BY JARRETT RENSHAW | Reuters | U.S. refiners’ months-long windfall from cheap and plentiful crude showed further signs of running out of steam on Wednesday as a second refinery, Delta Airlines’ Monroe Energy, prepared to cut output and another dumped unwanted crude. With companies taking frantic measures to combat declining profits as inventories rocket to […]Continue Reading →
No matter what, we won’t back down. Well on second thought, maybe we will back down. It’s not what is being proposed but it is who is doing the proposing. After a late break in oil that drove it to the lowest level since 2003, we rebounded on an OPEC production cut story. Dow Jones […]Continue Reading →
Global market stress is boiling over after Federal Reserve Chair Janet Yellen failed to assure markets that everything is going to be ok. With her pronouncement that the Fed could actually lower interest rates and uncertainty about banking stocks earning misses and oil company bankruptcies fear is in the market. The risk bank kin Sweden cut […]Continue Reading →
Oil prices are rebounding after comments by the Iranian Oil Minister Bijan Zangeneh that Iran was ready to negotiate with Saudi Arabia and Russia to engineer a production cut of 1.0 million barrels of oil a day. The Iranians are probably making that comment because they are disappointed with the price and lack of demand […]Continue Reading →
By Laura Blewitt | BloombergBusiness | Drivers in Chicago and other parts of the Midwest may see gasoline prices at the pump fall to 99 cents a gallon as regional stockpiles swell. Average Illinois retail gasoline prices have dropped 34 percent in the past year to $1.57 a gallon, while Oklahoma motorists can fill up […]Continue Reading →
By Reuters via Upstream | Global oil markets fell 3% to settle down for a third straight day on Monday on worries that US crude stockpiles had reached new record highs, while a Saudi-Venezuela meeting to boost prices showed little progress.
Oil was also hurt by tumbling US equity markets amid persistent fears about […]
Oil prices are rising this morning in what the International Energy Agency (IEA) calls a false dawn. In the most recent report, the IEA predicted a bleak outlook for the global oil market and the prospects for economic growth in the U.S., Europe and China. Despite acknowledging that global energy demand surged to a 5-year […]Continue Reading →
Gloom and doom is taking hold Monday on global markets and oil falls and gold rises. Recession fears are rising as the European stock markets hit 15-month lows raising more concerns about global energy demand. In China they are celebrating the Chinese New Year so other Asian markets were higher but oil is fighting a […]Continue Reading →
Yep, $10 per barrel crude oil tax equals a failed energy policy and a direct attack on the U.S. energy industry. President Obama, desperate to leave a market on his legacy, is proposing a $10 a barrel oil tax that may force many U.S. oil companies out of business. Obama says the tax is for […]Continue Reading →
By Mark Shenk | BloombergBusiness | Oil traded near $32 a barrel in New York as the highest U.S. supplies in more than 80 years weighed down optimism over a weakening U.S. dollar’s ability to bolster demand for commodities. West Texas Intermediate crude fluctuated after Wednesday’s 8 percent gain. The Bloomberg Dollar Spot Index, which tracks the […]Continue Reading →
The possibility of some type of OPEC summit is back in play. Venezuela reportedly has put together a gang of six, OPEC and non -OPEC members that will supposedly meet to try to cut production. While the group does include major oil producers like Russia and Iran, the problem is it will not include Saudi […]Continue Reading →
For oil producing countries and oil companies the moment of truth is at hand as the consequences of crashing oil prices cannot be ignored. With the possibility that Exxon Mobil will see its debt rating downgraded and the Russia oil minister saying his open to more talks with OPEC, you know that the end may […]Continue Reading →
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