Energy News Results

  • U.S. Oil Prices Edge Up as Traders Look to OPEC+ Meeting

    U.S. crude prices edged up Tuesday, paring some of the previous day's losses as traders looked toward Thursday's meeting of the Organization of the Petroleum Exporting Countries and its allies. U.S. crude futures rose 0.8% to $26.30 a barrel midday Tuesday, while Brent, the global gauge of prices, was roughly flat at $33.02 a barrel. Crude prices plunged to their lowest levels since 2002 last week before surging Thursday and Friday after President Trump said Russia and Saudi Arabia...

  • STEP Energy Services, NCS Multistage cut jobs as oil collapses

    More oilfield service companies dismissed workers this week after oil prices collapsed to near two-decade lows amid a price war among top producers and falling demand from the spread of the novel coronavirus. Houston, Texas-based NCS Multistage Holdings (NCSM) is cutting about 80 employees, or 20% of its workforce, according to a filing.

  • Oil prices climb on renewed hopes for a global production cut

    By Myra P. Saefong and William Watts, MarketWatch. Oil futures rose Tuesday, finding support as hopes build for an agreement on a production cut when major oil producers hold a virtual meeting later this week. "Prices may not surge further until economic activity returns, but the positive feeling being experienced in the markets can help keep them going during this time," said Mihir Kapadia, chief executive of Sun Global Investments, in emailed comments.

  • Graphic: Oil majors cut 2020 spending by 22% after prices slump

    The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.

  • GRAPHIC-Oil majors cut 2020 spending by 22% after prices slump

    * FACTBOX-Oil company spending cuts: * GRAPHIC-Big Oil's 2020 capex cuts: https://reut.rs/39u1Dh3. * GRAPHIC-Big Oil's rising debt: https://tmsnrt.rs/2U73Jit. The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.

  • ExxonMobil cuts 2020 capex budget by 30% as it works to combat low oil price, weaker demand

    Exxon Mobil Corp. (XOM) said Tuesday it is reducing its 2020 capex budget by 30% and lowering cash operating expenses by 30% as it works to combat the effect of lower commodity prices due to oversupply and demand weakness caused by the coronavirus pandemic. The oil giant said capital investments will fall to about $23 billion from a previously announced $33 billion. "Our objective is to continue investing in industry-advantaged projects to create value, preserve cash for the...

  • Oil little changed as hopes for output cuts offset by crude glut

    Oil was little changed on Tuesday as hopes that the world's biggest producers would agree to cut output were tempered by a worsening crude oil glut and the threat of a deeper-than-expected global recession. Brent crude was up 1 cent at $33.06 a barrel by 12:33 p.m. EDT, while West Texas Intermediate crude was up 19 cents to $26.27 a barrel.

  • U.S. oil prices mark first loss in 3 sessions

    Oil futures settled with a loss on Monday, with U.S. prices down for the first time in three sessions. A key meeting of major oil producers that was originally expected Monday was pushed to Thursday, contributing to uncertainty in the market as traders await news potential crude production cuts. May West Texas Intermediate oil fell $2.26, or 8%, to settle at $26.08 a barrel on the New York Mercantile Exchange following two consecutive sessions of gains.

  • Oil Slides After Delay of OPEC+ Summit

    Oil prices fell Monday, paring some of their recent rebound after a virtual summit for producers to discuss supply cuts was postponed to later in the week. U.S. crude futures dropped 8% to $26.08 a barrel on the New York Mercantile Exchange, coming off their largest one- week percentage advance ever. After tumbling to an 18- year low, prices soared late last week after President Trump said that Russia and Saudi Arabia were close to reaching a deal to curb supply.

  • CANADA CRUDE-Heavy discount widens as talks on global oil cut delayed

    Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate oil on Monday, as top producers Saudi Arabia and Russia delayed discussions aimed at reducing global oversupply and crude production in Alberta tested storage limits. * "The biggest driver is the concern over Alberta oil storage filling to operational limits," said Martin King at RBN Energy.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.