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Tag Archives: global glut

Oil getting to be cheaper than dirt

Oil getting to be cheaper than dirt

As the price of U.S. crude oil plummets toward its lowest price in the recent past, it may become, as the adage goes, cheaper than dirt. On Monday, U.S. crude futures had fallen to $34.20 a barrel, an apparent result of an oversupply of oil and limited demand. For comparison, the price of U.S. crude two years ago, in December ...

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U.S. oil price gap vanishing for first time in shale era

U.S. oil price gap vanishing for first time in shale era

HOUSTON – The once-deep discount for benchmark U.S. crude oil prices versus global rates is about to disappear for the first time since the rise of the shale oil boom, a sudden reversal that highlights the market’s ongoing flux. On Monday, U.S. West Texas Intermediate for delivery in March was trading just 20 cents below global Brent crude for the ...

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Oil slides again as focus returns to heavy glut

LONDON – Oil prices fell on Thursday, with U.S. crude dipping below $40 per barrel, retreating from early gains amid a persistent global glut of crude and refined fuel. Brent crude futures were down 20 cents at $43.94 a barrel by 1411 GMT. Rising U.S. stockpiles served as the most visible evidence of oversupply in oil markets. Goldman Sachs said ...

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EIA lowers 2015, 2016 U.S. crude oil production forecasts

NEW YORK – The U.S. government on Tuesday lowered both its 2015 and 2016 U.S. crude oil production forecasts as a 60-percent rout in benchmark prices since last summer weighs on shale output. In its short term energy outlook, the U.S. Energy Information Administration lowered its 2015 U.S. crude oil production growth forecast to 650,000 barrels per day (bpd) from ...

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Oil falls on prospect of increasing Iranian exports

NEW YORK – Oil prices fell on Wednesday on expectations increased exports from Iran will add to a global supply glut and on rising inventories at the delivery hub at Cushing, Oklahoma. Tuesday’s agreement on Tehran’s nuclear program between six world powers and Iran is expected to result in the lifting of sanctions in early 2016 which have limited sales ...

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Oil may have further to fall due to oversupply – IEA

LONDON – Massive oversupply is likely to push oil prices down even further, the International Energy Agency (IEA) said on Friday, adding that the rebalancing of the market was likely to last well into 2016. The agency, which advises the world’s biggest economies on energy policy, said “something has to give” because the world oil market was unable to absorb ...

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US refineries run hard to absorb crude glut: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – U.S. refineries are running at near-record levels to turn the glut of crude into gasoline and other refined fuels ahead of the summer driving season. U.S. refineries processed an average of 16.347 million barrels per day (bpd) last week, an increase of almost 250,000 bpd ...

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