Oil Prices ///

Fredriksen's Arcadia Petroleum said to scale back business

Arcadia Petroleum Ltd., the commodities house owned by shipping billionaire John Fredriksen, is dramatically scaling back in oil trading and cutting jobs, according to people familiar with the matter.

GE's slump to deepen even after $64-billion slide, JPMorgan says

General Electric Co.’s stock slide is poised to get worse, according to JPMorgan Chase & Co., extending a slump that already has wiped out $64 billion in market value this year.

Oil for U.S. hawked to others as storm snarls flows of crude

Sellers of crude to U.S. refineries that are still assessing the damage from Hurricane Harvey are seeking an alternative home for their supply.

Oil heads for four-week high as demand for crude rises

Oil approached a four-week high as refiners revved up plants pounded by Hurricane Harvey, sparking demand for crude.

Crude climbs as Texas works to recover from Harvey

Crude oil rose, and gasoline fell to the lowest in more than a week, as Gulf Coast refiners continued their recovery from the devastation of Hurricane Harvey.

Goldman sees oil gloom clearing as demand rises in Harvey's wake

Reconstruction in the aftermath of Hurricane Harvey’s deadly gash through Texas could prove positive for the oil market in a few months, according to Goldman Sachs Group Inc.

World energy demand to plateau from 2030, says DNV GL’s Energy Transition Outlook

The world is approaching a watershed moment as energy demand is set to plateau from 2030, driven by greater efficiency with wider application of electricity. A rapid decarbonization of the energy supply is underway with renewables set to make up almost half of the energy mix by 2050, although natural gas will become the biggest single source of energy.

Russia likely to back extension of OPEC deal as prices stabilize

Russia is likely to back a further extension of the OPEC agreement cutting oil output, judging that it has helped to stabilize the market, the country’s deputy prime minister said.

Harvey's global impact signals growing U.S. clout in oil markets

World energy markets, from butane in Asia to diesel in Europe and gasoline in Latin America, are feeling the ripple effect of Texas’s deadly storm, highlighting the growing role of the U.S. in the global oil industry.

Harvey's havoc gives U.S. gas traders three reasons to be bears

Tropical Storm Harvey’s devastation is giving the U.S. natural gas market at least three reasons to bet on a decline in prices for the fuel.

Angola oil minister says nation needs crude to rebound to $60

Angola’s Petroleum Minister Jose Maria Botelho de Vasconcelos said it’s essential for the southern African nation’s economy that oil prices rebound to $60/bbl this year.

Storm Harvey's impact on oil markets

While Corpus Christi, Texas, refineries prepare to restart as the storm shifts, several plants in the Port Arthur and Beaumont areas are under threat, pushing gasoline futures to the highest in two years.

Hedge funds lose faith in oil before Harvey hits demand center

Hedge funds lost faith in oil just before the worst storm to hit the U.S. since 2004 struck the heart of energy production in Texas.

Gasoline surges, oil declines as Harvey shutters refineries

Gasoline surged to the highest in two years and oil declined as flooding from Tropical Storm Harvey inundated refining centers along the Texas coast, shutting more than 10% of U.S. fuel-making capacity.

Oil, gas climb as Hurricane Harvey heads for Texas coast

Oil edged higher and gasoline futures jumped as traders braced for Hurricane Harvey’s impact on the U.S. refining hub on the Gulf Coast.

Oil slides as market eyes crude production, approaching Harvey

Oil slipped as rising U.S. crude production placed a bearish lens over the state of the U.S. market, even though recent government data showed a decrease in inventories. Meanwhile, tropical storm Harvey is expected to strengthen and become the first hurricane to strike Texas since 2008, sending gasoline crack spreads higher.

It's been a tough month for some of America's most-loved oil plays

The good news for U.S. producers: the chief executive officer of Europe’s second-biggest oil and gas company thinks American shale assets are “quite expensive” following a recovery in the price of crude. The bad news: they’re growing more affordable.

Oil climbs as stockpile drop allays worries over summer's end

Oil markets were happy to hear that summer isn’t over just yet, as the U.S. government reported another decline in crude and gasoline stockpiles.

Crude trades near $47 as U.S. stockpiles seen extending drop

Oil traded near $47/bbl before data forecast to show a further reduction in U.S. crude inventories, which would signal that a global surplus is receding.

Oil drops in New York, London as bulls charge for exits

Oil in London slipped, with the U.S. benchmark joining the decline, as traders betting on higher prices were seen closing out positions after Friday’s rally.