Energy News Results

  • 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...

  • Crude Rebounds on Renewed Concerns About Saudi Production

    Oil prices rose Thursday, highlighting fresh signs of pressure on Saudi Arabian output after weekend attacks on one of the kingdom's largest oil facilities. Brent crude, the global gauge of prices, rose 1.3% to end the day at $64.40 a barrel. Both Brent and U.S. crude prices climbed earlier in the day after The Wall Street Journal reported that Saudi Arabia is reaching out to foreign producers to import crude and other petroleum products.

  • Copper's Reversal Highlights Chinese Growth Fears

    Copper prices are sliding this week after downbeat Chinese economic data raised new fears that the world's second- largest economy is slowing more quickly than expected. The industrial metal has fallen more than 2.5% in the first two sessions of the week, a sign that some investors are still uneasy about the U.S.-China trade war despite hopes for coming talks. The most-active copper futures contract for December delivery fell 0.5% to $2.6270 a pound Tuesday.

  • Oil Prices Log Historic Rally After Saudi Attack -- 3rd Update

    By Joe Wallace, Caitlin Ostroff and Amrith Ramkumar. Oil prices logged one of their largest rallies ever, highlighting anxiety that weekend attacks on the heart of Saudi Arabia's oil industry could cause supply shortages and pose a new threat to the global economy. Brent crude futures, the global gauge of oil, soared 15% to $69.02 a barrel on Monday, the largest-ever percentage gain for the front-month contract on a closing basis, according to Dow Jones Market Data analysis of...

  • 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...

  • BHP Shares Jump 6% on Oil Price Spike

    SYDNEY--Shares of BHP Group Ltd. (BHP), the world's biggest mining company by value, jumped as much as 6% to 39.34 Australian dollars a share early Monday following a surge in crude oil prices. BHP, a major producer of commodities such as iron ore and steelmaking coal, has a substantial oil-and-gas division that sets it apart from most of its peers and accounted for roughly 15% of the company's underlying earnings in fiscal 2019.. The jump, which followed a 13% surge in Brent crude prices...

  • Saudi Facility Attacks Raise Concerns About Oil Supply

    By Benoit Faucon in London, Summer Said in Dubai and Amrith Ramkumar in New York. Saudi Arabia raced Sunday to restore crude production knocked out by a weekend attack, but the blow at the heart of the kingdom's oil industry threatens to raise longer-term worry about security of supply in the region and boost prices. Analysts said they were looking ahead to the opening of futures-market trading Sunday evening to see how much oil prices would react, but that it was hard to assess...

  • Oil's Weekly Drop Highlights Lingering Oversupply Fears -- Update

    Oil prices fell for the fourth consecutive session Friday to bring their drop for the week to 3%, illustrating how fears of excess supply continue to keep crude prices down even as hopes for upcoming trade talks boost the outlook for the global economy. U.S. crude futures inched down 0.4% to $54.85 a barrel Friday, paring an earlier advance even as other risky assets got a boost from trade hopes. Brent crude, the global price benchmark, slipped 0.3% to $60.22 a barrel Friday and also...

  • Oil's Weekly Drop Highlights Lingering Oversupply Fears

    Oil prices were on track for a roughly 2% weekly drop Friday, illustrating how fears of excess supply continue to keep crude prices down even as hopes for coming trade talks boost the outlook for the global economy. U.S. crude futures inched up 0.4% to $55.33 a barrel Friday, stabilizing following three consecutive declines but still heading for a down week as other risky investments rallied on trade hopes. Brent crude, the global price benchmark, added 0.2% to $60.49 a barrel Friday...

  • Canada's Oil Market Finds Outlet in U.S. Demand

    TORONTO-- A glut of oil in Canada is easing, thanks to higher demand for dense crude from U.S. Gulf Coast refineries and government-imposed production cuts that have offset a shortage of pipeline capacity. Canadian oil stockpiles have fallen to their lowest level since November 2017, with inventories dropping below 26 million barrels as of Aug. 30, according to data provider Genscape.

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