Energy News Results

  • Rogue Oil Trader Racks Up Losses -- WSJ

    This article is being republished as part of our daily reproduction of articles that also appeared in the U.S. print edition of The Wall Street Journal. Japan's Mitsubishi Corp. (MSBHF) said a subsidiary has lost about $320 million on energy derivatives, after a rogue employee in Singapore entered into secret unauthorized trades and then lost money as crude prices fell. Mitsubishi (MSBHF) said on Friday it had quickly closed the positions, which it uncovered in August when the employee...

  • Hess, General Motors, Amazon: Stocks That Defined the Week

    Energy stocks were among the only gainers Monday after weekend attacks on Saudi oil production facilities. Shares of U.S. energy companies surged, with Hess increasing 11%, Devon Energy (DVN) adding 12% and Occidental Petroleum (OXY) gaining 6%. Energy stocks have been crushed by low commodity prices and investors wary of oversaturated commodity markets.

  • U.S. oil prices up 6% for the week, biggest weekly gain in 3 months

    Oil futures ended lower on Friday, but tallied a gain of almost 6% for the week, the largest such rise in three months. As the Saudis reveal the extent of damages from the attacks on oil facilities last weekend, "the market mood has shifted to questioning how quickly production can be restored," Manish Raj, chief financial officer at exploration and production firm Velandera Energy Partners, told MarketWatch. "We are familiar with the repair and maintenance processes in oilfield...

  • Oil posts biggest weekly gain in months after attacks on Saudi facilities

    By William Watts and Myra P. Saefong, MarketWatch. For the week, WTI oil up over 6%, Brent gains closer to 7%. Oil futures finished lower on Friday, but registered a sharp gain for the week, their largest in months, after attacks on Saudi Arabian production facilities last weekend raised concerns over the amount of spare capacity in the oil market.

  • Crude Prices Poised for Hefty Weekly Gains

    Global oil prices are on track for their best week of the year as investors remain uneasy about supply disruptions following attacks on Saudi Arabia's oil facilities. Brent crude futures, the global benchmark, were virtually flat on Friday, putting them in line for a 7% gain this week-- the largest one-week jump this year. West Texas Intermediate futures, the U.S. standard, were up 0.3% at $58.33 a barrel and poised for a 6.3% weekly advance, its biggest jump since June.

  • *WTI oil futures turn lower ahead of the Nymex settlement

    (END) Dow Jones Newswires 09-20-19 1423 ET Copyright (c) 2019 Dow Jones& Company, Inc..

  • U.S. oil drillers cut rigs to lowest since May 2017 -Baker Hughes

    U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to the lowest since May 2017, even as crude prices jumped more than 7% this week after an attack halved output in the world's top oil exporter Saudi Arabia.

  • Oil slips on trade fears but soars in week after Saudi production attacked

    Oil prices eased on Friday on renewed concern over the U.S.-China trade war, but futures still posted weekly gains, with Brent marking its biggest weekly increase since January, after an attack on Saudi Arabia's energy industry last weekend.

  • Saudi Oil Attacks Could End Natural-Gas Rally

    Natural-gas prices have recovered from their summer swoon, but analysts and investors are skeptical that the gains will last, particularly after the weekend attacks on Saudi oil facilities. The concern is that increased drilling in such places as West Texas and North Dakota by producers hoping to capitalize on higher prices for crude and propane could pump a lot of extra gas into an already-flooded market. A decline in gas prices would be welcomed by U.S. factory owners, power...

  • Saudi switches crude grades, delays oil supplies to buyers in Asia

    * Replaces light crude with medium, heavy grades. * Complex refineries in Asia able to adapt quickly. By Florence Tan, Jessica Jaganathan and Jane Chung. State oil giant Saudi Aramco has switched crude grades and pushed back crude and oil products deliveries to customers by days after the attacks on its supply hub severely reduced its light oil production and led to output cuts at its refineries.

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