Oil Prices ///

Ecuador quits OPEC, signals it’s ready for more E&P activity

For OPEC, the departure matters more in symbolism than barrels -- Ecuador stated clearly it wants to leave the group to boost oil revenues at a moment when the whole cartel is suffering from low prices.

After the Saudi attack, are Russia and Saudi Arabia still pumping too much oil?

This year, the oil market has faced some of the worst supply disruptions in recent times and yet prices remain stuck in the $60s.

Oil rebounds after worst quarter of 2019, while demand fears persist

Oil rose after its biggest quarterly slump of the year, yet ongoing concerns that a faltering global economy will erode demand continued to weigh on the market.

Oil erases all gains made since Saudi attacks as tensions thaw

Futures declined as much as 2.9% in New York, erasing all the gains made since attacks on Saudi Arabia earlier this month. The Saudis have agreed to a limited cease-fire in several areas of Yemen including the capital Sana’a, which is controlled by Iran-backed Houthi rebels, a Yemeni government official said.

Oil holds declines after U.S. crude stocks rise for second week

The Energy Information Administration said crude supplies rose 2.41 MMbbl last week. At the Cushing, Oklahoma, storage hub, inventories rose 2.26 MMbbl, the most since February and the first advance in 12 weeks.

Oil falls as report signals U.S. crude stockpiles are on the rise

Futures dropped as much as 1% in New York late Tuesday after the American Petroleum Institute was said to report a 1.38 MMbbl increase in oil stockpiles.

Oil stabilizes amid mixed reports over pace of Saudi recovery

Oil stabilized as traders weighed conflicting reports on how quickly Saudi Arabia will be able to restore its lost production.

Oil set for biggest weekly gain since January after Saudi attack

Consultants caution that Saudi Arabia's recovery could take longer than expected, and the kingdom’s resort to sourcing refined fuels and condensates from the market is fanning concerns about the length of the disruption.

Oil rises amid doubts about speed of Saudi recovery from attacks

Oil rose amid doubts about the speed of Saudi Arabia’s recovery from the weekend’s attack on its facilities that knocked out a large chunk of its production.

Saudi attack damages kingdom’s role as guardian of the oil market

Saudi Arabia is fixing its energy infrastructure and restoring crude production, but the weekend’s attacks may have done irreparable damage to one of the kingdom’s greatest assets -- its role as guardian of global oil markets.

Oil eases losses as Saudi Arabia blames Iran for recent attacks

Futures fell as much as 2.2% in New York before easing declines on Wednesday. The weekend attacks on the kingdom’s critical oil infrastructure were “unquestionably sponsored by Iran” and did not originate from Yemen, said Turki al-Maliki, a spokesman for the Saudi defense ministry.

Oil plunges on report Saudi Arabia may soon restore most of lost output

Oil plunged nearly 7% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production it lost after this weekend’s attack on a key crude facility in the kingdom.

Oil shock lashes trend-following traders as ‘all trades backfire’

Systematic investors known as commodity trading advisors (CTAs), whose strategies track price trends across assets, held record short positions in oil and gas futures before a drone strike in Saudi Arabia sent shockwaves through global markets, according to JPMorgan Chase & Co.

As oil gets volatile, Alberta goes on offensive to draw investors

Alberta Premier Jason Kenney, whose province produces more oil than most OPEC nations, has a message for environmentalists, investors and anyone else who will listen: The world needs more Canadian crude, and standing in the way is foolish.

Gasoline prices in the U.S. set to jump after Saudi attack

The impact at the pump should start to become more pronounced late Tuesday or Wednesday, according to Patrick DeHaan, senior petroleum analyst at GasBuddy. That’s after gasoline distributors adjust prices to match gains in futures and regional spot markets.

Saudis face lengthy oil halt, with few options to replace losses

Officials at state oil company Saudi Aramco have become less optimistic on the pace of output recovery, telling a senior foreign diplomat they face a “severe” disruption measured in weeks and months and informing some customers that October shipments will be delayed.

Shale producers’ stocks surge as crude oil spikes

American shale producers, one of the worst-performing segments on the stock market this year, jumped Monday morning after an attack on a Saudi Arabia oil production facility over the weekend sent crude prices soaring.

U.S. oil companies set to benefit from Saudi supply disruption

The biggest moves could come from U.S. oil companies with a sizable short interest, including Apache, Continental Resources, Concho Resources, Devon Energy and Noble Energy, according to analysts at Houston-based Tudor Pickering Holt & Co.

Oil jumps the most ever after attack cuts Saudi supplies

"There is but one rational takeaway from this weekend’s drone attacks on the Kingdom’s infrastructure – that infrastructure is highly vulnerable to attack, and the market has been persistently mispricing oil,” Citigroup Inc.’s Ed Morse wrote in a research note.

Saudi supply disruption puts the 630-MMbbl U.S. oil reserve in play

Energy Secretary Rick Perry is ready to draw down stocks from the Strategic Petroleum Reserve “to offset any disruptions to oil markets as a result of this act of aggression,” his spokeswoman said. Perry also ordered officials to work with the International Energy Agency on possible options for coordinated action.