HOUSTON, Feb 3- The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracking will only slow further as 2016 drags on. A 70 percent drop in crude prices since mid-2014 has affected not only National Oilwell Varco but dozens of others...» Read More
Concerns about shrinking refining industry capacity put a fire under gasoline futures Friday, after news reports that a major east coast refinery shut down for repairs.
Gold prices surged $50 to settle above $1700 an ounce in the final hour of the open outcry session at the NYMEX, after the Federal Reserve said it will not raise rates until late 2014.
Natural gas futures surged 8 percent after Conoco Phillips spacer said Wednesday its shutting down 100 million cubic feet per day of production in 2012 due to lower prices.
Check out how commodities are trading in Tuesday's trade:
Oil has fallen below $99 a barrel on reports that "major powers" are expected to issue a statement Friday on the possibility of resuming nuclear talks with Iran.
Gasoline futures are rallying on yet another refinery closure.
Russell Girling, TransCanada Corporation president & CEO, discusses the $7B Keystone pipeline project and the possible 20K jobs it would create.
Here are the commodities on the move Tuesday morning.
What's moving in commodities in Monday’s trade:
Traders say Iran is the new Libya. Just as civil war in Libya caused crude oil prices to spike to near $115 a barrel in 2011, escalating tensions between the Iran and the West could cause oil prices to reach those levels again early this year.
"This company has never cut it's dividend." says Mad Money's Jim Cramer, discussing Enbridge's 3.17% yield, and growth prospects, with Patrick Daniel, Enbridge Inc CEO.
Don't be surprised if gold falls to $1,700, according to some traders. When it comes to what markets wanted to hear from the European Central Bank it was all about money printing.
WTI surged above $102 on news that the flow of crude oil will be reversed on the Seaway Pipeline. The result in Wednesday’s trading has been panic in the spread between WTI and Brent Crude with funds and other market players buying WTI and selling off Brent...fast.
Gasoline futures plunged 4 percent to below $2.50 a gallon this morning, a slide that could signal good news for drivers over the Thanksgiving weekend.
Italy and Greece's debt woes haven't gone away, yet U.S. crude oil prices are closing in on $100 a barrel, following the upward momentum in the euro and equities on cautious optimism over improved Italian and Greek bond spreads.
Mad Money's Jim Cramer, discusses profiting from an oil and gas drilling boom in the U.S., with Frank Semple, MarkWest Energy Partners chairman/CEO.
U.S. oil futures are at a 2 1/2 month high. In addition to China manufacturing data and more optimism over an eventual EU debt deal, traders are covering short positions in commodities after more comments from a Federal Reserve official about the possibility of further monetary easing ahead.
This week's mega-mergers have suddenly forced mid-sized players to reexamine their strategies.
It was a story from the U.K. Guardian newspaper towards the end of the trading session that sent stocks on a tear with commodity prices tagging along for the ride.
Traders are watching China. Gauging how far and how fast China's growth may have slowed over the past quarter -- and what that could mean for coming quarters. It will be critical to the next move in key commodities like copper and crude as well as equities, traders say.