Daily News

Don’t listen to the noise — it’s not ‘mission accomplished’ just yet, Saudi oil minister says

OPEC kingpin Saudi Arabia warned oil traders on Friday that a dramatic upswing in crude futures was little reason to become complacent. Speaking to reporters in Jeddah, Saudi Arabia, the kingdom’s Energy Minister, Khalid al-Falih, told CNBC’s Steve Sedgwick: “We have to be patient. We shouldn’t jump the gun, we shouldn’t be complacent and listen […]

Arctic wilderness area in Alaska to be opened to drilling

An initial step toward opening up an Arctic wilderness area in Alaska to oil and gas development unveils a revenue stream for the state, the governor said. A document published Friday in the Federal Register by the U.S. Interior Department outlined plans for a leasing environmental impact statement for an oil and gas leasing plan. […]

‘Boom time’ for US oil, gas producers

Oil prices have skyrocketed since the end of 2016, reaching a 3 1/2-year high this week and natural gas prices are at a 3-year high. One of the more painful downturns for the domestic petroleum business is now turning into a distant memory. After losses for a number of years, U.S. oil producers may finally […]

Commodities volatile on $100-oil talk, Wall Street falls

Talk that Saudi Arabia has its sights on $80-$100 a barrel oil again and of more U.S. sanctions on Russia triggered wild swings in trading of commodities on Thursday, though the potential boost to inflation hit fixed-income assets. Wall Street equity indexes fell in choppy trading on a broad-based slump in technology stocks and a […]

Oil Rises to Three Year High on Talks of Saudi Arabia Wanting Higher Prices

Oil prices rose to their highest level in over three and a half years on Thursday after news that Saudi Arabian officials want the price of oil to rise. Crude oil futures rose 1.07% to $69.20 a barrel by 10:28 AM ET (14:28 GMT), its highest level since November 2014 and a session high. Brent […]

Natural Gas markets have a wild ride on Thursday

Natural gas markets initially tried to rally towards the $2.78 level above but found enough resistance in that general vicinity to turn things around. I believe that the $2.80 level is the major level that people are paying attention to, as it has been resistive in the past. We then cratered during the trading session, […]

President Trump’s Tariffs Threaten To Blunt America’s Booming Energy Sector

President Trump has been a boon to the U.S. oil and gas industry since he took office last January, but his tough stance on trade the couple of past month threatens to reverse the substantial progress that’s been made. Make no mistake, Trump’s tariffs on foreign steel and escalating trade tensions with China put America’s […]

Oil theft ‘costing Libya over $750 mn annually’

Fuel smuggling is costing Libya more than $750 million each year and harming its economy and society, the head of the National Oil Company in the conflict-riddled country said. “The impact of fuel smuggling is destroying the fabric of the country,” NOC president Mustafa Sanalla said according to the text of a speech delivered on […]

OPEC members talk up higher oil prices, and up they go

A surprise draw on U.S. crude oil inventories and the usual OPEC chatter sparked a major rally for crude oil prices in early Wednesday trading. After the price for Brent crude oil shot up nearly 2 percent in the first few trading days of 2018, Iranian Oil Minister Bijan Zangeneh recognized the support was in […]

OPEC Strategy Bears Fruit As Oil Prices Break Out

In late 2016 OPEC engineered significant oil production cuts in order to address an oversupplied oil market. Global crude oil inventories had reached record highs, and the price of oil had crashed following a disastrous decision by the cartel in 2014 to defend market share. In contrast to the 2014 decision, this time OPEC’s strategy is having […]