Prices

Oil

Oil steadying ahead of stockpile report

Oil prices have started back up following Tuesday’s dramatic drop of more than three percent, despite the dollar’s continuing gains and ahead of the Energy Information Administration’s weekly data on crude stockpiles.

“The release of the weekly API oil inventories report showed an unexpected small drop of 400,000 barrels in crude oil inventories for the week ending 6th March against analysts’ estimates of a build,” said Myrto Sokou at Sucden Financial Research in London.

“It seems that there might be a potential end to the 8-week build streak of crude oil inventories if the U.S. Department of Energy confirms this trend in today’s report,” Sokou added.

Oil

US stocks fall sharply on rate fears; oil slides

NEW YORK (AP) — The seventh year of the U.S. bull market is off to a rocky start.

U.S. stocks fell sharply on Tuesday, wiping out this year's gains for the Dow Jones industrial average and the Standard & Poor's 500 index. Investors are nervous about the likelihood of the first increase in U.S. interest rates in nine years and a plunge in the value of the euro.

Oil

Oil drops sharply

Source: 
Reuters

Oil dropped more than 3 percent Tuesday, with West Texas Intermediate dropping $1.71 to close at $48.29, and Brent crude losing $2.14 to close at $58.39, Reuters reports.

Oil

Oil down on strong dollar, continuing oversupply

Source: 
Reuters

As the dollar reaches multi-year highs and supply gluts persist, oil dropped in trading early Tuesday. U.S. benchmark crude fell 41 cents to $49.59 a barrel, while in London Brent was 81 cents lower to $57.72, Reuters reports.

Oil

Sasol cutting jobs, spending on low oil prices

Source: 
The Wall Street Journal

The drastic drop in oil prices has prompted South African petrochemicals firm Sasol to cut spending as well as 1,500 jobs -- with more savings likely in the future – although CEO David Constable envisions such moves across the industry will likely prompt a big price surge in 2017, The Wall Street Journal reports.

Oil

Oil mixed as Cushing build moderates

Source: 
Reuters

With inventories at the Cushing hub increasing less than expected, U.S. benchmark crude gained 39 cents to settle at $50 a barrel Monday, while in London, Brent – pressured by bond purchases by Europe’s Central Bank – fell $1.20 to $58.53, Reuters reports.

Oil

Oil mixed on dollar, supply gains

Source: 
Reuters

An increase in the strength of the dollar coupled with the continuing growth in crude supplies combined to pressure oil prices early Monday. U.S. benchmark crude was 15 cents higher to $49.76 a barrel, but in London Brent fell 30 cents to $59.43, Reuters reports.

Oil

Survey: US gasoiline prices jump 21 cents a gallon in 2 weeks

CAMARILLO, Calif. (AP) — The average price of a regular gallon of gas has jumped 21 cents in the past two weeks to $2.54.

Industry analyst Trilby Lundberg said Sunday that the price is still 97 cents per gallon less than a year ago.

Oil

Strong jobs report sends stocks, oil falling

NEW YORK (AP) — A strong jobs report shook up the financial markets on Friday.

U.S. employers added 295,000 jobs last month, the government said. That was more than economists were expecting and, combined with a drop in the unemployment rate, raised the likelihood of the Federal Reserve raising interest rates sooner than had previously been expected.

Oil

Energy firms scrambling to handle their debt

Source: 
Reuters

Energy companies whose collateral has shrunk as a result of the oil price slide are using different methods to deal with their debt: Some are refinancing with leveraged loans, others are selling bonds or stock or assets, Reuters reports.

Pages

Subscribe to Prices