tuesday, under pressure from a stalling recovery in demand and planned production expansions by OPEC that threaten to add to an existing glut of crude. U.S. crude-oil futures slid 7.6% to $36.76 a barrel, hitting their lowest level since mid-June. Brent crude, the global gauge of oil prices, dropped 5.3% to $39.78 a barrel, the first time the international benchmark has fallen below $40 in nearly three months.

  • Oil Prices Tumble on Faltering Recovery in Demand -- 3rd Update

    Oil prices slumped to their lowest level in more than two months Tuesday, under pressure from a stalling recovery in demand and planned production expansions by OPEC that threaten to add to an existing glut of crude. Futures tied to West Texas Intermediate, the benchmark grade of U.S. crude oil, tumbled 8% to $36.58 a barrel in New York, their lowest price since mid-June. Brent-crude futures dropped 5.4% to $39.73 a barrel, the first time the international benchmark has fallen below...

  • Oil Prices Tumble on Faltering Recovery in Demand -- 2nd Update

    Oil prices slumped to their lowest level in more than two months Tuesday, under pressure from a stalling recovery in demand and planned production expansions by OPEC that threaten to add to an existing glut of crude. Futures tied to West Texas Intermediate, the benchmark grade of U.S. crude oil, tumbled 8% to $36.58 a barrel in New York, their lowest price since mid-June. Brent-crude futures dropped 5.4% to $39.73 a barrel, the first time the international benchmark has fallen below...

  • Oil Prices Tumble on Faltering Recovery in Demand -- Update

    Oil prices slumped to their lowest level in more than two months Tuesday, under pressure from a stalling recovery in demand and planned production expansions by OPEC that threaten to add to an existing glut of crude. Futures tied to West Texas Intermediate, the benchmark grade of U.S. crude oil, tumbled 5.9% to $37.42 a barrel in New York, their lowest price since mid-June. Brent-crude futures, the international benchmark, dropped 3.7% to $40.44 a barrel.

  • Oil Prices Drop on Faltering Recovery in Demand

    Oil prices fell to their lowest level in more than two months Tuesday, under pressure from a stalling recovery in demand that has prompted Saudi Arabia to discount its crude exports. Futures tied to West Texas Intermediate, the benchmark grade of U.S. crude oil, fell 3.4% to $38.43 a barrel in New York, their lowest price since late June. Brent-crude futures, the international benchmark, slipped 1.3% to $41.45 a barrel.

  • Summer Fuel Demand Disappoints, Challenging Economy -- Update

    A swift recovery in fuel consumption by U.S. drivers is petering out, posing new challenges to the oil market, economy and global energy industry. After demand for gasoline surged from mid-April to late June, consumption has stayed relatively flat in the past two months and remains well below its prepandemic levels, government data show. The fizzling rebound highlights the lingering effects of coronavirus precautions and travel restrictions.

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