The Bakken, Eagle Ford and Permian Basin are generating more than a million barrels of oil per day each, a third of U.S. daily production.» Read More
Venezuela, which is pressing ahead quickly with a sweeping raft of nationalizations, has said it is seeking at least 60 percent of the projects that develop the tarry crude from the Caribbean country's east.
Cyclones off the coast of Western Australia forced the shut down on Thursday of almost half the country's oil production as well as a major iron ore export terminal, with more closures seen as two storms approach oil fields.
Cramer continues his list of the top 10 potential anti-competitive deals coming before 2008.
Wild fluctuations in energy stocks have deterred investors recently. But analysts say the sector is still a good bet.
Stocks finished lower as new worries about the mortgage lending market depressed financial shares and a late surge in oil prices drove energy stocks higher. "Crude rallied 4% in 10 minutes and it just turned energy stocks on a dime," said Michael Driscoll, Senior Managing Director in Equity Trading at Bear Stearns.
Stocks ended a strongly positive week narrowly mixed Friday after the market absorbed a weaker-than-expected employment report that curbed bullish sentiment.
The second largest U.S. oil producer said its fourth-quarter profit fell, pulled down by weaker natural gas prices. The San Ramon-based company said net income in the quarter dropped to $3.77 billion, or $1.74 a share, from $4.14 billion, or $1.86 a share, in 2005. On average, analysts polled by Thomson Financial were expecting Chevron to earn $1.73 a share.
It's all about the jobs report today, and stocks are tentative ahead of the number. The market is looking flat to positive, after a rousing performance yesterday that lifted the Dow to its 27th new record since October. Non farm payrolls are expected to increase by 167,000.
A sharp rise in crude oil prices failed to deter investors on Tuesday as they nibbled at stocks ahead of the Federal Reserve's decision on interest rates, set for release tomorrow afternoon.
Venezuelan President Huge Chavez announced his intent this month to nationalize his country’s vast oil sector (as well as the nation's largest phone company and utilities). His statements made headlines across the globe, sending the Venezuelan stock exchange down 19% in a single day.
The Dow closed at a record for the third straight session and Nasdaq fell slightly as investors bought selectively ahead of earnings reports and on a steep drop in oil.
The Caracas Stock Exchange plunged over 12% Tuesday on continued worries about President Hugo Chavez's plans to nationalize several of Venezuela's key industries, including oil.
Exxon Mobil – the most profitable company in U.S. history and also one of the most loathed among climate change activists. But going green isn't just good for the environment – it could also be good for the oil giant’s bottom line. Chris Fox of Ceres – an organization that pushes companies on climate issues on behalf of institutional investors – and Paul Sankey, an oil analyst at Deutsche Bank, debated the issue on “Street Signs.”
Buying in technology and financial stocks pushed stocks higher, outweighing declines in the energy sector.
Venezuelan stocks plunged after President Hugo Chavez announces plans to nationalize some telecommunications and power generation utilities
Chevron said it expects fourth quarter earnings to be below third-quarter figures, adversely affected by lower commodity prices, lower downstream margins and lower refinery utilization due to planned maintenance and construction activities worldwide.
Stocks in the U.S. are positioned to move higher on the opening after yesterday's afternoon turnaround. European stock markets are higher, and Asia turned in a mixed performance. Today kicks off the fourth quarter earnings season with the release of Dow component Alcoa's earnings after the bell. OIL DIP: Oil is weaker again this morning and heading close to the $55 technical level traders are watching.
Stocks closed higher after another volatile day as gains in technology stocks and a huge drop in oil prices boosted the major averages.
Shares of energy companies tumbled Wednesday as unseasonably warm winter weather pushed oil prices down more than 4.5%.
Both the Dow Jones Industrial Average and the S&P 500 ended the day higher – with the Dow setting another record, closing up 30 points and the S&P up 3 – all this despite worrisome economic data coming in the form of a rise in wholesale prices and a decline in housing permits. The NASDAQ couldn’t keep up, falling 6 points on continued weakness in the technology sector.