That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, according to the Energy Department. "The fact of the matter is we are running out of storage capacity in the U.S.," Ed Morse, head of commodities research at Citibank, said at a recent...» Read More
The "Fast Money" traders discuss possible ways to trade this massive storm.
The hurricane is posing a threat to the eight oil refineries on the East Coast, with Charles Drevna, National Petrochemical and Refiners Association.
As the price of crude oil has surged in the last year, several big oil stocks have followed suit. The next quarter will likely deliver good news again for these stocks, said one analyst—but another suggested examining how companies react to oil's rise before investing in them.
The “old” politics of Opec, which split the cartel and marred its influence in the oil market of the 1990s, have made an unexpected return after a decade-long absence. The FT reports.
Saudi Arabia has been quietly increasing its crude oil production ahead of Wednesday’s meeting of the Opec oil cartel, in a sign that Riyadh is trying to bring oil prices down to more comfortable levels for consumers in the US, Europe and China. The FT reports.
The price at the gas pump will fall from the current $3.80 per gallon national average to $3.50 or lower by July 4, Gulf Oil Chief Executive Joe Petrowski told CNBC Thursday.
Insight on what flooding means for oil and refiners, with Pavel Molchanov, Raymond James, and Jeff Grossman, BRG Brokerage.
The commodities market witnessed a volatile five days last week with silver a major loser. Some analysts were predicting the losses for silver would lead losses in other commodities like oil, which saw the WTI contract drop below $100 a barrel.
CNBC's Jane Wells with a look at the unusually low gasoline inventories and what it means for prices at the pump during the summer driving season.
Oil prices are heading back towards the $80 - $100 a barrel sweet spot which will boost oil stocks and take pressure off the global economy, according to Jens Zimmermann, a senior equity analyst at ABN AMRO Private Banking in Zurich.
Middle East governments moving away from dictatorship must deliver quick wins through job creation to meet immediate hopes of street protesters but longer-term reforms need to ensure a more inclusive society, the head of the World Bank said on Wednesday.
Libyan rebels are set for their first oil export as soon as Tuesday as they seek funding to sustain their uprising against Muammer Gaddafi's 41-year rule of the north African nation, the Financial Times reports.
Before President Obama leaves for Rio, he'll be reading a letter signed by 20 Governors calling on the President for more energy options.
As governments around the world rethink nuclear power, with fears rife about leaking radiation at Japan’s earthquake-damaged plants, Steen Jacobsen, chief investment officer at Saxo Bank, recommends investors focus on Russia to benefit from its energy potential.
While oil – and just about everything else but Treasuries -- sold off today in the wake of the Japanese nuclear crisis, oil prices may be poised to surge as demand for 'alternative' energy sources to replace lost nuclear power in Japan ramp up.
The country’s second largest energy company, Chevron, will increase its natural gas investment this year and cut back on selling fuel globally, John Watson, chairman and CEO, told CNBC Monday.
Jittery traders sold pretty much everything Monday as the tragedy in Japan roiled global markets, but longer-term investors were looking at the move as a natural pullback likely to create opportunities.
Oil prices are driven by a supply shock rather than increased demand due to a stronger world economy, so investors in currencies look to "risk" rather than "macro" factors, David Bloom, global head of foreign exchange research at HSBC, wrote in a market note.
Tensions are high in Saudi Arabia in expectations of protests akin to the ones that have swept across the Arab World. CNBC's Yousef Gamal El-Din reports.
Reports of police firing on protestors in the Saudi Arabian city of Qatif evoke a possible nightmare scenario for the disruption of oil from a country that sits atop the world's largest proven oil reserves.