Prices

Oil

OPEC production could spur stronger industry campaign against export ban

Source: 
Reuters

OPEC's decision to maintain oil production despite falling prices may press U.S. producers to increase pressure on Washington to end its long-standing crude export ban by arguing the move would keep production high even if prices continue to fall, Reuters reports.

EnergyGuardian photo

Pioneer's Sheffield: shale output nearing US refiner limits

Pioneer Natural Resources Chief Executive Scott Sheffield, whose firm is one of two to get a federal green light to export lightly-processed oil condensates, on Tuesday called on the Commerce Department to approve all pending export applications.

Such an approval would push back by up to 18 months the coming problem of domestic light crude production exceeding U.S. refining capacity, he said at a forum hosted by the Aspen Institute in Washington.

Oil

Oil prices continue decline after IEA growth forecast

Source: 
Reuters

After the International Energy Agency scaled back its forecast for 2014 oil demand growth, Brent crude fell $2.65 to settle at $86.24 per barrel while U.S. crude dropped $2.68 a barrel to a $83.06 close, Reuters reports.

Oil

Saudi prince disputes minister's comments on oil prices

Source: 
The Wall Street Journal

Saudi Arabian Prince al-Waleed bin Talal publicly disputed comments from Oil Minister Ali al-Naimi that downplayed the impact of tumbling oil prices on the Saudi economy, citing the government's high budgetary reliance on oil revenue, The Wall Street Journal reports.

Oil

IEA says OPEC maintaining output will test North American shale

Source: 
Bloomberg

The International Energy Agency said OPEC's decision to maintain oil production amid falling prices and slumping demand will challenge Canada and the U.S. by continuing to test the price at which shale oil production remains profitable, Bloomberg reports.

Oil

West Texas Intermediate prices continue decline in electronic trades

Source: 
Bloomberg

West Texas Intermediate continued its decline from a 22-month low close of $85.74 per barrel yesterday, falling as low as $84.64 in electronic trading in response to International Energy Agency forecasts suggesting slower oil demand growth, Bloomberg reports.

EnergyGuardian
Oil

Analysis : Oil exports fight looks to drag on

For those hoping the Energy Information Administration will make a definitive case for or against the U.S. oil exports ban, this weekend was a letdown.

EIA's study for the Obama administration on the tie between oil exports and gasoline prices is almost done, and the preliminary numbers don't show a strong link, Administrator Adam Sieminski said Sunday on the Platts Energy Week program.

That's not the news either side of the debate wants to hear. They alternatively contend that lifting the ban would drive gasoline prices down or up. But a finding of little impact takes some of the sting out of both arguments, in a fight that may not be resolved anytime soon.

Oil

US indexes slide, led by energy stocks

U.S. stock indexes sank in late trading Monday, led by decline in energy stocks and the price of oil falls further.

The market is coming off a turbulent week during which it was shaken by concerns over shaky global growth prospects. Investors were also looking ahead to earnings news from a number of big companies later this week including General Electric, Intel and Bank of America.

Oil

Why drop in oil prices has downside for US economy

NEW YORK (AP) — If you're a driver, a shipper or an airline, low oil prices sure feel nice. But there are downsides to the recent plunge in oil prices — for the oil industry and for the economy.

Low fuel prices can help boost economic growth by reducing fuel bills and leaving consumers and companies with more money to spend on other things. Problem is, two factors behind the oil-price drop — a weaker global economy and a stronger dollar — could hurt the U.S. economy by reducing exports, employment and spending. And all that, in turn, could outweigh the economic benefit of cheaper fuel.

Oil

Brent crude falls to lowest front-month price since 2010

Source: 
Reuters

Prices for Brent crude for November fell 1.5 percent Monday to settle at $88.89 per barrel after dropping to $87.74 per barrel midday, the lowest front-month price since December 2010, Reuters reports. U.S. crude ended at $85.74, down 8 cents.

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