NEW YORK, Aug 1- Brent and U.S. crude futures tumbled on Friday to the lowest settlement prices in months, as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine. "Since June 23, the market's been going down," said Andy Lebow, vice president at Jefferies Bache in New York.» Read More
Iran's crude exports to its biggest customer, Asia, fell by a quarter in 2012 and shipments this year are expected to drop by at least 12 percent under U.S. sanctions pressure, but ample alternative supplies will keep refiners flush with oil.
Rio Tinto's Sam Walsh faces his first difficult decision as chief executive -- whether to shut the 1,400-staff Gove alumina refinery in Australia -- as under-performing units come under tougher scrutiny following $14 billion in writedowns this month.
Majid Jafar, CEO of Crescent Petroleum, tells CNBC that a general sense of instability post the Arab Spring has already been factored in to the oil price but there has been no direct impact from the Algerian hostage attack.
It has been a harrowing start to 2013 for the global energy industry. BP, Statoil and the joint operators of the In Amenas natural gas plant in Algeria are slowly coming to terms with last week's brutal 4-day occupation of the isolated desert facility where 38 mainly foreign hostages were killed by Islamist militants.
U.S. crude futures may test $100 a barrel this week - possibly breaching triple digits - after an attack against a gas facility in OPEC member Algeria on Wednesday escalated into an international hostage crisis, leading to renewed fears that supply may be disrupted in other politically-unstable parts of North and West Africa.
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.
Christof Ruhl, chief economist at BP, forecast strong growth in alternative energy sources like oil sands and bio fuel.
Three IPOs this week are MLPs - part of a long string of MLPs that have gone public recently.
Oil overcame early selling pressure, inching above $110 a barrel on Thursday, as investors reacted to mixed U.S. economic data and the ongoing stalemate on U.S. budget talks.
Oil prices rose on Wednesday as expectations a battle over the U.S. budget will be resolved spurred optimism about crude demand in the U.S.
The U.S. government's energy agency has adopted North Sea Brent crude as its benchmark for oil forecasts, dropping its domestic benchmark.
Robust U.S. energy production keeps pump prices low.
Activism surrounding fracking has now migrated into the ranks of actual shareholders in the companies that perform fracking.
John Hofmeister, Founder and CEO of Citizens for Affordable Energy, weighs in on preventing another gas shortage.
Gasoline lines are shorter in some parts of the New York metropolitan area, but the fuel distribution and supply network is still far from normal a week after Super Storm Sandy swept through the area.
Wilbur Ross, Chairman & CEO, WL Ross & Co. says his firm Exco has not yet confirmed a bid for a joint-venture partner project in Chinese shale gas.
The FMHR team offers instant analysis of the jobs report, the stock market and the presidential election. Meanwhile, the gas crisis continues in New Jersey, with CNBC's reporter team and John Eichberger, National Association of Convenience Stores.
Power outages at hundreds of gas stations and a distribution bottleneck due to flooding damage and power loss has caused a gasoline shortage in the New York metropolitan area that may not be cleared up for at least a week, according to industry experts.
Gasoline futures jumped as East Coast consumers—already stressed by Superstorm Sandy—joined long lines at the pump to fill up cars and gas cans to fuel home generators, causing shortages in some areas.
Robert Kunkel, Alternative Marine Technologies, discusses how tanker delays caused by the storm may impact oil prices.