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Oil rallies on US rig count drop; dollar up seventh month

U.S. stocks finished the day down more than 1 percent as data showed U.S. economic growth slowed sharply in the fourth quarter. Major U.S. stock indexes posted losses for the week and month, with the declines driven by falling oil prices and concern about weak overseas demand. The S&P 500 was down 3.1 percent for […]

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Ice Hampers Cleanup in Yellowstone’s Rare Winter Oil Spill

GLENDIVE, Montana—On a muddy bluff overlooking the Yellowstone River, Paul Peronard watched as workers tried to mop up oil through holes drilled into the frozen surface. Nearby, a whirring vacuum truck held crude from the first serious U.S. spill into icy water in a quarter-century. The week had begun sunny and unseasonably mild. Peronard, the […]

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Beyond Oil Sands: The Carbonates are Coming

Editor’s Note: This is a guest post by Deborah Gordon, the director of the Energy and Climate Program at the Carnegie Endowment for International Peace. The economic, geopolitical, and environmental implications of Canada’s bitumen motherlode—one that rivals Ghawar, Saudi Ariabia’s supergiant conventional oilfield—are as enormous as the oil play itself. As such, Keystone raises serious […]

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Crude at $49 Sinks Big Oil Growth Prospects as Profits Fall

(Bloomberg) — The world’s biggest oil producers, historically resilient with their mix of energy exploration, refining and chemical manufacturing, are about to reveal how they are weathering the great oil crash. Financial results will start trickling in Thursday for Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and BP Plc from a […]

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Hamm: Oil prices could rise sooner than you think

HOUSTON — The market doesn’t understand just how quickly oil companies are scaling back their activities, and as a result, oil prices could rebound faster than many observers expect, Continental Resources CEO Harold Hamm said Wednesday. Hamm, addressing the Argus Americas Crude Summit in downtown Houston, noted the slew of companies that have quickly pulled […]

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Canadian Oil Sands Ltd expected to cut dividend, but by how much?

Investors in the Canadian oil patch shouldn’t be surprised to hear of dividend cuts given the sharp downturn in oil prices. With Canadian Oil Sands Ltd. shares down 60% in the past three months, bringing its dividend yield to nearly 20%, the market is sending a clear message that its dividend is again on the […]

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Crude Oil Inventory Jumps by 9 Million Barrels

The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning. U.S. commercial crude inventories increased by 8.9 million barrels last week, maintaining a total U.S. commercial crude inventory of 406.7 million barrels, the third consecutive week of a higher total than at any time in at least 80 years. Total gasoline […]

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Goldman Sachs Busts Myth Of Impending Russian Oil Collapse

Yesterday’s Russian downgrade pulled yet another raft of “smartest people in the room” to tell investors how screwed Russia is by low oil prices (and yet the US Shale industry is fine and will manage through this). However, Goldman Sachs prefers facts in its analysis of the Russian oil sector and concludes, investor concerns about […]

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Saudi Arabia increases oil output to crush US shale frackers

Saudi Arabia wields immense power in the global oil industry due to its capacity to pump up to 12.5m bpd if required. Al-Falih’s remarks that Saudi was now pumping more oil could signal that the kingdom is seeking to apply even more pressure on its rivals outside Opec. Falling prices have already hit the oil […]

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Rosneft says its can weather $30 oil

Plunging oil prices, even as low as $30 per barrel, won’t offset the world’s largest-listed oil company, Rosneft’s investment and development plans, according to the company’s VP. “The company can weather $30 per barrel prices, but problems with the Russian budget will arise,” Rosneft Vice president Viktor Ishayev told reporters at a press conference in […]