Shell Oil was pulling nonessential workers from the western U.S. Gulf of Mexico on Tuesday as the company prepared to shut in 5 million cubic feet of natural gas production off the south Texas coast, the company said.
Things are a bit calmer today: volatility much lower, volume still heavy, but not as heavy as last 6 or 7 days. Three stocks advancing for every two declining.
Royal Dutch Shell sold three French oil refineries and gas field stakes in Norway for $2.5 billion on Thursday, pressing ahead with its strategy to divest lower-returning assets.
Oil company Total said Thurdsay that second-quarter net profit was little changed as improved refinery margins failed to offset the weaker dollar.
Marathon Oil said Tuesday it agreed to buy Canada's Western Oil Sands Inc. for about $5.56 billion, giving the U.S. oil company a foothold in one of the world's most promising streams of new crude oil.
Royal Dutch Shell bucked an industry-wide trend of falling earnings on Thursday, posting a 20% rise in second-quarter profits to $7.556 billion, as fat refining margins helped outweigh lower output.
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Oil eased on Wednesday, after an unexpected drawdown in crude oil inventories in top consumer the United States helped the market pare earlier losses.
U.S. oil rose above $72 on Tuesday, and London Brent hit another 11-month high above $76, the 10th straight day of gains that have lifted crude by $6 to within striking distance of its record.
U.S. oil eased on Monday, while London Brent rose to an 11-month high above $76 a barrel, as rising global oil demand and North Sea field maintenance exacerbated supply worries.
Oil surged to an 11-month high above $76 a barrel on Friday, closing in on the all-time record as Nigerian disruptions and OPEC output cuts stirred supply concerns amid rising U.S. refinery demand stirred.
Oil and gasoline prices advanced Thursday after seesawing on a government report that surprised traders with bearish inventory data and bullish refinery utilization rates.
Oil set a 10-month high above $73 a barrel on Wednesday, supported by low U.S. fuel inventories and expectations of strong gasoline demand in the world's top consumer.
Inflation data will set the agenda today as traders await the release of the CPI. Stock markets around the world are higher.
Gasoline futures dropped more than 1%, and oil and gas futures also fell as a cyclone approaching the Persian Gulf veered away from major oil facilities.
Oil rallied above $65 a barrel as fresh refinery and pipeline problems in the U.S. reignited fears over gasoline supplies as the summer peak in gasoline demand in the world's largest consumer approaches.
Regulators postponed a decision Friday on revoking the license of BP's Russian joint venture for a giant gas field, days before President Vladimir Putin heads into a Group of Eight summit amid grumbles about the Kremlin using energy as a political weapon.
Oil rose Thursday, recovering from early losses to close above $64 a barrel as U.S. government data showed crude oil inventories fell unexpectedly last week.
U.S. crude finished up slightly on Wednesday after Tuesday's sharp selloff and gasoline futures fell to a 3-week low ahead of weekly data on U.S. petroleum inventories.
ExxonMobil, which holds its annual meeting today, will attempt to allay shareholder concerns about environmental and governance issues, including whether Chairman Rex Tillerson should be reelected. One analyst said that despite public concern for the environment, which he attributes to higher energy prices and surging gas prices at the pump, Exxon's primary responsibility of making money for investors in the long term hasn't changed.