Oil & Gas

Offshore workers examine hydrocarbon samples aboard the Chevron Corp. Jack/St. Malo deepwater oil platform in the Gulf of Mexico off the coast of Louisiana, U.S., on Friday, May 18, 2019. Luke Sharrett | Bloomberg | Getty Images Higher oil prices should mean more cash flowing to Chevron shareholders, making the stock a smart bet, according

An oil well owned an operated by Apache Corporation in the Permian Basin is shown in Garden City, Texas, Feb. 5, 2019. Getty Images Famed value investor Bill Nygren told CNBC on Monday he expects higher oil prices in the years ahead, creating an attractive opportunity to own companies that would benefit from such a

Drilling for the Kawa-1 well on the Corentyne block offshore Guyana is expected to start between August 1-15, Frontera Energy Corp. (TSX: FEC) reported this week. Located in the northeast quadrant of the Corentyne block approximately 124 miles (200 kilometers) from Georgetown, Guyana, Kawa-1 lies in approximately 1,174 feet (355 meters) of water and is

Oil derrick pumps operate at the Inglewood Oil Field in Culver City, California, on Sunday, July 11, 2021. Kyle Grillot | Bloomberg | Getty Images LONDON — The International Energy Agency on Tuesday warned that world oil markets are likely to remain volatile following a breakdown in talks between OPEC members and their non-OPEC allies,

Bloomberg) — The United Arab Emirates has reached a preliminary deal to resolve the its standoff with OPEC+, giving the Gulf state a higher output quota, said a delegate. The proposal would need to be approved by all OPEC+ members before it can take effect and a new date for a meeting will be set

An Alaska state flag blows in the wind at the Robert B. Atwood Building in Anchorage, Alaska. David Ryder | Bloomberg | Getty Images These are tough times in Skagway, Alaska, population 1,183. “We’re in hard core survival mode,” Mayor Andrew Cremata told CNBC. In a normal summer, the Southeast Alaska town would be teeming

(Bloomberg) — Limetree Bay Refining LLC filed for Chapter 11 bankruptcy in Houston on Monday after the U.S. Environmental Protection Agency closed its Caribbean oil refinery. The St. Croix, U.S. Virgin Islands-based company said in a statement that it plans to use the court protection process to negotiate with creditors and equity holders and weigh

A view of the ExxonMobil Baton Rouge Refinery in Baton Rouge, Louisiana, May 15, 2021. Kathleen Flynn | Reuters CNBC’s Jim Cramer said Monday that he’s come around on the idea of owning Exxon Mobil shares, citing a number of positive catalysts including the recent board shake-up driven by climate-focused activist investors.

(Bloomberg) — Should U.S. refiners get excited about one week of record demand for gasoline? With jet fuel consumption still weak and distillate stocks rising despite strong domestic demand, refiners must rely on gasoline as their summer lifeline. The first of the season’s two big driving holidays, July 4, generated strong demand for the motor

The overall U.S. rotary rig count increased by four to 479 drilling units this week, Baker Hughes Co. (NYSE: BKR) reported Friday. In its weekly count of operating drilling units Baker Hughes noted that U.S. oil rigs increased by two, now totaling 378. The U.S. gas rig tally also rose by two to reach 101

(Bloomberg) — Oil fell this week for the first time since May after days of volatile trading in the wake of OPEC+’s stalemate over a production increase in the near term. Futures in New York declined 0.8% this week, although the U.S. crude benchmark closed higher on Friday amid a broader market rebound. Prices whipsawed

OPEC and its allies left the oil market hanging on Monday when they indefinitely postponed talks to resolve a disagreement over production curbs. Crude prices first surged to six-year highs, then retreated, and uncertainty continues to hang over future OPEC+ policy. But at least one energy analyst expects a breakthrough to come soon. “I think

(Bloomberg) — Oil rose after a U.S. government report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer driving season. Futures advanced 1% in New York on Thursday. Domestic crude and gasoline supplies tumbled last week and a gauge of fuel demand jumped to 10 million barrels a day

A worker prepares to lift drills by pulley in the Permian basin outside of Midland, Texas. Brittany Sowacke | Bloomberg | Getty Images The price of oil can easily move higher in the near term without a deal between between OPEC and its oil-producing allies, Goldman Sachs‘ commodities chief Jeffrey Currie told CNBC on Tuesday.

(Bloomberg) — Oil fell for a third straight session as the dollar rose and investors awaited further signals from the OPEC+ alliance on its production policy after a dispute upended talks. Futures slipped 1.6% in New York on Wednesday. The U.S. dollar rose to a three-month high before paring gains. A higher dollar reduces the

In this article XLE .DXY @CL.1 The next few months could be tough for energy stocks. With OPEC+ postponing negotiations indefinitely on Monday after failing to strike a deal on oil production, oil prices are already under pressure, falling more than 2% on Tuesday after grazing six-year highs. Another macroeconomic force could “suggest there’s some

(Bloomberg) — Oil fell the most since late May as a stronger dollar spurred a broad sell-off across the commodities complex while uncertainty over OPEC’s next move loomed large in the markets. Futures in New York slid 2.4% on Tuesday. The U.S. dollar rose, making commodities priced in the currency less attractive to investors. The

Flames burn off at an oil processing facility in Saudi Aramco’s oilfield in the Rub’ Al-Khali desert in Shaybah, Saudi Arabia, in October 2019. Simon Dawson | Bloomberg | Getty Images Energy prices are hovering above the $75 level after OPEC and its allies could not reach a key deal on their oil output policy

(Bloomberg) — OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices. Several days of tense talks failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said, asking not to be named because the information wasn’t

(Bloomberg) — Oil posted its sixth straight weekly gain, the longest winning streak since December, as the standoff between OPEC+ ministers over output dragged on at the alliance’s full meeting on Friday. Futures in New York rose 1.7% this week. Most members of the alliance backed a proposal to increase supply and extend the deal

Patrick De Haan, head of petroleum analysis at GasBuddy, told CNBC on Wednesday that a shortage of truck drivers is causing fuel delivery disruptions at some gas stations. “This is a labor challenge. There’s no fuel shortage,” De Haan said on “Power Lunch,” explaining that refineries are “producing nearly all-time record highs in terms of

(Bloomberg) — OPEC+ abandoned efforts to break a deadlock within the cartel for a second night, increasing the risk its failure to act will unleash an inflationary spike in oil prices. Friday’s ministerial meeting ended without a deal as positions remained entrenched, with the United Arab Emirates still blocking a proposal to increase supply, delegates

A man fills his car with petrol at a Esso petrol and refueling station in London, U.K., on Thursday, June 17, 2021. Hollie Adams | Bloomberg | Getty Images Analysts on Wall Street believe oil prices are on track to climb significantly beyond $80 a barrel in the coming months, potentially even surpassing triple digits

(Bloomberg) — A fire has broken out near Pemex’s Ku Maloob Zaap offshore platform complex after a submarine pipeline valve broke, leaking oil into the country’s Gulf Coast. A video posted on social media showed three ships trying to suffocate a fire emerging from the sea, very close to an offshore platform. A Pemex representative

An oil pumping jack, also known as a “nodding donkey”, in an oilfield near Dyurtyuli, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. Andrey Rudakov | Bloomberg | Getty Images LONDON — A group of some of the world’s most powerful oil producers will meet on Thursday to decide the next phase

(Bloomberg) — Oil advanced, closing above $75 a barrel for the first time since 2019, with an OPEC+ deal left in limbo after producers earlier signaled a tentative agreement to only gradually increase supplies through the end of the year. Futures in New York jumped 2.4% on Thursday, the biggest gain in more than a

(Bloomberg) — Oil advanced with investors awaiting a key meeting between OPEC+ producers on output policy while a stalemate in Iranian nuclear talks drags on. Futures rose 0.7% in New York on Wednesday. The OPEC+ alliance will meet Thursday to discuss output plans with Russia weighing a proposal to boost supply and Saudi Arabia signaling

In this article IVZ It’s not too late to buy oil and gas stocks, one chart analyst says. Though the Energy Select Sector SPDR Fund (XLE) and Invesco Solar ETF (TAN) climbed nearly 6% and 4% last week, respectively, traditional energy names likely have more runway as oil prices hover near three-year highs, Piper Sandler’s

(Bloomberg) — Oil closed higher with OPEC+ ministers divided ahead of a key meeting later this week on production policy. Futures in New York managed to eke out a small advance after switching between gains and losses on Tuesday. While OPEC+ members such as Russia have considered backing an increase in output, Saudi Arabia has

(Bloomberg) — Baker Hughes is taking a 15% stake in a startup that aims to produce natural gas from hydrogen and carbon dioxide, the oilfield service company’s latest move to invest technology designed to capture emissions. Houston-based Baker Hughes is investing in Electrochaea GmbH, a German company developing a process to make so-called synthetic natural