Energy News Results

  • Oil surges 14% after Saudi 'supply shock' -- on track for the biggest daily gain in more than a decade

    Saturday's attack will' encourage markets to re-examine the need for considering an oil geopolitical risk premium': Eurasia Group analysts. Oil futures headed for their sharpest daily rise in years on Monday after a weekend drone attack on major crude facilities in Saudi Arabia threatened to create a supply crunch that was roiling global crude markets. West Texas Intermediate crude for October delivery the U.S. benchmark contract, was up 14%, or $7.90, at $62.74 a barrel.

  • A jump in oil prices is creating trading opportunities in these investments

    Historically, disruptions like this cause big price swings that eventually reverse themselves. An attack on Saudi Arabian oil fields has removed about 5% of global oil supplies. As a result, oil prices have jumped.

  • Why the Saudi oil attack is a 'big deal' that could be a 'game changer' in stock markets and crude prices

    S&P Global Platts forecasts $5 or $10/ bbl. spike in Brent oil prices. An intensifying Middle East conflict is threatening to throw the world's energy market into disarray after weekend drone attacks destroyed parts of Saudi Aramco's Abqaiq plant-- one of the world's largest processors of oil-- and a separate nearby oil field. On Saturday, the drone attacks, directed at Saudi Arabian oil facilities that account for nearly 10 million barrels of crude-oil production, resulted in...

  • Here's what happened to the global economy the last eight times oil prices have doubled

    The attacks on Saudi Arabia that have sent crude-oil prices surging are certainly the story for financial markets on Monday. Whether they are more than just a fleeting headline depends on just how long production is knocked out or whether the facilities get attacked again. Analysts at U.K. investment adviser AJ Bell calculated that the last eight times that the year-over-year price for oil was over 100%, there was either a global recession or economic slowdown six times.

  • Battered U.S. oil producers soar on Saudi attacks

    Shares of U.S. oil and gas companies surged on Monday, as a jump in oil prices in the wake of attacks on Saudi Arabia's oil facilities drove a relief rally in one of the S&P 500's worst performing sectors this year.

  • Oil Spike, Auto Strike Won't Derail U.S. Economy

    Oil-price spikes and auto strikes have taken large tolls on the U.S. economy in the past. But that history is unlikely to repeat now. Global crude oil prices initially jumped more than 10% in trading Sunday evening in response to Saturday's drone attack on a Saudi Arabian oil facility, which hit half of Saudi's productive capacity.

  • Oil Stockpiles Cap Price Surge After Saudi Attack

    The world is flush with excess oil, a factor that put a cap on the increase in crude prices following the attacks on the heart of Saudi Arabia's oil industry. The price of Brent crude spiked 20% to a high of $71.95 a barrel when Asian trading opened on Monday, which would have been the global benchmark's biggest one day rise in more than 30 years. But by the U.S. morning, Brent had retreated to $65.75, a gain of 9.2%, as traders gauged how much extra inventory is available to meet the demands of...

  • Oil could rally above $75 a barrel if outage lasts more than six weeks, says Goldman

    Big question is just how long the Saudis will take to bring production back on line. Oil prices could shoot above $75 a barrel if Saudi Arabia can't get its oil production fully back online soon, following damaging attacks over the weekend. That is according to a team of Goldman Sach's oil analysts, including Damien Courvalin and Jeffrey Currie, in a Sunday research note.

  • The Real Loser From the Oil Price Jump Is China

    Higher oil prices are no longer an unalloyed negative for the U.S., but they are for the world's largest crude importer: China. The country is already dealing with a vicious outbreak of African Swine Fever that has pushed the price of pork, its staple meat, up over 40% on the year. Inflation is running at its hottest since 2013, excluding the volatile Chinese New Year holiday period.

  • Here are oil plays Citi says will show biggest reaction to surge in crude

    In an analyst note, Citi identified the companies it says will have the biggest reaction to the rise in crude oil prices following the attacks in Saudi Arabia over the weekend. Small- and mid-cap oil explorers and producers that are heavily shorted or where positioning is negative include Extraction Oil& Gas, Whiting Petroleum Corp. (WLL), Callon Petroleum Co (CPE) and Carrizo Oil& Gas. Heavily shorted land drillers, pumpers and sand/logistic companies could be active including RPC, U.S.

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