Category: Crude oil

Hedge funds betting that OPEC-led oil rout is near end

Oil’s collapse accelerated after the 12-nation Organization of Petroleum Exporting Countries decided Nov. 27 to maintain output levels, underscoring the price war in crude.  More »

BP cutting jobs

BP is cutting mid-level supervisors in its oil production and refining businesses and in back-office corporate functions, the British oil giant’s chief financial officer told the Times of London as it is set next week to lay out its plans through the end of this decade.  More »

C&J Energy postpones $650 million loan as oil plunges

Lead arranger Citigroup Inc. expects to begin marketing the debt again early next month.  More »

U.S. rig count grows despite oil price slump

Future output in the U.S. is at risk with oil trading below $80 a barrel.  More »

Oil drop gives U.S. drillers argument to end export ban

With U.S. output at a 31-year high and imports at the lowest level since 1995, producers seeking the best possible price for crude are straining at having to keep sales at home.  More »

Brent heads for 5-year low as Saudi discounts spur competition

Futures slid as much as 1.1 percent in London and are headed for a second weekly decline.  More »

Oil prices go back on the decline

WTI for January delivery dropped 57 cents, or 0.9 percent, to end at $66.81 a barrel.  More »

Eagle Ford produces billionth barrel

More than 70 percent of that production has occurred in the last two years.  More »

300,000 Iraqi oil barrels signal glut will deepen

Just five days after OPEC decided to maintain production levels, Iraq, the group’s second-biggest member, inked an export deal with the Kurds that may add about 300,000 barrels a day to world supplies.  More »

WTI crude steady after U.S. stockpiles drop from five-month high

Oil fell 18 percent last month as the Organization of Petroleum Exporting Countries maintained its output target, letting prices fall to a level that may slow U.S. production growth.  More »

Oil prices not hitting petrochemical plant expansions

The same drilling bonanza that bestowed the chemical industry with cheap feedstock also flooded the world market with oil and gas at a time when the global demand for such products has started to flatten.  More »

Kinder Morgan remains optimistic at $70 US oil through 2015

Kinder Morgan doesn’t expect lower oil prices to have a major impact on its pipelines and storage business, the company said today.  More »

Oil rises after government report shows U.S. supply drop

West Texas Intermediate oil rose after a government report showed that U.S. crude inventories dropped as refineries bolstered operating rates.  More »

CEO says Exxon Mobil can be “successful” with $40 oil

West Texas Intermediate climbed Wednesday to $67.98 per barrel, while futures sank to $63/72, the lowest price in five years.  More »

Sub-$50 oil surfaces in North Dakota as regional discounts swell

Crude sold at the wellhead in the Bakken shale region in North Dakota fell to $49.69 a barrel on Nov. 28.  More »