OPEC is concerned by recent prices and stands ready to talk to other producers, according an article in an OPEC publication.» Read More
With half the world's known reserves of oil and gas sitting in the fields of Saudi Arabia, Abu Dhabi, Qatar and the rest of the region, not many people think of the Middle East as having problems with energy.
In the wake of last Thursday’s surprise announcement from the IEA, the forward curve of the Brent crude oil market has been turned on its head, literally. At the same time, sweet/sour diffs have collapsed.
Many traders and hedge funds are nursing losses after a whiplash reversal in one of the biggest commodity trading trends of the year – a bet on a widening spread between different types of crude oil. The FT reports.
A recent article in The New York Times regarding growth prospects for North American shale gas was the talk of the town yesterday. The article in question, called into question, the prospects of shale gas development.
A decision last week by the International Energy Agency (IEA) to release an additional 60 million barrels of oil into the market should be considered quantitative “teasing” than easing, because the move is short-lived, says one analyst.
In our book, Saddam’s annexation of Kuwait and devastation to the U.S. refinery epicenter are emergencies.
After a volatile session on Thursday as the International Energy Agency unveiled plans to release strategic reserves in a bid to push oil prices lower, stocks look set for a strong end to the week.
The release of an emergency supply of oil to the market has received a mixed response from experts, with some arguing that the high oil prices seen in recent months have held back economic recovery while others say it reflects a political struggle.
Kevin Book: SPR Decision Is a Message to OPEC and Speculators
Gasoline prices should drop more quickly now that governments are stepping in to pump up world oil supplies, but drivers are still unlikely to see last summer's levels below $3 a gallon.
Gasoline supplies in the U.S. ticked down last week. According to yesterday's weekly update from the DOE, total supplies of gasoline fell by 0.46 MMbbls or -0.2%. Current supplies of 214.6 MMbbls stand comfortably atop the seasonal range.
The news that 60 million barrels of oil will be released into the global energy markets is really about the White House finally recognizing what millions of American families already know: the economy is still too weak, the recovery too slow, and they need to try something new.
FAQs on IEA, Oil, and the Strategic Petroleum Reserve
Despite political uncertainty induced by recent social turmoil, the Arabic Gulf region can remain attractive to Western investors, experts told CNBC on Wednesday.
Here is what we think the FTC is going to find… nothing, zilch, nada, no evidence whatsoever of market manipulation. After all, the days of Standard Oil are long gone. We are pretty sure Senator Rockefeller is aware of that.
Whereas temperatures in the western third of the country posted one of the coldest Mays on record, Texas notched its 21st warmest month. Markets along the eastern seaboard, from Virginia to Maine, posted one of the warmest Mays on record.
The mid $90s had been an area that attracted buying interest ever since Middle East experts began incorporating the contagion noun in their repertoire back in February.
As oil drops to its lowest price in four months, a former president of Shell USA Operations cautions that this decrease is the "pause that refreshes" and that oil will increase again due to a pick up in demand and an insufficient supply to meet it.
Saudi women are planning to take to the streets on Friday, not to push for democratic reforms, as has been a common theme in the Arab Spring, but for the right to drive.
Given that we have been short WTI a heck of lot more times than we have been long on it this year, that question almost seems absurd to us.