LONDON, July 30- Commercial crude stocks across the United States rose by 105 million barrels early this year to peak at 490 million barrels, the highest level in eight decades. Working storage capacity at refineries, tank farms and underground storage facilities in the United States has increased by 85 million barrels, almost 19 percent, since 2011..» Read More
Has the oil price finally hit a bottom? Dennis Gartman, founder and editor of the Gartman Letter, explains why it could fall to as low as $20 per barrel.
LONDON, Feb 9- Latin America's oil producers have become caught in the crossfire between OPEC and the North American shale drillers. The number of active land rigs has fallen sharply in OPEC members Ecuador and Venezuela as well as non-OPEC Bolivia, Colombia and Mexico. Even OPEC producers such as Petroleos de Venezuela and Petroecuador are being forced to cut...
Oil prices have rallied off post-crisis lows, possibly marking the rout's bottom as producers' cutbacks begin pinching supply, some analysts said.
A global oversupply in oil and lack of storage make it very likely that oil will slide into the $30s, Citi's Ed Morse told CNBC.
Hedge fund buying may be partly behind the recent rebound in battered oil prices, former Shell Oil President John Hofmeister tells CNBC.
CEFC seems to be shifting to that role from an earlier image as a commodity trade financing player, "said a senior Beijing trader, referring to CEFC's practice of using mixed aromatics to raise bank loans to profit from the currency arbitrage. Besides hiring trading executives from state oil companies, CEFC is due to start up an 18- million-barrel tank farm on...
Oil prices are in the midst of a prolonged slump, squeezing bottom lines everywhere. How do sovereign wealth funds cope?
Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea, to take advantage of lower prices.
The oil price is nearing a 6-year low. Richard Mallinson, geopolitical analyst at Energy Aspects, says markets are looking for "a turning point" in oil production and it will end up being non-OPEC countries that cut supplies.
Gareth Lewis-Davies, senior oil strategist at BNP Paribas, says that China is building up a strategic stock of oil, and that low prices provide a "good opportunity to dip into the market and accelerate purchases."
A twist of fate has made slumping gas prices fuel a discussion once thought to be anathema in a Republican-led Congress: higher gas taxes.
In order to stem the free fall in oil prices, one of three key things must be done, says Sabine Schels, a commodity strategist at BofA Merrill Lynch Global Research.
Enterprise Products Partners is shelving a pipeline that would have transported crude from North Dakota to Oklahoma, the company said Friday.
The US Air Force just completed an initiative to convert all of its bases from military-specific grade jet fuel to a civilian grade.
Philadelphia is developing a new reputation as a nexus of oil and gas transportation, which bodes well for its economy.
Oil and gas firms are "routinely" underpaying their workers, according to an investigation from ProPublica.
Nat gas prices are set to go higher, according to the chairman and CEO of energy-focused investment firm BP Capital.
U.S. oil futures slipped further below the key $100 a barrel level, and international crude moved closer to U.S. prices as some geopolitical pressures eased.
The next move for world oil prices is likely lower, as growing U.S. oil production outweighs the impact of elevated tensions surrounding Ukraine.
The oil industry's lobbying arm said it will push lawmakers to consider lifting a ban on crude exports in the new year.