European equities turned lower Monday as a fall in the price of oil once again hit investor sentiment.» Read More
U.S. stock-index futures rebounded Thursday after the second reading on second-quarter GDP showed growth was more robust than first thought. Tropical Storm Gustav, which is readying to move back to hurricane status and heading toward the Gulf Coast, continued to hover over the market and bump up oil prices.
Wednesday's weather models reinforce that Hurricane Gustav could be the most powerful storm to rip through Gulf of Mexico oil and gas production areas since Katrina. It will be the first storm to test the industry's efforts to reinforce its oil and gas production infrastructure.
The oil market's taking notice that Hurricane Gustav could be the first major storm to wreak havoc with Gulf of Mexico oil production areas in several years, and it should be clear by the weekend just how serious that threat could be. "This could be the most significant storm in that area since Katrina and Rita" in 2005, said John Kilduff, M.F. Global senior vice president.
A strengthening Tropical Storm Fay, which killed at least 57 people in the Caribbean over the weekend, took aim at Florida on Monday after breezing across Cuba and causing little damage.
European shares ended a choppy session in positive territory on Thursday as a recovery in commodity prices helped energy and mining shares and fears over price pressures were partially quelled by U.S. inflation data.
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Tropical Storm Edouard strengthened late on Monday as it churned across the Gulf of Mexico and will likely hit the Texas coast with near-hurricane strength, U.S. forecasters said.
Tropical Storm Edouard forced shut a huge U.S. offshore oil port, a refinery, some oil production and disrupted shipping as the storm raced toward the Texas-Louisiana coast on Monday.
Furious motorists faced with high pump prices have accused oil majors of profiteering, but as the firms announced bumper profits this week, they said they were making little gasoline sales.
Royal Dutch Shell reported a 5 percent rise in second-quarter current cost of supply (CCS) net income to $7.9 billion, and said it beat analysts' forecasts, on the back of high oil prices.
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Royal Dutch Shell declared force majeure on Tuesday on its Nigerian Bonny Light crude oil exports for July to September following an attack by militants on an oil trunk pipeline in the Niger Delta on Monday.
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The recent decline in oil prices is expected to continue amid fresh signs that the rapid runnup in crude prices is curbing demand, particularly in the US, analysts say.
Militants in Nigeria's Niger Delta said on Monday they had attacked two major oil pipelines belonging to Royal Dutch Shell, forcing the firm to halt some production and helping push world oil prices higher.
The world's five largest fully publicly traded oil companies are expected to, yet again, report record profits next week, thanks to high oil prices, even as investors fret over the recent pullback in crude.
Tropical Storm Dolly continued to strengthen slightly early Tuesday as it moved over the warm waters of the western Gulf of Mexico towards the Texas-Mexico border.
Oil prices rose Monday on a threat of new sanctions against Iran and as Tropical Storm Dolly headed into the Gulf of Mexico, prompting a hurricane watch for parts of Texas and Mexico.
Royal Dutch Shell has agreed to buy Alberta-based Duvernay Oil for around C$5.9 billion ($5.9 billion), as oil majors' boost investment in tight or hard to extract natural gas.
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