WTI Crude
48.61
Brent Crude
50.78
Natural Gas
3.24

News

Oil drops to 10-month low; biggest first-half slide in 20 years

Oil prices ended down more than 2 percent on Wednesday after hitting a 10-month low in volatile trade, as growing U.S. production and reduced Chinese refinery activity fed mounting concern over the stubborn global crude glut. U.S. crude futures CLc1 settled at $42.53, down 98 cents or 2.3 percent, after touching a low of $42.13, the lowest intraday level since August 2016. Since peaking in late February, crude has dropped more than 20 percent, with only brief rallies. More than…

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Cooler start to summer is crushing natural gas prices

Natural gas prices dropped Monday on updated forecasts for a cooler early summer across the Midwest and Northeast, meaning utility customers will use a lot less air conditioning. The natural gas industry typically sees a surge in demand in summer months as utilities meet increased power demand from air conditioning by consumers and businesses. Natural gas futures for July were trading at $2.89 per Mmbtu, a decline of 4.5 percent. "When you look at basically Chicago to Boston in the…

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Gulf of Mexico Storm Cindy Disrupts Shipping, Crude Imports

Tropical Storm Cindy has halted service at a major oil terminal in the Gulf of Mexico, prompted some evacuations at rigs and platforms and put states from Texas to Florida on notice for life-threatening floods. Cindy was 200 miles (322 kilometers) southeast of Galveston, Texas, with top winds of 60 miles an hour early Wednesday. Its center is forecast to move inland over southeastern Texas or southwestern Louisiana Thursday, according to a U.S. National Hurricane Center advisory issued at 7…

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Oklahoma is Still a Sweet Spot for New Wells

Many large oil and gas companies have found the prospect of drilling new wells and operating in new areas to be unattractive. The reasoning is sound enough — if certain plays are not profitable with an oil price within the $40-$50 range, then why pursue those options? This explains the decline in offshore production and the rise of shale production in the northeast. However, Oklahoma seems to still be a place where companies are willing to begin anew with fresh…

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Oil slump slammed many companies’ revenues

Falling oil prices crushed corporate revenue streams across Houston last year, plunging sales in the region to even lower levels than in the Great Recession eight years ago. Energy prices have recovered somewhat this year, easing the financial sting for the oil and gas companies that cut tens of thousands of jobs across the region. But in 2016, revenue for Houston's 100 biggest public companies dropped to $561.7 billion, down from the $976.7 billion they collected at the height of…

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Oil prices edge up from 7-month low, but glut keeps dragging

Oil prices inched up from seven-month lows in Asian trading on Tuesday, but gains were limited as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices. Brent futures were up 13 cents at $47.04 at 0034 GMT. On Monday, they fell 46 cents, or 1 percent, to settle at $46.91 a barrel. That was their lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries…

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The Downturn Is Over, But U.S. Oil Companies Face A Huge Problem

The downturn may be over, but the oil price crash has left behind potentially long-term consequences for the oil industry. In the wake of the oil price rout that started in 2014, companies slashed expenditures, most notably in their exploration and development budgets—and this lack of investment could have severe ramifications for the oil industry. In 2016, for a second consecutive year, 68 U.S.-listed oil companies indicated in their annual reports that their combined proved liquids reserves dropped, the EIA…

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US oil production seen thwarting OPEC effort to boost prices

OPEC's plan to cut production and support prices is likely to be undone by increased output in the U.S., the International Energy Agency predicted Wednesday. If correct, that could keep a lid on oil and energy prices as a glut of supply grows despite the efforts of countries in the OPEC cartel and allies like Russia to limit production. The IEA, a Paris-based body that advises oil-consuming states on energy matters, said in its monthly oil report it expects production…

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Saudi to limit July oil volumes to Asia, slash U.S. volumes: sources

Saudi Arabia, the world's top oil exporter, will limit volumes of crude to some Asian buyers in July and deepen cuts in allocations to the United States, industry sources with knowledge of the matter said on Monday. State-run oil firm Saudi Aramco would supply full contracted crude volumes to at least five Asian buyers mainly in North Asia and lower volumes for some customers in India, China and South Korea, the sources told Reuters on condition of anonymity. Cuts in…

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Oil rises on signs of U.S. inventory declines, lower Saudi exports

Oil edged up on Monday on signs of inventory declines in the United States and news that Saudi Arabia will limit volumes of crude to some Asian buyers in July and deepen cuts to the United States. Saudi Arabia, the world's top oil exporter, will cut crude allocations to Asia in July to a total of about 300,000 barrels per day (bpd), deeper than in June, sources told Reuters. One source said volumes to the United States would be cut…

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