Oil plunged thanks to developments in Greece, China's stock market woes and the potential for more supply from Iran, but the worst may be over, according to an industry expert.» Read More
Keeping in mind that markets abhor uncertainty, the most significant (and obvious) driver supporting oil prices today are the two big unknowns related to the Middle East; namely, duration and contagion.
Apparently Hugo Chavez thinks the U.S. is distorting the situation in Libya “… to justify an invasion.” As if the video being shown on CNN, BBC et al. has somehow been staged (perhaps on the old set from Capricorn One) by the U.S.
With data from the Energy Information Administration (EIA), a division of the Department of Energy, CNBC.com took a look at the countries that produce the most crude oil on a daily basis.
In the weeks ahead the market for natural gas in Canada will transition to the spring breakup. To this effect, Canadian rig counts (Baker Hughes or BHI) will peak in the next couple of weeks for the onset of the spring thaw. This is the seasonal downturn in rig counts which historically begins in early March, depending on weather conditions, and lasts through late April.
The vernal equinox (i.e. spring in the Northern Hemisphere) is but three weeks away. We are on the down slope of weather induced drawdowns in heating Btu stocks (natural gas, high sulfur diesel and propane). The pitch of this negative weather-demand function will steepen in the weeks ahead.
The UAW trust (VEBA) earned around $3.4 billion last November by selling a third of its allotted stake (102 million shares at $33 per) in G.M.’s IPO. Analysts’ estimates peg the VEBA’s break-even on its remaining shares at $37.
Oil prices, now topping $100 a barrel, could hit $120, energy financier T. Boone Pickens, chairman and CEO of BP Capital, and an advocate of replacing oil with natural gas in some applications, told CNBC Friday.
Oil prices have seen wild moves in recent days amid increasing violence in the Mideast, but the options market is telling us the roller-coaster ride may be over.
If Saudi raised oil production to 9 million barrels per day, then they've chosen a good time to do it.
Good King Abdullah of Saudi Arabia figures that $36 billion will buy off any potential unrest in his realm of Saudi Arabia. That's an expensive piece of cake he's dishing up.
Here we go again… Nymex crude oil failed to trade at $100 yesterday in the electronic market, but that apparently did not prevent some yahoo down on the floor of the Nymex from buying $100 WTI anyway.
Saudi Arabia is in “active talks” with European oil companies to meet the production shortfall left by Libya, the clearest indication to date that the leader of the Opec oil cartel is about to boost supplies to stop further rises in the oil price.
With energy the one bright spot in an otherwise bleak market, should you get in too? Or is this trade about to reverse?
Per yesterday’s (Tuesday's) update from the DOE, retail gasoline prices in the U.S. hit another post bubble high, $3.189. In other words, U.S. consumers are now paying the highest price for gasoline since October 2008.
The mass protests in Bahrain will make the country stronger and not lead to the fall of the ruling royal family, the boss of Bahrain's sovereign wealth fund has told CNBC.
Muammer Gaddafi’s family has built up vast business interests in sectors ranging from oil to hotels during his 41-year rule, giving it a hold over large swathes of Libya’s economy, according to US diplomatic cables and governance groups, reports the Financial Times.
The administration is searching for an acceptable blend of government support and a pro business environment because voters demand better jobs without compromising the nation’s balance sheet. The answer may be in Tripoli.
The quote above demonstrates how extreme tensions have become regarding Libya. Warplanes are said to be strafing protestors in Tripoli, the capital, while Benghazi, the second largest city, is said to be in the hands of the insurgency.
With the recent turmoil across North Africa and the Gulf, investors are now becoming increasingly concerned that the ‘political contagion,’ as the wave of upheaval has come to be known, may flow over into Saudi Arabia as well.
Pundits have recently been talking about stocks at Cushing, OK and the effects of the Keystone pipeline. They have also been talking about the widening front month spread, which recently crossed below the -$4.00 barrier for the first time since May 2010. However, there is a less discussed effect of Cushing that takes place much further along the curve, writes Stephen Schork.