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Energy

Gasoline Prices Rocket As Exxon Shuts Beaumont Refinery

Aug 30, 2017 at 11:54 | Tsvetana Paraskova

Texas, as hurricane Harvey caused flooding and extreme weather, Reuters reported, citing sources familiar with the refinery operations. Exxon shut the 240,000-bpd Crude B unit, and the 45,000-bpd coking…

Oil Markets React Stoically To Strong Crude Inventory Draw

Aug 30, 2017 at 09:57 | Irina Slav

Amid the shutdown of 20 percent of U.S. refining capacity caused by Hurricane Harvey and the pending shutdown of more refineries as the storm moves on to Louisiana, the…

Oil Field Disruptions Cost Libya 350,000 Bpd In Output

Aug 30, 2017 at 09:14 | Irina Slav

Recent disruptions of oil production in Libya have cost the country 350,000 barrels daily in lost output, the central bank of the country said, adding that the effects of…

Texas Shale Hit Hard By Hurricane Harvey

Aug 29, 2017 at 16:53 | Nick Cunningham

Crude oil prices are taking a serious hit from Hurricane Harvey, slammed on multiple fronts at a time when benchmark prices were already showing some signs of strain. As has…

Alaskan Oil Returns With A Vengeance

Aug 29, 2017 at 16:30 | Haley Zaremba

After years of steady decline in production and bottomed-out oil prices, Alaska is in a rough spot. They’re over a billion dollars in debt, in large part thanks to unfulfilled…

Lower-For-Longer Drives Leadership Shift In Big Oil

Aug 29, 2017 at 15:39 | Irina Slav

When the Wall Street Journal last week reported that Chevron’s chief executive John Watson would step down, the most likely replacement as a “new leadership for a changing oil…

The Upcoming Oil Price Rebound

Aug 29, 2017 at 13:29 | Tom Kool

Key oil ports and refineries have been disrupted along the Texas coast as Hurricane Harvey devastated the region. (Click to enlarge)

Oil Prices Set To Rise as Supply-Demand Gap Closes Up

Aug 29, 2017 at 12:04 | Zainab Calcuttawala

Oil prices are poised to climb over the coming weeks as supply and demand approach parity, according to analysts who spoke to CNBC as the remnants of Hurricane Harvey…

Colombia Pipeline Bombing Takes 210,000 Bpd Off The Market

Aug 29, 2017 at 10:53 | Irina Slav

A bombing of the Cano Limon oil pipeline in Colombia has led to the suspension of crude flow, sources from Ecopetrol and Colombia’s army told Reuters. Leftist militant group…

China Becomes World’s Third-Largest Shale Gas Producer

Aug 29, 2017 at 09:27 | Irina Slav

China has become the world’s third-largest shale gas producer, after only the U.S. and Canada, Iran’s PressTV reports, adding that last year, China pumped almost 8 billion cubic meters…

Hurricane Harvey Tosses Global Oil Markets Into Chaos

Aug 28, 2017 at 17:41 | Nick Cunningham

The most powerful Hurricane to hit Texas in more than 50 years has devastated much of the coast, and the historic flooding is now causing havoc in the energy markets.…

Can Mexico Absorb Texas’ Energy Glut?

Aug 28, 2017 at 16:43 | Tsvetana Paraskova

While the United States, Mexico, and Canada are due to meet for a second round of NAFTA talks on Friday, the Texas Association of Business welcomes proposed U.S. legislation that…

What’s Next For Libya As Oil Production Slips

Aug 28, 2017 at 14:50 | Zainab Calcuttawala

Libya’s largest oilfield, Sharara, has not pumped new oil for a week as of Sunday, according to news emerging from the area. World Oil reports that an attack…

Goldman: U.S. Oil Sector Could Take Months To Heal From Harvey

Aug 28, 2017 at 14:04 | ZeroHedge

Oil markets were roiled, sending gasoline prices surging on Monday after Tropical Storm Harvey wreaked havoc along the Gulf Coast over the weekend, crippling Houston and its port, and knocking…

Do These Benchmarks Signal An Oil Price Spike?

Aug 28, 2017 at 12:55 | Kent Moors

As the market price for oil fell way below $50 in New York and hangs around $52 in London, there’s a much more important oil-price bellwether that’s being ignored. It’s…

China Creates World’s Biggest Power Group With $271B In Assets

Aug 28, 2017 at 11:53 | Tsvetana Paraskova

China has approved the merger between its biggest coal producer Shenhua Group Corp, and one of the top five state power companies, China Guodian Corp, in a deal that…

Oil Prices Fall Despite Shutdowns Of Major Libyan Oil Fields

Aug 28, 2017 at 10:11 | Irina Slav

A blockade of pipelines at the hands of armed militants has shut down production at three Libyan oil fields, including the biggest one, Sharara. Sharara stopped pumping oil…

Gas Prices Spike As Harvey Shuts Down Gulf Coast Refineries

Aug 28, 2017 at 09:14 | Irina Slav

Gasoline prices hit two-year highs today in electronic trade after Hurricane Harvey, which reached the Texas coast last Friday, caused the shutdown of a number of refineries. Gasoline was…

What Happens To Oil Prices When Driving Season Ends?

Aug 25, 2017 at 17:34 | Brian Noble

“For now at least, it has become hard to risk capital on the price of oil with as much conviction as in the past.”—Andy Hall, famed oil trader, on shuttering…

Sluggish Demand Growth Drives Big Oil’s Strategic Decisions

Aug 25, 2017 at 17:25 | Gregory Brew

For oil prices to rise, demand must increase. That’s the gist of a new article from Forbes’ contributor Jude Clemente. Strong demand from East Asia may be weakening, as…

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