Oil and Gas Oil and Gas Storage

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  • *China's market turmoil weighs on Brent. SINGAPORE, Jan 7- Brent crude futures fell to a fresh 11- year low on Thursday as a sliding yuan and an emergency halt in China's stock trading left Asian markets in a turmoil, while a huge supply overhang and near-record output levels also continued to drag on oil prices. Trading on its stock markets was suspended for the rest...

  • *China slowdown weighs on Brent. *Iran- Saudi dispute to hurt OPEC coordination- traders. SINGAPORE, Jan 7- Brent crude prices fell to fresh 11- year lows on Thursday as fresh concerns over China's economy added to huge storage overhangs, near-record production and slowing demand that have already pummeled prices.

  • SINGAPORE, Jan 7- U.S. oil prices edged away from 2009 lows in early trading on Thursday but overall market sentiment remained extremely bearish due to huge unused amounts of petroleum sitting idle in storage tanks and as China's economy was showing no signs of recovery. West Texas Intermediate futures were trading at $34.23 per barrel at 0026 GMT, up 26 cents...

  • Does Houston's oil economy spell trouble for Texas? Tuesday, 5 Jan 2016 | 5:05 PM ET
    A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas. As crude oil prices have fallen, many American communities that became dependent on oil revenue are preparing for hard times.

    As oil prices fell toward an 11-year low Tuesday, experts debated what this means for the Texas and broader global economy.

  • SINGAPORE, Dec 21- U.S. crude oil prices dipped in early Asian trading on Monday, heading towards last week's 2015 lows as a rebound in drilling activity, a strong dollar and brimming storage facilities weighed on prices. West Texas Intermediate crude futures were trading at $34.48 per barrel at 0008 GMT, down 25 cents from their last settlement and close to last...

  • There is no immediate prospect of large-scale oil exports from the United States because domestic refineries have increased their processing of U.S. crude while domestic oil output has leveled off thanks to the slump in oil prices. The best way to ensure the United States continues to enjoy a healthy domestic oil industry is to allow both oil drillers and...

  • Funding bill lifts ban on US crude oil exports Tuesday, 15 Dec 2015 | 11:18 PM ET
    An oil pumpjack operates near Williston, North Dakota.

    U.S. House Republicans plan to file a government funding bill on Tuesday night that will include a provision lifting the U.S. ban on crude oil exports.

  • New blow to Halliburton-Baker Hughes deal Tuesday, 15 Dec 2015 | 9:48 PM ET
    Halliburton

    Halliburton has been forced to delay for a second time its planned $26bn acquisition of rival Baker Hughes, the Financial Times reports.

  • BEIJING, Dec 11- China said it more than doubled the size of its strategic crude oil reserves between November 2014 and the middle of this year, building inventories at a rate exceeding analysts' estimates of the country's stockbuilding. China intends to build crude reserves of 550 million barrels by 2020. The 190.5 million barrels is equivalent to about one...

  • A big energy investing myth that crushed investors Thursday, 10 Dec 2015 | 8:51 AM ET
    A construction worker specializing in pipe-laying sandblasts a section of pipeline in North Dakota.

    The recent stock dives in energy MLPs and Kinder Morgan’s dividend cut disproves the idea that MLPs are immune to low oil prices.

  • Why any oil bounce will be short-lived: Gartman Thursday, 10 Dec 2015 | 7:24 AM ET
    A BP employee uses ultrasound to scan a section of pipe along an oil transit pipeline at Prudhoe Bay oil field on Alaska's North Slope.

    Market watchers scrutinizing fluctuations in volatile crude oil prices shouldn't expect upward moves to last, Dennis Gartman says.

  • After 100 years in NZ, Shell looks at pulling out Wednesday, 9 Dec 2015 | 9:59 PM ET

    Shell said on Thursday it was reviewing its business interests in New Zealand as it seeks to streamline its portfolio amid a slump in energy prices.

  • Oil output declines significant in 2016: Petrie Wednesday, 9 Dec 2015 | 9:35 AM ET
    Pipeline and crude storage tanks in Cushing Oklahoma.

    One of the biggest factors in oil markets next year will be the impact of capital spending cuts on crude production, Tom Petrie said.

  • COLUMN-Yamani legacy haunts the oil market: Kemp Wednesday, 9 Dec 2015 | 7:15 AM ET

    LONDON, Dec 9- "All political lives, unless they are cut off in midstream at a happy juncture, end in failure, because that is the nature of politics and of human affairs," wrote British politician Enoch Powell. Saudi Arabia's veteran Oil Minister Ali al-Naimi may wonder if he is destined to become the scapegoat for the current collapse in oil prices which is...

  • LONDON, Dec 9- Oil prices rose on Wednesday on strong Japanese economic data and lower crude oil storage figures from the United States, but many investors expected a fall to below 2008 lows due to a mounting global supply glut. Brent crude oil futures were up 36 cents at $40.62 a barrel at 0951 GMT. Official figures from the U.S. Energy Information Administration...

  • Newest way to make money in oil: Socking it away Friday, 4 Dec 2015 | 11:57 AM ET
    Pipelines run toward oil storage tanks in Cushing, Oklahoma,

    Energy companies are choosing to store their crude oil stockpiles, rather than sell them on an oversupplied market at such low prices.

  • Petroleum engineer degrees going from boom to bust Friday, 4 Dec 2015 | 11:04 AM ET
    Average annual salary: $138,980Current employment: 30,880The booming oil industry and specialized skills required for petroleum engineers creates one of the most highly compensated jobs in the country. Petroleum engineers develop plans for oil and gas extraction, production, and tool modification, overseeing drilling operations and providing technical advice.On average, petroleum engineers working for the oil and gas extraction industry made an annual salary of $150,890. The heavy reliance on na

    Enrollment in petroleum engineering degree programs appears set to fall, raising concerns about a talent drought in future oilfield crews.

  • *OPEC maintains near record output by raising ceiling. NEW YORK, Dec 4- Oil prices fell on Friday after news that OPEC was planning to maintain its production near record highs despite depressed prices, as the producer group continued to seek share of an oversupplied market. Energy company shares, including those of U.S. oil major Exxon Mobil and oil service...

  • *OPEC widely expected to maintain output. LONDON, Dec 4- Crude oil prices rose on Friday as OPEC ministers met in Vienna, while the dollar hovered near one-month lows a day after staging its largest one-day fall in nearly seven years. OPEC was not expected to change its unchanged output policy, but nervousness among traders and investors ran high.

  • *China taking advantage of cheap oil to build strategic stocks. SINGAPORE/ BEIJING, Dec 4- China is likely to double its strategic crude oil purchases next year as one of the biggest ever price routs spurs a buying spree that would offer some support to battered markets for the commodity. Any sign of fresh buying for China's strategic reserves would offer rare...