Energy News Results

  • 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.

  • IEA Maintains 2019 Global Oil-Demand Growth Forecast -- Update

    LONDON--Despite concerns about a slowdown in global economic growth, the projected demand for oil will hold steady in 2019, as low oil prices help boost the appetite for crude, the International Energy Agency said Thursday. In its closely-watched oil-market report, the IEA maintained its forecast for global oil-demand growth at 1.1 million barrels a day for 2019, after downgrading the projections three times in the last four months, due to concerns about a global economic...

  • A Giant Bet Against Natural Gas Is Blowing Up

    A popular wager in the energy markets is backfiring. Hedge funds and other money managers in August built up a big bet that natural gas prices would decline-- their most bearish position in the futures market in over a decade-- only to have prices shoot up 25%. Prices usually weaken when summer subsides since there is less demand to generate electricity for air conditioners.

  • Saudi Aramco Raises Crude Prices for Asia, U.S. for October, Cuts Most European Prices

    Saudi Arabia's state-owned oil company Saudi Aramco on Thursday set the October official selling price for Arab Light crude for sale to Asia at $2.30 a barrel above Oman/Dubai quotes. That marked a 60 cent increase on the previous month's level. Aramco's October OSP for Oman/Dubai Super Light crude was set at a premium of $4.15 a barrel, while the OSP for Oman/ Dubai Extra Light crude was given a premium of $2.90 a barrel.

  • Copper Extends Rebound on Optimism About Trade

    Copper prices rallied Thursday, bringing their two-day climb to more than 4% on hopes that coming trade talks could relieve some pressure on the global economy. Copper for December delivery, the most-active futures contract, rose 1.5% to $2.633 a pound on the Comex division of the New York Mercantile Exchange, extending their rebound from a day earlier. After hitting a new multiyear low earlier in the week, the industrial metal critical to construction and manufacturing has...

  • Volatility Continues to Jolt Oil Market

    Oil prices continued a streak of outsize moves on Wednesday, rebounding alongside global stocks on signs of easing tensions in Hong Kong. U.S. crude futures rose 4.3% to $56.26 a barrel after Hong Kong's chief executive said she would withdraw the extradition bill that fueled monthslong demonstrations and hurt the territory's economy. Oil also got a boost with analysts expecting inventory data to show a decline in stockpiles, posting its largest one-day advance in nearly two...

  • Volatility Continues to Jolt Oil Market

    Oil prices continued a streak of outsize moves on Wednesday, rebounding alongside global stocks on signs of easing tensions in Hong Kong. U.S. crude futures rose 3.1% to $55.63 a barrel after Hong Kong's chief executive said she would withdraw the extradition bill that fueled monthslong demonstrations and hurt the territory's economy. Prices are on track to swing more than 1% for the sixth consecutive session, which would be oil's longest such streak since early August, when it...

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