More pain is ahead for this year's worst-performing sector, according to strategists who see oil prices dragging energy stocks even lower.
With crude near $47 after starting off the year above $54, Stephen Schork, founder and editor of The Schork Report, says the commodity will not get back above $50 per barrel anytime soon.barrel continue crude demand energy Gilbert month oil refineries Schork
The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning, showing that U.S. commercial crude inventories dropped by 8.9 million barrels last week, maintaining a total U.S. commercial crude inventory of 466.5 million barrels. The commercial crude inventory remained in the upper half of the average range for this time of year.barrel crude distillate gasoline inventories past production report traded week
Canada's benchmark index looked set to open higher on Wednesday after oil prices returned to the positive territory, following good news from the American Petroleum Institute (API). Traders are anticipating the minutes of the Federal Open Market Committee's monetary policy meeting and will look for hints when the bank might raise key rates again.API barrel benchmark Canada crude higher index looked report Wednesday
The U.S. Energy Information Administration (EIA) on Monday released its August report on drilling productivity in seven key oil and gas producing regions of the U.S. Overall oil production is projected to rise by a whopping 117,000 barrels a day in September to 6.149 million barrels per day.August barrel Basin cubic feet gas oil production report rise September
Oasis Petroleum was one of the first companies to become cash flow positive.
Oasis Petroleum has had a difficult time since the start of the crash with its market cap dropping from more than $10 billion to less than $2 billion.asset barrel continue crash flow growth OAS Oasis Petroleum oil production
According to OPEC, global OECD oil inventories fell 22 million barrels in June to end at 3.033 billion. Production in Saudi Arabia rose by 32,000 b/d to 10.067 mmbd, which is above its production ceiling, according to secondary sources.barrel build demand implies inventories July oil OPEC production rose
In the week ended August 11, 2017, the number of rigs drilling for oil in the United States totaled 768, up by three compared with the prior week and up by 372 compared with a total of 396 a year ago. Including 181 other rigs drilling for natural gas, there are a total of 949 working rigs in the country, down by five from a week ago and up by 468 year over year.barrel count crude drilling effort natural gas oil released rig Texas
In its monthly Oil Market Report for August released Friday morning, the International Energy Agency (IEA) said that global crude supplies rose by 520,000 barrels per day in July, the third consecutive month that output has risen.
Organization of Petroleum Exporting Countries (OPEC) crude oil production rose by 230,000 barrels a day to 32.84 million barrels in July, led by a strong recovery in Libyan production.barrel countries crude cut July OECD oil OPEC production quarter
In its Monthly Oil Market Report for August, released Wednesday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel’s price for its reference basket rose to $46.93 a barrel (up 3.8%) in July.
The cartel said OPEC production in July, as reported by secondary sources, rose by 173,000 barrels a day to a daily average of 32.87 million barrels.barrel cartel crude demand growth July non OPEC production rose
The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning, showing that U.S. commercial crude inventories dropped by 6.5 million barrels last week, maintaining a total U.S. commercial crude inventory of 475.4 million barrels. The commercial crude inventory remained in the upper half of the average range for this time of year.barrel crude distillate gasoline inventories past production report traded week
TOKYO: Asian shares and US stock futures slipped on Wednesday and investors piled into havens such as US Treasuries, gold and the yen as tensions on the Korean peninsula escalated, with Pyongyang saying it is considering plans to attack Guam.A spokesman for the Korean People's Army said in a statement that it was "carefully examining" plans for a missile attack on the US Pacific territory, which has a large US military base.The comments came just hours after US President Donald Trump told North Korea that any threat to the United States would be met with "fire and fury", rattling global financial markets Financial markets have tended to quickly shake off North Korea's periodic sabre-rattling in the past, dismissing it as bluster, but tensions have lingered this year amid signs that it is making progress in its ballistic missile programme and on Trump's growing frustration with Pyongyang.North Korea "has no intentions of backing down. Tensions will continue to mount and could eventually develop into a 'black swan' event that the markets are not prudently considering," Steve Hanke, professor of Applied Economics at the Johns Hopkins University, told the Reuters Global Markets Forum on Wednesday.Though Hanke said he did expect a sustained sell-off in riskier Asian assets, he added "safe assets, as a class, are probably underpriced at present.Asian barrel cent crude futures markets North Korea tensions Wednesday yen
Summer is winding down, but gasoline prices are not.
GasBuddy predicts gasoline prices are likely to continue to rise in the near term, with prices in the volatile Great Lakes region likely to climb in a few days, which may contribute as much as a three-cent surge in the national average in the week ahead.barrel cent GasBuddy gasoline inventories oil rising South states Venezuela
Global benchmark Brent crude futures were down 65 cents, or 1.24 per cent, at $51.77 a barrel at 0926 GMT.
High oil output in the was counteracting other bullish factors, including a Baker Hughes report on Friday that showed a cut of one drilling rig in the week to Aug. 4, bringing the total count down to 765.barrel benchmark bpd cent cut global hit Libya Monday oil
In the week ended August 4, 2017, the number of rigs drilling for oil in the United States totaled 765, down by one compared with the prior week and up by 384 compared with a total of 381 a year ago. Including 189 other rigs drilling for natural gas, there are a total of 954 working rigs in the country, down by four from last week and up by 490 year over year.barrel count crude natural gas North oil released rig Texas Venezuela
Global benchmark Brent futures were up 39 cents, or 0.8 percent, at $52.40 a barrel by 11:45 a.m. EDT (1545 GMT), while U.S. West Texas Intermediate crude was up 43 cents, or 0.9 percent, at $49.46.
Prices were around 18 percent above the lows hit in June, as strong summer demand for transport has buoyed benchmark contracts.barrel benchmark bpd Brent crude demand hit July oil quarter
Chesapeake Energy Corp. (NYSE: CHK) reported second-quarter 2017 earnings before markets opened Thursday.
Chesapeake produced 8 million barrels of crude oil the quarter, compared with 8 million in the same period last year and 8 million in the first quarter of this year.approximately barrel capital Chesapeake oil production quarter Revenue sequentially spending
Indian Oil Corporation ( IOC ) on Thursday reported a 45 per cent YoY fall in profit after tax (PAT) at Rs 4,548.51 crore for June quarter. This was against Rs 8,268.98 crore profit the company had reported in the same quarter last year.The numbers were down even as the oil major reported Rs 1,227 crore as other income for the quarter, compared with Rs 473 crore in the year-ago quarter.Sales for the quarter came in at Rs 1.28 lakh crore, which was higher than Rs 92,502 crore estimated by analysts in an ETNow poll.barrel crore June oil poll profit quarter reported Rs year
When West Texas Intermediate (WTI) crude oil futures closed above $50 a barrel on Monday, after rising nearly 9% in the month of July, it seemed that the benchmark level might be able to hold.
Credit Suisse last week even cut its long-term price forecast for WTI from $62.50 to $57.00 a barrel in 2020.barrel co crude cut forecast market NYSE oil rating WTI
The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning, showing that U.S. commercial crude inventories dropped by 1.5 million barrels last week, maintaining a total U.S. commercial crude inventory of 481.9 million barrels. The commercial crude inventory remained in the upper half of the average range for this time of year.barrel crude distillate gasoline inventories oil past report traded week