WTI Crude
49.32
Brent Crude
55.66
Natural Gas
2.86

News

Oil prices drop on rising US crude inventories

Oil prices eased on Thursday as U.S. fuel inventories rose despite efforts by OPEC to cut production and tighten the market. U.S. West Texas Intermediate (WTI) crude futures were trading at $51.08 per barrel at 0014 GMT, down 22 cents, or 0.4 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $56.65, down 29 cents, or 0.5 percent, from the previous close. Starting this year, the Organization of the Petroleum Exporting Countries (OPEC)…

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North Dakota oil production continues to rise

North Dakota's oil production rose 3.5 percent in August, hitting the highest monthly mark since early 2016. North Dakota, the nation's second largest oil producer, pumped out 1.085 million barrels of crude per day in August, compared with 1.048 million per day during the previous month, according to data released Tuesday by North Dakota's Department of Mineral Resources. The state's output generally has been rising in 2017, after dropping below 1 million barrels per day for a few months in…

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U.S. Now Exporting as Much Oil as Some Gulf Countries

U.S. crude exports are blasting through records, approaching a level that is almost as much as Kuwait sends abroad. U.S. crude exports surged to a record 1.984 million barrels a day last week– an increase of close to 500,000 barrels a day from the previous week’s level, which was also a record. The export rate is more than twice as high as it was a month ago. Until these last two weeks, the most that had ever been shipped from…

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Oil prices stable as OPEC says market is rebalancing

Oil prices were stable on Tuesday as OPEC said there were clear signs the market was rebalancing and as U.S. production remained offline following Hurricane Nate. U.S. West Texas Intermediate (WTI) crude futures were trading at $49.66 per barrel at 0054 GMT, up 8 cents, or 0.16 percent, from their last close. Brent crude futures, the international benchmark for oil prices, were up 5 cents, or 0.1 percent, at $55.84 a barrel. Traders said that oil prices received support from…

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At $50 a barrel, billions in tax breaks keep many oil projects profitable

At $50 a barrel, the low price of crude oil has slowed some of the oil production in the US, especially in regions that are costly to develop, like the Arctic. But US oil producers aren't bearing the whole brunt of low prices, because federal and state governments provide tax breaks that stimulate oil production despite low prices. The tax situation isn’t unique to the US—China, the EU, and India also offer a variety of flavors of tax breaks to…

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Oil stabilizes on expectations of extended output cut, but US crude exports drag

Oil prices stabilized on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports dragged on the market. Brent crude futures, the international benchmark for oil prices, were at $55.89 per barrel at 0259 GMT, up 9 cents, or 0.16 percent, from their previous close. Russian President Vladimir Putin said on Wednesday that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut oil output to…

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US Rig Count Increases by 5 to 940

The number of rigs exploring for oil and natural gas in the U.S. increased by five this week to 940. That's up from the 522 rigs that were active a year ago. Houston oilfield services company Baker Hughes said Friday that 750 rigs sought oil and 189 explored for natural gas this week. One was listed as miscellaneous. Among major oil- and gas-producing states, Utah gained four rigs and Louisiana increased by two. New Mexico and North Dakota each gained…

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$60 Oil Could Revive The Eagle Ford

The world’s hottest shale play right now, the Permian, is boosting its oil production and contributing the most to the U.S. crude output growth. Meanwhile, Texas’ other shale play, the once-hot Eagle Ford, has cooled, turning thriving communities into ghost towns. The economic impact of the oil price crash is plainly seen across the counties in and around the Eagle Ford. Small business owners began struggling after the oil boom turned to gloom in 2014. Ghost towns and abandoned plots…

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Another U.S. LNG Export Project To Come Online In Q4

Liquefied natural gas, long the domain of foreign producers like Qatar, has come to the U.S., with many LNG projects in the works. In general, these projects are progressing quickly, and several have released recent updates on their operations. While most planned LNG facilities are located in either Louisiana or Texas, a few will be constructed outside of the Gulf. One of these, Dominion Energy’s (ticker: D) Cove Point in Maryland, is queued to become the second major U.S. LNG…

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Oil’s Move Higher Now Rests Squarely on U.S. Shoulders

Metals have been punished in recent days as Chinese data has disappointed, but oil is in full party mood. Brent crude was trading near $59 a barrel on Tuesday, its loftiest level since 2015, after rising nearly 4% overnight and putting it back into a bull market. That should raise some red flags—strong Chinese demand supported the oil market earlier this year when U.S. drivers weren’t getting out so much, and will be necessary to keep rebalancing the market, particularly…

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