Energy News Results

  • Oil Recovery Expected to Falter Though Supply Glut Shrinks

    The world is burning through the oil supply glut that threatened to cripple the energy industry a few months ago, but spiraling coronavirus infection numbers are putting the recovery in jeopardy, the International Energy Agency said Wednesday. In its monthly oil market report, the IEA said global oil supply in September was 9% below the pre-pandemic average of 2019. The amount of oil in expensive offshore floating storage fell sharply below its level in May, at the nadir of the...

  • Natural Gas Surges as Traders Brace for Cold Winter -- Update

    Natural-gas prices rose to their highest level in more than a year and a half on Monday, extending a recent rally with traders preparing for colder temperatures and assessing the impact of weather-related supply disruptions. Natural-gas futures for November delivery advanced 5.1% to $2.881 a million British thermal units, recording their highest close since March 2019. Prices have rallied about 14% so far this month and are up roughly 60% in the past three months, with recent...

  • Natural Gas Surges as Traders Brace for Cold Winter

    Natural-gas prices rose toward their highest level in nearly two years on Monday, extending a recent rally with traders preparing for colder temperatures and assessing the impact of weather-related supply disruptions. Natural-gas futures for November delivery advanced 5.9% to $2.903 a million British thermal units, heading for their highest close since January 2019. Prices have rallied about 15% so far this month and are up roughly 60% in the past three months, with recent...

  • U.S. Oil Inventories Rise as Fuel Supplies Decline

    U.S. inventories of crude oil rose slightly last week but supplies of gasoline and other fuels declined, according to data released Wednesday by the Energy Information Administration. Benchmark U.S. oil prices, which were sharply lower before the mixed-to-bearish data were released, extended those declines slightly afterward. The Nymex front-month crude contract for November delivery was recently down 3% at $39.45 a barrel.

  • U.S. Boosts Crude Sales to China, Forcing Saudis to Find Other Markets

    By Benoit Faucon in London and Collin Eaton in Houston. The U.S. is quickly ramping up oil sales to China, the world's biggest importer, forcing traditional suppliers in the Mideast to look for new markets or hold on to their crude in an already oversupplied world. The U.S. accounted for 7% of Chinese crude imports through mid-September, according to London-based market intelligence firm Vortexa Ltd-- up from 0.4% in January.

  • Pandemic Pain Persists for Big Oil Companies -- 2nd Update

    By Christopher M. Matthews and Sarah McFarlane. Major oil companies signaled they remain under extreme financial pressure and oil prices slid Thursday as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Despite a modest economic recovery, oil-and-gas companies are being hammered by a sustained drop in consumption of gasoline and jet fuel as millions of people work from home and avoid driving and flying.

  • Oil's Recovery Set to Drag On Beyond Next Year -- Update

    Oil prices won't recover to pre-coronavirus levels by the end of next year, investment banks say. A group of 10 investment banks polled by The Wall Street Journal forecast that futures for Brent crude oil, the global benchmark, will average $53.50 a barrel in 2021' s fourth quarter. U.S. benchmark West Texas Intermediate futures will average $50.31 a barrel in the same quarter, they estimated.

  • Pandemic Pain Persists for Big Oil Companies -- Update

    By Christopher M. Matthews and Sarah McFarlane. Major oil companies signaled they remain under extreme financial pressure and oil prices slid Thursday as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Despite a modest economic recovery, oil-and-gas companies are being hammered by a sustained drop in consumption of gasoline and jet fuel as millions of people work from home and avoid driving and flying.

  • Oil's Recovery Set to Drag On Beyond Next Year--Update

    Oil prices won't recover to pre-coronavirus levels by the end of next year, investment banks say. A group of 10 investment banks polled by The Wall Street Journal forecast that futures for Brent crude oil, the global benchmark, will average $53.50 a barrel in 2021' s fourth quarter. U.S. benchmark West Texas Intermediate futures will average $50.31 a barrel in the same quarter, they estimated.

  • Pandemic Pain Persists for Big Oil Companies

    By Christopher M. Matthews, Rebecca Elliott and Sarah McFarlane. The global oil-and-gas industry remains under extreme financial pressure as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Some of the largest western oil companies including Exxon Mobil Corp. (XOM) and Royal Dutch Shell PLC (RDS/A) signaled this week that key parts of their business continued to struggle through the summer and early fall, which will weigh down the third-quarter...

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