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Tag Archives: global supply glut

Low gas prices ‘not good for anybody’

At least 26 states, including Arkansas and Oklahoma, are paying less than $2 for a gallon of gas, and the national average is the lowest it’s been since 2009. While low gas prices are viewed largely as good for the consumer on a tight budget, the low oil prices have shuttered thousands of jobs in the United States. “It’s not ...

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Oasis Petroleum profit beats thanks to cost cuts

North Dakota oil producer Oasis Petroleum Inc posted a better-than-expected quarterly profit on Tuesday as it successfully slashed costs to offset plunging crude prices. Bucking the industry trend to hunker down, Oasis also boosted its production forecast for the year and locked in hedges for 2017, steps that signal the Houston-based company’s confidence it can weather the low-price storm. For ...

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Oil slides on slower Chinese factories, record Russian output

LONDON – Oil prices fell on Monday as weak Chinese economic data fueled concerns about demand slowing there and record-high production in Russia exacerbated the global supply glut. Brent crude futures, the global benchmark, traded down 50 cents at $49.06 a barrel at 1428 GMT, down 1.1 percent. U.S. futures were trading at $45.98 a barrel, down 60 cents or ...

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Oil industry slipping into the red as outlook dims

LONDON/HOUSTON – The oil sector is slipping into the red after years of fat profits as the steep slump in oil prices shows little sign of ending, with this quarter shaping up to be the worst since the downturn started. The world’s top oil companies have struggled to cope with the halving of oil prices since June 2014. They have ...

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Oil prices fall as glut worries worsen

LONDON – Oil prices fell on Tuesday, extending losses into a third week, on worries over a supply glut and with U.S. inventory data expected to show another increase in crude stocks. Brent for December delivery had fallen 30 cents to $47.24 a barrel by 1150 GMT, after settling the previous session down 45 cents. U.S. crude dropped 55 cents ...

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Unwanted diesel, jet ships could sink oil prices

LONDON – Unwanted diesel and jet fuel cargoes are backing up outside Europe’s ports and taking longer, slower routes around the southern tip of Africa, traders say. A symptom of the world’s excess of oil, it also paints a gloomy picture of the chance of an oil price rebound. The abundance of crude that roiled commodity markets and turned the ...

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Oil edges higher but glut swells storage

LONDON – Oil edged higher on Monday as investors prepared for a week of important economic indicators, but prices remained range-bound on indications that the global storage was nearing capacity. Brent, the international benchmark, was up 21 cents at $48.20 a barrel at 0733 ET, 11 percent below this month’s high. U.S. crude futures traded up 26 cents at $44.86 ...

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U.S. Sept. crude up eyeing hurricane as contract nears expiry

NEW YORK – U.S. crude prices extended gains and Brent briefly turned higher on Thursday as the first hurricane of the 2015 Atlantic season sparked concern as the front-month September contract approached expiration. Danny reached hurricane strength on Thursday, though it was relatively small and projected to weaken back into a tropical storm before reaching Puerto Rico on Tuesday, according ...

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