LONDON, June 3- The vanishing contango in U.S. crude oil futures points to a sharp draw down in crude stocks over the next few months as the incentive to store excess oil disappears. The price for storing U.S. crude for six months has shrunk from around $8.75 per barrel in mid-March to $1.25 on Tuesday. Crude stocks in the United States have fallen in each of the last...» Read More
CNBC's Bertha Coombs is joined by Tom Reilly, SCS Commodities to discuss WTI's resurgence which is driving oil prices higher.
Oil prices should be about half of today's $105 a barrel by the end of the year, but that doesn't translate to $2 a gallon gas prices, Gulf Oil CEO Joe Petrowski tells CNBC.
Valero says surging crude is hitting the company's margins, and the FMHR traders debate how to trade refiners. Betsy Graseck, Morgan Stanley, provides insight on impressive bank earnings. "Rising home prices will be a tail wind to large cap banks" says Graseck.
Andy Lipow, president of Lipow Oil Associates, talks about the huge drop in inventories. "World oil demand is growing," he said, and he expects sticker shock for consumers.
The average price of gasoline in the United States dipped over the past two weeks thanks to large falls in Midwestern states, a survey issued on Sunday showed.
The world is heading for a glut of refined products as new Asian and Middle East refineries increase oil processing in a move likely to force less advanced competitors in developed countries to close, the West's energy agency said on Wednesday.
Drivers in the Midwest have been hit with a big gas pump shock, reports CNBC's Sue Herera.
Louisiana's "Refinery Row" is getting ready for this year's hurricane season, reports CNBC's Scott Cohn.
Faisel Khan, senior analyst at Citi, offers insight on big oil names.
If oil keeps dropping, will refiners go with it? Philip Weiss, Argus Research, provides perspective.
Woodside Petroleum has shelved plans for its $40 billion Browse liquefied natural gas project in Western Australia, saying it will consider a floating LNG plant instead.
General Electric agreed to buy oilfield services provider Lufkin Industries to expand its profitable oil and gas business.
In the options market, big money can be made pretty quickly. For one trader, it only took a day. Here's how he did it.
Two pipeline spills have prompted new criticism from opponents of the proposed Keystone XL project, while raising questions about whether the government is adequately monitoring U.S. pipelines. The NYT reports.
Although U.S. crude has flirted with its highs, market observers and professional traders alike think oil could push lower.
Pro trader Anthony Grisanti looks at why he doesn't think gas prices will soon soar.
Amjad Bseisu, CEO of EnQuest, tells CNBC that oil reserves in the north sea are declining, although a relaxation of government regulations has prompted a boom of investment in the area.
Middle East-style oil wealth combined with a generous Nordic welfare model is slowly throttling big chunks of Norway's economy.
For a long time, the trade has been to buy oil refiners and sell big oil. Now it looks like that trade could flip.
The president wants Congress to authorize $200 million a year for 10 years for research on energy technologies.