Category: Crude oil

Deloitte: OPEC influence waning as US shale surges

Over the next five or six years, surging shale-oil production in the United States could cut deep into the Organization of Petroleum Exporting Countries’ influence over global oil prices, a new report says.  More »

U.S. oil slips below $106 on supply data

But Brent crude, a benchmark used to price international oil used by many U.S. refiners, rose in London to its highest level since September.  More »

Oil prices slip as U.S. deploys small force to Iraq

Benchmark U.S crude for July delivery dropped 54 cents to $106.36 a barrel on the New York Mercantile Exchange.  More »

Report: Iraqi strife could bring back 2008 oil prices

If the conflict in Iraq forced a third of the country’s oil production offline, it could thrust crude prices up $40 per barrel, a group of former military leaders and energy experts warned Tuesday.  More »

In Case of Emergency

Last month, the Department of Energy announced its plans to build a gasoline storage reserve in the Northeast. Widespread shortages caused by massive super storm Sandy sparked plans to mitigate future risks in affected Northeastern states. The gasoline reserve will hold nearly one million gallons of gasoline, providing power to first responders and generators. The […]  More »

Oil barely changed as market watches Iraq turmoil

Higher oil prices could mean U.S. drivers won’t see an expected decline at the pump ahead of the July 4th holiday.  More »

US oil exports soar to new milestone

U.S. oil exports hit a 15 year high in April, despite broad limitations on foreign sales, according to a report released Monday by the federal Energy Information Administration.  More »

Williams buying rest of Access Midstream Partners for $6 billion

The purchase from Global Infrastructure Partners II will increase William’s ownership to 100 percent of the general partnership and 50 percent of the limited partnership, Williams said in a statement.  More »

Oil keeps rising, nears $107 on Iraq fighting

The price of oil continued to climb Friday, nearing $107 a barrel as Iraq’s widening insurgency fueled concerns that crude supplies from OPEC’s No. 2 producer could be hurt.  More »

Crude-export shutdown in Iraq unlikely, analysts say

International crude prices climbed to their highest point in 10 months on fears that sectarian violence in Iraq will spill into the south and cut off crude exports from the port at Basra, but that’s a highly unlikely scenario, experts said Friday.  More »

Oil jumps past $106 on Iraq violence

An al-Qaida-inspired group that captured two key cities in Iraq earlier this week vowed Thursday to march on to Baghdad.  More »

Oil barely changes after World Bank forecast

The World Bank downgraded its forecast for the global economy this year.  More »