MILAN/ TOKYO, July 8- Chevron's $54 billion Gorgon LNG project- the world's most expensive- may be forced to dump chunks of its early production onto an already saturated global spot market, as some Japanese clients warn they are unlikely to take up test shipments. After nearly five years of construction, test exports of LNG from Gorgon's 15.6...» Read More
CNBC's Jackie DeAngelis reports natural gas opened lower today, and traders expect crude oil prices to decline from current levels.
With oil dropping below $77 a barrel, Lindsey Piegza, Sterne Agee chief economist, discusses how the ripple effect of low oil translates to direct savings for American consumers and impacts retail.
Speaking in Mexico on Wednesday, Saudi Oil Minister Ali al-Naimi knocked down talk of OPEC waging a 'price war' in the global oil market, and prices fell as a result. CNBC's Amanda Drury and Brian Sullivan report.
Ashley Heppenstall, CEO of Lundin Petroleum, says the lower oil price is already having an impact on production in the U.S., but the extent of the effects are not known.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Crude was under pressure in the morning, but ended the day up slightly. The stronger dollar and supply situation continue to put pressure on oil.
As equities rise, CNBC's Jackie DeAngelis reports oil continues to slide and gold stabilizes but could see more of a decline.
Scott Darling, Regional Head of Oil & Gas Research at JP Morgan, says OPEC is unlikely to decide on an output cut at its next meeting and expects brent to slip below $75 a barrel in early-2015.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Oil was down another dollar today. Natural gas was down on the day, even though a major cold snap is on the way.
"The future of oil and gas in the U.S. is natural gas," says Gary Evans, Magnum Hunter Resources CEO, discussing what the low cost of shale means to the industry and U.S. economy.
Voters in Denton, Texas have approved a proposal to ban fracking for oil and gas. Chris Watts, Mayor of Denton, explains what's behind the petition.
Abdallah Salem El-Badri, secretary general of OPEC, says he is worried that the low oil price will have a negative impact on investment in oil projects.
Abdalla el-Badri, secretary general of OPEC, says the ISIS problem needs to solved quickly as it will affect production and investment appetite for oil.
Abdalla el-Badri, secretary general of OPEC, says consumers and producers are "panicking" over the falling oil price and need to "relax".
CNBC's Hadley Gamble discusses what oil price OPEC is comfortable with and how the falling oil price is affecting Saudi Arabia, Iran, Russia and the U.S.
Abdalla Salem El-Badri, secretary general of OPEC, says oil oversupply is not more than 600,000 to 700,000 barrels per day and the fundamentals of the market do not justify falling oil prices.
Matt Smith, Commodity Analyst at Schneider Electric, says OPEC's forecast for oil to average at $110 by 2020 remains realistic, but warns that prices will stay low over the next 6 months.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
"We're in a place where the world understands the power of the U.S. oil economy," says Chad Brownstein, Rocky Mountain Resources. James Cordier, OptionSellers.com founder, explains why OPEC is assisting oil's fall.
Discussing if oil has bottomed and how the Saudi's plan to hold onto market share, with John Kilduff, Again Capital.
Economic troubles at the only remaining rival bidder for the 2022 Olympics have left an open path for Beijing to host again.