March 25- General Electric Co said it increased planned job cuts in its Lufkin oilfield equipment unit to 575, as it grapples with pressure on the unit from the drop in oil prices. "As a result of increasingly challenging market conditions, we are announcing additional workforce reductions in our Lufkin business," said Kristin Schwarz, a GE Oil& Gas spokeswoman.» Read More
Winter storm Nemo has pushed fuel prices to fresh, 2013 highs, reports CNBC's Sharon Epperson.
Twenty-five foreign hostages escaped and six were killed on Thursday when Algerian forces launched an operation to free them at a remote desert gas plant, Algerian sources said, as one of the biggest international hostage crises in decades unfolded.
Dominic Schnider, Head of Commodity Research, UBS Wealth Management says platinum, palladium and silver will do well this year amid loose monetary policies and a recovery in the global economy.
Gasoline prices are up 8 cents in the past two weeks and will likely continue climbing through April. Experts say the 2013 national average will likely top out at about $3.95 a gallon.
An oil drilling rig owned by Royal Dutch Shell ran aground in Alaska after drifting in stormy weather, highlighting the serious risks of working in an offshore region where some in the industry see huge potential.
Natural gas futures traded slightly higher following the release of its weekly storage report from the U.S. Energy Department.
With natural gas trading near a one-year high, Royal Dutch Shell, one of the world's largest integrated oil and gas companies, is making a big bet on the future of the cleanest of all fossil fuels.
A transformation in our oil and gas production is leading to a sea change that will put the U.S. at the head of the line in global oil production by the end of the decade.
The national average for retail gasoline fell slightly below $3.50 a gallon Friday for the first time since March 6, according to OPIS and AAA.
Gasoline futures continued to trade higher in the electronic session Thursday as the latest track of Hurricane Sandy looked headed straight for the heart of the East Coast refining industry.
Oil prices have plunged near a three-month low amid poor growth prospects, but U.S. drivers may be the biggest winners of the recent selloff.
John Kingston, Global Director Of News, Platts says that U.S. sanctions on Iran have worked far better than most people think.
The natural gas market didn't attract buying after nearing a 10-month high this morning, and futures fell sharply through some key support levels.
A dramatic spiral for gasoline prices in some key battleground states comes just three weeks before the U.S. presidential elections.
WTI oil futures fell below $90 a barrel on concerns about slowing global demand amid strong U.S. production and robust supplies.
The Commodities Futures Trading Commission is expected to grant a delay on a rule set to take effect Friday that would impact clearing of energy swaps at the CME Group, according to sources familiar with the matter.
Mike Harrowell, Senior Resources Analyst, BBY says that the QE boost to commodity prices does not reflect demand concerns and that base metals prices could be trading lower by end-December.
Dan Morgan, Global Commodities Analyst, UBS says that stimulus measures are driving the commodities market.
"It will only take another refinery issue and a bit more of geopolitical noise to have the first U.S. election at a US average gasoline price of $4 a gallon," says one energy analyst.
Oil prices slumped for a third-straight session Wednesday, as comments from Saudi Arabia raised expectations of increased supply and after weely data from the Energy Information Administration (EIA) showed inventories climbed far more than projected.