Energy News Results

  • Oil Falters as Libyan, U.S. Production Threaten to Mute OPEC Cuts

    Oil prices wobbled after a deal by OPEC and its allies to extend production cuts was offset by the prospect of increased output from Libya and U.S. shale producers. West Texas Intermediate, the benchmark for U.S. crude, edged down 0.7% after briefly climbing above $40 a barrel, its highest price since early March. Brent crude, the gauge for international oil prices, wavered between gains and losses at just over $42 a barrel.

  • Saudi Aramco Raises July Crude Official Selling Price to Asia

    Saudi Aramco on Sunday raised the price at which it will sell oil to all global markets in July, after the Riyadh- led Organization of the Petroleum Exporting Countries agreed with its allies on Saturday to extend historic price cuts through the month of July. State-run Saudi Arabian Oil Co. raised the official selling price of all grades of crude sold to the Far East in July, raising the July price for its Arab light crude oil to Asia by $6.10 a barrel from June to a 20 cents-a-barrel...

  • BP Agrees Amended Terms for North Sea Assets Sale with Premier Oil -- Update

    -BP's North Sea assets sale to Premier Oil (PMOIF) amended to reflect lower commodity prices. -Premier Oil (PMOIF) says assets are cash generative even under current conditions. -Premier's largest creditor agrees to withdraw appeal against debt plan and support the acquisition.

  • Oil Prices Finish Higher

    Oil prices erased earlier losses and closed higher Thursday after signs of discord over supply cuts among the Organization of the Petroleum Exporting Countries and other major producers sparked a volatile trading session. U.S. crude futures for July delivery closed up 0.3% at $37.41 a barrel. Easing coronavirus lockdowns and historic oil output cuts by large producers have helped spur the recent climb in oil prices-- though they are still down around 40% since the beginning of...

  • Oil Prices Slip After OPEC Disagreement

    A rally in oil prices stalled after signs of discord over supply cuts among the Organization of the Petroleum Exporting Countries and other major producers. After hitting highs unseen since early March, U.S. crude futures for July delivery declined 1.9% to $36.58 a barrel Thursday. Easing coronavirus lockdowns and historic oil output cuts by large producers have helped spur the recent climb in oil prices, which are still down around 40% since the beginning of the year.

  • Shell, Cluff Natural Resources Delay Selene Drilling Amid Coronavirus

    Cluff Natural Resources PLC said Thursday that it and Royal Dutch Shell PLC (RDS/A) now expect to drill the Selene prospect in the North Sea in 2022, in light of low commodity prices and the coronavirus pandemic. Cluff--a London-listed natural-resources investor which plans to rename itself as Deltic Energy PLC--had previously said it expected to drill the prospect, in which it owns a 50% and Shell the remaining 50%, in 2021.. Pensacola, another North Sea joint project between Cluff and...

  • Oil Rallies With Traders Anticipating Supply Cuts -- Update

    Oil prices rose Tuesday, continuing a recent rebound with analysts anticipating that crude producers led by Saudi Arabia and Russia will extend supply curbs in response to the energy industry's crisis. U.S. crude futures for July delivery surged 3.9% to $36.81 a barrel on the New York Mercantile Exchange. Front- month futures have risen to their highest level since early March after dropping below $0 for the first time ever on April 20 due to a lack of available storage for excess...

  • Oil Rallies With Traders Anticipating Supply Cuts

    Oil prices rose Tuesday, continuing a recent rebound with analysts anticipating that crude producers led by Saudi Arabia and Russia will extend supply curbs in response to the energy industry's crisis. U.S. crude futures for July delivery rose 1.1% to $35.82 a barrel on the New York Mercantile Exchange. Front-month futures have risen to their highest level since early March after dropping below $0 for the first time ever on April 20 due to a lack of available storage for excess...

  • Return to the Road Drives Oil Price to Largest Ever Monthly Gain -- Update

    U.S. oil prices notched their largest monthly gains on record in May, recovering a big chunk of the losses caused in March and April when the country went into lockdown to counter the spread of the coronavirus. All that unburned fuel swamped refineries and storage facilities and sent oil prices into negative territory for the first time. Since the start of May, though, domestic inventories have been drawn down sharply as producers choked back output and drivers returned to the road.

  • Global Glut Keeps a Lid on Natural-Gas Prices

    Even the biggest producer in the country is backing away from the dismal market for natural gas. EQT Corp. (EQT) has curtailed nearly 25% of the output from its wells in Appalachia, holding it in the ground for when prices for the power-generation fuel aren't so depressed. Given the way canceled orders are piling up for export cargoes of liquefied natural gas, it may be a while.

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