Sun Feb 7, 2016
Less than two months into the year, the top U.S. shale oil companies have already cut their budget for 2016 a second time as the relentless drop in oil prices continues to erode their cash flow.
Saudi Arabia's oil minister Ali al-Naimi discussed cooperation between OPEC members and other oil producers to stabilize the global oil market with his Venezuelan counterpart on Sunday, state news agency SPA reported on Sunday.
As oil and gas companies cut ever-deeper into the bone to weather their worst downturn in decades, boards have adopted contrasting strategies to lead them out of the crisis.
Fri Feb 5, 2016
The United States and India are in talks that could settle a long-running solar power trade dispute, delaying the announcement of a ruling by the World Trade Organization, an Obama administration official said on Friday.
Oil prices dropped on Friday (Feb 5), leaving the market lower for the week, as a prolonged supply glut weighed on sentiment.
Indebted Abengoa will sell its 20% holding in Shams-1 power plant as it bids to avoid bankruptcy
Independent U.S. West Coast refiner Tesoro Corp has agreed to pay US$8.08 million to 769 United Steelworkers union members at refineries in California and Washington state who were denied bonuses while on strike in 2015, the U.S. National Labor Relations Board said on Friday.
The sharp decline in the price of oil has inflicted serious pain in the industry and oil-producing regions, but most of the companies in serious financial distress are small gas producers. Predictions of a Zombie Apocalypse are not likely to be borne out.
A new tax on oil is being proposed by President Obama. Learn more about it and its effects on the U.S. economy.
Feb 4 - Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of legitimate Iranian crude and oil products to international markets. The Greek-owned vessel,...
Thu Feb 4, 2016
In the fourth quarter of 2014, I asserted that a barrel of oil would average $45 during 2015 and 2016. Given the nature of the growing supply glut and OPEC’s unwillingness to cooperate on reducing output, I also projected that there was risk of a spike down to $25 per barrel before prices would stabilize. While far from consensus, my pessimism at the time now smacks of optimism. Today, looking at the market fundamentals in place, I believe we have reached a new point in the global energy story: The endgame in the decline of the price of oil.
US President Barack Obama on Thursday proposed a US$10-a-barrel tax on oil firms to pay for much needed infrastructure improvements.
President Barack Obama plans a fee of $10 (£6.85) on every barrel of oil produced by US firms to fund green transportation projects.
Oil prices fell on Thursday on resurgent supply glut worries as traders discounted the odds of a near-term deal by major petroleum producers to cut output.
U.S. President Barack Obama will propose a new US$10 a barrel fee on oil in his budget plan next week, as the White House seeks to boost the nation's investments in clean transportation projects, the White House said on Thursday.
The S&P 500 and Nasdaq were little changed while the Dow was up 0.26 percent in choppy trading on Thursday as oil prices pared earlier gains and investors awaited the monthly jobs report on Friday.
Follow our pipeline from the 1860s, the birth of the modern oil industry, to see the ups and downs that oil prices have undergone.
There has been a link between oil and equities that is either smart, silly or spurious. I am leaning towards "silly" but am concerned that it might be spurious, and when the correlation breaks down, the equity market will realize there are more, and possibly bigger problems, than just oil. I will get there by refuting the "smart" argument, but before we start it is worth highlighting that the recent correlation is unusual and there have been periods where the correlation is negative (which would include oil stabilizing with stocks continuing to decline).
U.S. stock index futures were higher on Thursday as oil and commodities got a boost from a weakening dollar.
Royal Dutch Shell, Europe's largest oil company, reported its lowest annual income in over a decade on Thursday and said it would take further steps to cut costs to cope with weak oil prices if needed.
Oil extended the previous day's rally and Asian stocks surged on Thursday (Feb 4) while the dollar held most of its losses as the turmoil on global markets lowers expectations the US will hike interest rates again this year.
Global oil giants ExxonMobil and BP have posted a sharp fall in profits. The results come as the companies cut jobs and slash their exploration costs amid a worldwide drop in oil prices.
Shell, whose shareholders last week approved its takeover of rival BG Group, said 2015 income fell 87 percent year on year to $1.94 billion
Royal Dutch Shell , Europe's largest oil company, reported its lowest annual income in at least 13 years on Thursday, vowing to take further steps to weather the worst downturn in over a decade.
A surge in oil prices overnight helps lift investor confidence across most markets in Asia, with energy-related stocks largely higher.
Export prices set by state oil giant Saudi Aramco could offer a glimpse into whether the OPEC kingpin will continue a strategy of keeping output high
Energy industry regulator Ofgem is to examine a claim that charity Age UK has been promoting unfavourable gas and electricity deals in return for cash.
One of Australia's largest energy says it is winding down its coal seam gas operations, citing falling oil prices and long development times.
Asian shares rebounded on Thursday as speculation the US Federal Reserve might opt to not raise interest rates at all this year hammered the dollar and sparked a huge rally in oil prices.
Wed Feb 3, 2016
Energy and industrial shares surged on Wednesday with rising oil prices, but Nasdaq finished lower as Google parent Alphabet and some other leading technology names retreated.
Oil prices surged on Wednesday on renewed speculation about a potential cut in global production that overshadowed another rise in US crude inventories.
Higher than expected oil stocks topping levels not seen since the 1930s and suggesting weak global economic demand helped push stock markets down on Wednesday.
U.S. stocks pared some of their losses in early afternoon trading on Wednesday as energy and materials stocks rose, driven by a 6 percent rally in crude oil prices.
This report was initially done in December 2014, but I think it is worth posting for a few reasons Suddenly I am seeing report after report about the subject so it is very topical I think this report does a good job of explaining why low oil could be bad, when so many thought otherwise I am close to reversing course and want to be on record as reversing course and not just re-iterating some low oil is good theme that has been wrong for over a year Two American kids growin' up in the heartland
Wall Street opened higher as oil prices recovered some losses and data showed that the U.S. private sector added more jobs than expected.
U.S. stocks were set to open higher on Wednesday as oil prices recovered slightly and the private sector added more jobs than expected in the United States.
U.S. stock index futures were higher on Wednesday as oil prices recovered slightly and investors awaited a fresh batch of U.S. economic data, including a report on job growth in the private sector.
Oil cast a cloud over Asian markets again on Wednesday (Feb 3) after prices fell back below US$30 a barrel, hammering energy firms once more and sending stocks deeper into the red.
Asian shares tumbled on Wednesday as oil prices dropped for a third day, prompting investors to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs.
Asian shares sagged on Wednesday as oil prices sank again due to fading hopes of a deal to curb a global supply glut. Tokyo stocks slump 3.07 per cent in morning trade.
Asian shares sagged on Wednesday as oil prices sank again due to fading hopes of a deal to curb a global supply glut.
Asian shares sagged on Wednesday as oil prices sank again due to fading hopes of a deal to curb a global supply glut, prompting investor to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs.
Tue Feb 2, 2016
US stocks fell sharply on Tuesday, tumbling with European equities as another drop in oil prices underscored worries about global growth.
Oil prices extended sharp losses for a second day on Tuesday as traders anticipate another rise in US crude stockpiles, worsening the global glut.
U.S. stocks dropped more than 2 percent in late Tuesday trading after a disappointing forecast from Exxon Mobil and another steep drop in oil prices.
SINGAPORE - Waste paper, which is of little use to most, has been given a new lease of life by National University of Singapore (NUS) researchers: As a "super material" that can absorb oils up to four times its weight, making it useful in disasters like oil...
ExxonMobil announced plans to slash its capital budget and suspend its share repurchase programme on Tuesday after the crash in oil prices cut deeply into its earnings.
SINGAPORE: Swiss chemical logistics firm Bertschi AG to invest another S$20m to expand new S$45m plant on Jurong Island
(EnergyAsia, Singapore, February 2 2016, Tuesday) – Swiss chemical logistics firm Bertschi AG will invest another S$20 million in a dangerous goods warehouse to add to its newly opened S$45 million plant on Singapore’s oil and chemicals hub on Jurong Island. (US$1=S$1.42). Hans-Jörg Bertschi, President and CEO of Bertschi Holding AG, made the announcement for (more...)
U.S. stocks extended their selloff in early afternoon trading on Tuesday as falling oil prices heightened concerns regarding the health of the global economy and investors sought safer investments.
Wall Street was sharply lower on Tuesday as falling oil prices heightened concerns regarding the health of the global economy and investors sought safer investments.
OPEC has not yet scheduled any talks with Russia and other non-OPEC countries aimed at supporting oil prices, two OPEC delegates said on Tuesday after Russian officials talked up potential cooperation with the exporter group.
Wall Street opened lower on Tuesday as falling oil prices weighed on energy shares.
British Gas says it is to cut 500 jobs from its 28,000 workforce in the UK as it focuses on reducing costs in its business.
Wall Street was set to open lower on Tuesday as oil prices fell further, hit by worries about weak demand and rising supply.
To forecast the long-term price of oil, the first step is to avoid mistakes of the past.
U.S. stock index futures were lower on Tuesday after oil prices resumed their downward spiral, hit by worries about weak demand and rising supply.
SINGAPORE – Another oil spill, the third one since Friday (Jan 29), occurred along Kampong Bahru Road towards Jalan Bukit Merah earlier this afternoon. One lane has been closed to traffic for the Land Transport Authority (LTA) to resurface it, said an LTA...
With oil prices touching their lowest level since 2003, OPEC officials and deal brokers are asking whether a behind-the-scenes deal can be struck
Scottish Power cuts the price of its standard gas tariff by 5.4% from 15 March, the third of the big suppliers to do so this year.
Oil prices on Tuesday (Feb 2) extended their heavy losses from the previous session, hitting Asia's beleaguered energy stocks as most regional markets retreated from a recent rally.
After a year of secret diplomacy and hushed-up private talks around the world, OPEC's mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-OPEC Mexico which overcame mutual acrimony and led to a much-needed rise in oil prices.
US consumers aren't spending their extra cash from cheap gasoline and are saving more, according to a Reuters/Ipsos poll.
Worries about China and rising oil supply weighed on global oil prices on Tuesday.
Mon Feb 1, 2016
Oil prices tumbled on Monday following disappointing Chinese economic data and doubts about an imminent deal of major petroleum producers to cut output.
U.S power generation from coal fell to the lowest monthly level in 35 years in November 2015 as generators switched to cleaner and cheaper natural gas, according to federal data.
U.S. stocks were lower on Monday as weak Chinese economic data exacerbated concerns about a global slowdown and oil prices resumed their slide.
Global markets got February off to a cautious start on Monday following a rocky January, with stocks and oil falling in the wake of weak manufacturing reports around the world.
Muhammad bin Salmon, the Kingdom of Saudi Arabia’s (KSA) Deputy Crown Prince, has publicly stated his personal support for selling shares to the public in Saudi Aramco.
U.S. stocks opened lower on Monday as weak Chinese economic data increased worries about a global slowdown and oil prices continued to slide.
Criticisms of oil price forecasting abound, but ignore the fact that short-term prices are highly uncertain, and the range of possible prices is very wide.
U.S. consumers are cautious about spending their windfall from cheap gasoline and are saving more, according to a Reuters/Ipsos poll and official data, suggesting low oil prices are less of a boon for the U.S. economy than in the past.
Ten weeks after the Obama Administration held a Nuclear Summit at the White House, the United States Senate made an even bigger statement in favor of new nuclear energy. At the Advanced Nuclear Summit in Washington, D.C. last week, hosted by the Third Way, several U.S. Senators announced the Nuclear Energy Innovation Capabilities Act, S.2461, intended to facilitate the development of advanced nuclear technologies. Introduced by Senators Whitehouse (D-RI) and Crapo (R-ID), the legislation directs the DOE to prioritize partnering with private innovators on new reactor designs, and directs the Nuclear Regulatory Commission (NRC) to report to Congress on any barriers that would prohibit the rapid licensing of new reactors. The next day, the Senate overwhelmingly approved the legislation in a vote of 87 to 4.
Premier Oil's shares more than double in value in early trading after a deal to buy E.On's UK North Sea assets was amended.
SINGAPORE - Two lanes on the Pan Island Expressway, after the Jurong Town Hall Road exit and towards Changi, have been closed due to an oil spill caused by a traffic accident. The Land Transport Authority first reported about the oil spill on Twitter at...
A surge in US oil production in recent years has affected global crude prices and has been accompanied by changes in Washington's energy policy.This has affected its relationship with Middle East oil suppliers, particularly Saudi Arabia.
Oil prices fell on Monday after China and South Korea posted weak economic data, while fading prospects for a coordinated output cut by leading crude exporters also hurt the market.
New company, KBRC, will also manage a planned permanent liquefied natural gas import terminal
Morocco?s efforts to boost renewable energy in the north African nation took a step forward last week with news that it made up about 35% of energy generation in the country.
Asian shares started a new month on somewhat firmer footing on Monday, helped by accommodative monetary policies in Japan and Europe, but traders were cautious ahead of China factory and service sector activity surveys.