Energy News Results

  • Crude Prices Fall on Coronavirus Fears -- Update

    Crude prices fell to seven-week lows on Wednesday, weighed down by concerns that a deadly strain of coronavirus that originated in China could dent demand for oil and jet fuel. U.S. crude futures fell 2.8% to $56.74 a barrel, while Brent, the global gauge of prices, slid 2.1% to $63.21 a barrel. The pneumonia-causing virus has spread across China and, as of Tuesday, into the U.S., sparking a flurry of travel cancellations and hitting shares of airline operators.

  • Oil prices at 7-week low on forecast for surplus in crude supplies

    By Myra P. Saefong and William Watts, MarketWatch. IEA says increasing U.S. shale output will continue to blunt influence of other energy producers, including OPEC. Oil futures fell on Wednesday to mark their lowest settlement in about seven weeks as fears of an oversupply of crude, and potential hit to demand on the back of the coronavirus outbreak in China, outweighed a disruption to Libyan production.

  • Oil futures mark lowest settlement since early December

    Oil futures ended lower on Wednesday, pressured by demand concerns linked to the coronavirus outbreak in China, as well as expectations for a weekly rise in U.S. crude inventories. Weekly data on U.S. petroleum supplies will be released by the American Petroleum Institute later Wednesday, with government figures from the Energy Information Administration due out early Thursday. The data are each delayed by a day this week because of Monday's Martin Luther King Jr. holiday.

  • What the 2003 SARS epidemic tells us about the potential impact of China's coronavirus on oil and metals

    The outbreak of coronavirus in China has led to concerns over a slowdown in the nation's economy and put pressure on oil and industrial metals prices on bets for potentially weaker demand for the commodities. However, if the 2002-2003 severe acute respiratory syndrome epidemic, known as SARS, may serve as a guide, the overall impact of the virus outbreak may be modest and short lived on the global economy, as well as on the commodities sector. "Even the significant economic...

  • Crude Prices Fall on Coronavirus Fears

    Crude prices fell Wednesday, weighed down by concerns that a deadly strain of coronavirus that originated in China could dent demand for oil and jet fuel. U.S. crude futures fell 2.6% to $56.87 a barrel, while Brent, the global gauge of prices, fell 2.2% to $63.17 a barrel in morning trading. The pneumonia-causing virus has spread across China and, as of Tuesday, into the U.S., sparking a flurry of travel cancellations and hitting shares of airline operators.

  • TABLE-UAE's Fujairah oil inventory data for week ended Jan 20

    Fujairah Oil Industry Zone on Wednesday published, via industry information service S&P Global Platts, the following weekly inventory data for oil products for the week ended Jan. 20.

  • Oil slides 2% as glut forecast, China virus overshadow Libya disruption

    Oil prices fell about 2% on Wednesday as a market surplus forecast by the International Energy Agency and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output. Brent crude was down $1.24, or 1.9%, at $63.35 a barrel by 1:49 p.m. ET.

  • Oil settles lower as worry about oversupply overshadows Middle East disruption

    By Myra P. Saefong and Mark DeCambre, MarketWatch. Natural-gas futures extend drop to 4th session, marking another settlement at their lowest since 2016. Crude-oil prices finished lower on Tuesday as investor worries about rising global supplies and a potential slowdown in global economic growth overshadowed a supply disruption in the Middle East due to unrest in Libya and Iraq.

  • Exclusive: Philadelphia refinery expected to be sold to real estate developer - sources

    The bankrupt Philadelphia Energy Solutions is expected to sell its fire-damaged refinery site to real estate developer Hilco Redevelopment Partners, three sources familiar with the situation said on Tuesday. The agreement between PES and Hilco, a Chicago-based developer, is expected to be announced later on Tuesday.

  • Oil prices slide as supply concerns fade

    * Libya NOC declares force majeure on two major oilfields. * Anti-government unrest in Iraq resumes. * Graphic on Libya export: https://tmsnrt.rs/30D1s02. By Jessica Jaganathan. Oil prices fell nearly 1% on Tuesday as investors expected Libya's oil production to eventually resume following a force majeure declared by the oil exporter on two major oilfields amid a military blockade.

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