Energy News Results

  • Oil prices waver as doubts over Saudi output bounceback fade

    By Myra P. Saefong and William Watts, MarketWatch. Oil futures wavered between modest losses and gains on Monday, as doubts over a bounce back in Saudi crude production fade, following a report that the country has already restored much of the output lost to attacks over a week ago that damaged its oil facilities. The Saudis have restored around 75% of the crude production lost in the Sept. 14 attacks on its oil facilities, Reuters reported, citing a source briefed on the latest...

  • Like fine whisky, Texan oil exporters tout unblended crude

    Decades ago, a distiller in Scotland discovered the marketing power of "single malt" whisky, untouched by blending - a technique now being embraced by sellers of Texas crude oil.

  • Oil steadies near $64 on hopes of full Saudi output restart

    Oil stabilized near $64 a barrel on Monday, after gaining nearly 7% last week, due to prospects of a faster-than-expected full restoration of Saudi oil output and pressured by fresh signs of European economic weakness. A source, briefed on the latest developments in the Sept. 14 attack on Saudi oil facilities, told Reuters Saudi Arabia had restored around 75% of crude production lost.

  • 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.

  • Oil prices need to go this high to push the global economy into recession

    Measured in 2019 dollars, oil peaked at $158 a barrel in 2008. Worried about oil prices after the weekend's raids on Saudi Arabia? You may want to wait until prices rise more before really getting scared about the risks to your job, your budget, or the economy.

  • Three Market Shocks and Investors Say 'No Problem'

    On Monday, oil futures jumped the most ever. On Tuesday, the Federal Reserve lost control of overnight interest rates and made emergency cash injections for the first time since the financial crisis. Unnerving things come in threes: The biggest swing out of stocks with momentum and into value since the financial crash happened the week before.

  • 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.

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