As the summer doldrums set in for oil and equities, at least one sector has become a sleeper hit — refinery stocks.
Oil prices staged a sharp turnaround ahead of the close in floor trading at the NYMEX Wednesday, as traders speculated about the prospects for more Fed easing.
West Texas Intermediate (WTI) oil futures fell to the lowest price in more than a week, sliding more than $1 to below $88 a barrel, and RBOB gasoline futures plunged more than two percent to a two-week low, trading below $2.75 a gallon, after the U.S. Energy Information Administration reported a huge increase in domestic oil and gasoline supplies over the past week.
The prospect of military conflict over Iran's nuclear program, on one hand, versus a deteriorating global economic outlook, on the other, are divergent factors that nevertheless pushed oil prices to their highest level since May last Thursday.
Natural gas futures topped $3. per million BTUs for the third straight session on Friday, rising to an intraday high of nearly $3.06.
Some analysts suggest the slide toward a $3.00 retail gasoline may have permanently stalled. Retail gasoline prices often follow the trend in the futures market within a week or so, analysts say.
Of all the major oil-producing countries in the world, only four are showing a long-term decline in production capacity by 2020. Factors like the recent showdown with Iran over its nuclear program are more influential, according to a Harvard University report.
Four and a half years of studies and five failed votes in the House of Representatives later, the massive Canadian-US pipeline is stuck at the Canadian border. And that won't change anytime soon.
The DOE's Energy Information Administration expects the cartel's share to remain at the current 40 percent, while US domestic output rises.
July natural gas futures closed at $2.767 per million BTUs, the highest settlement price since January 11, 2012. Natural gas has been surging on forecasts for warmer-than-normal temperatures across the U.S.
A new report shows sizable amounts of recoverable oil and natural as around the scenic island chain, but its location in the hurricane belt is already raising concerns about potential environmental damage.
The natural gas industry may be hurting from rock-bottom prices now but if allowed to fully exploit the shale-gas boom, there may be few losers and many winners in the years to come.
Michael Bagley, president of corporate intelligence firm Jellyfish Operations, and security expert Jennifer Giroux discuss how companies can plan and react in hostile environments.
Though Turkey was one of several countries to receive a temporary waiver from U.S. sanctions, it is looking to Saudi Arabia and Libya for crude oil, as well as a number of other energy sources.
Natural gas futures surged over 12 percent on Thursday, topping $2.46 per million British Thermal Units (BTUs), after an unexpectedly bullish storage report helped prices rally above key technical levels.
As U.S. and European markets have tumbled in the last month, oil prices have also posted double-digit declines, but the slide isn't helping consumers in the euro zone.
Traders say weak U.S. ISM services data and other poor economic data from Europe trumps positive U.S. manufacturing data earlier this week and is adding to the pressure on oil prices.
Palladium raced ahead of all other metals in April. After climbing double digits in the first quarter, platinum and silver futures were down 4 and 5 percent, respectively. Both metals lost ground for the second consecutive month. Copper prices were flat, and gold seems to have lost its luster, posting its third straight monthly decline.
Relative to the S&P 500, General Electric should give investors 'at least' double the return over the next two years, Jack De Gan, Harbor Advisory CIO told CNBC Friday.
Enterprise CEO gives Bertha Coombs an exclusive look into the construction of the company's new ECHO oil storage and transfer terminal in Houston, which provide a vital link between booming onland Shale oil production by major Gulf Coast refiners.