From Reuters U.S. stocks gained ground on Monday at the onset of a heavy earnings week, while European shares inched higher as investors took heart from potential progress in U.S.-China trade talks and increasing geopolitical tensions sent oil prices climbing. Tech pushed Wall Street into positive territory as investors girded themselves for a week of second-quarter results from major industrial
From Reuters The rise in new suppliers of oil and gas has reduced the ability of Iran to influence global oil markets, U.S. Energy Secretary Rick Perry said on Monday. The price of crude LCOc1 jumped on Monday following Iran’s seizure on Friday of a British-flagged oil tanker in the Strait of Hormuz, but had pared initial, steep gains by
Shortages of sand, pipelines, and manpower could jeopardize America’s future as an energy superpower At 10:30 p.m. on an 85F August night in Penwell, in West Texas, a 69-year-old repairman is hammering away at the frame of an 18-wheeler in the forecourt of an abandoned truck stop. The song Free Bird by Lynyrd Skynyrd blares from the radio. “I’m making
By Tyler Losier, Energy Reporter, Oil & Gas 360 Supply deficit quickly flipped to surplus: International Energy Agency data now shows 500,000 barrel per day global surplus for Q2 2019 Despite the OPEC+ supply cuts agreed upon earlier this month, a slowdown of the global economy is dampening oil demand, leading to a larger-than-expected surplus in crude reserves. According to
From Reuters A disappointing planting season due to massive flooding in the U.S. Midwest this spring is expected to have spillover effects on diesel demand during harvest season, analysts and traders said. Heavy storms that lingered over the Midwest left millions of acres unseeded and put crops that were planted late at a greater risk for damage from severe weather
From Reuters The Mexican government will propose an additional tax reduction for heavily indebted state oil company Pemex [PEMEXF.UL] in the nation’s 2020 budget, President Andres Manuel Lopez Obrador said Thursday, the latest measure to strengthen the company. Lopez Obrador has pledged to revive Pemex, whose $106 billion debt is the largest for any oil company in the world. In
From Bloomberg Kudlow says Lighthizer, Mnuchin, Liu have been in contact, Beijing says existing duties must be removed to reach a deal The Trump administration said trade talks with China are starting up again as Beijing reiterated that it’s essential the U.S. removes all existing tariffs for a deal to be reached. President Donald Trump and Chinese President Xi Jinping
From Reuters U.S. stocks declined on Friday, as the S&P 500 retreated after closing at a record for three straight sessions, following an unexpectedly strong U.S. payrolls report that caused investors to rethink how dovish a turn the Federal Reserve may take. The U.S. Labor Department data showed nonfarm payrolls rose by 224,000 jobs in June, the most in five
Boeing-Airbus subsidy dispute heats up From the AJOT The U.S. added new products from the European Union to potentially target with retaliatory tariffs in a long-running trans-Atlantic subsidy dispute between Boeing Co. and Airbus SE. The U.S. Trade Representative’s office on Monday published a list of $4 billion worth of EU goods they could hit with duties as retaliation for
From RTTNews TechnipFMC (FTI) agreed to pay a total of $296 million to resolve allegations the company bribed Brazilian and Iraqi officials, the U.S Justice Department said. Technip USA and Technip’s former consultant pleaded guilty today in connection with the resolution, the Justice Department said. Of the total fine amount, Technip will pay $214 million to Brazilian authorities, which brought
Spanish energy giant Repsol cuts 30% of Canadian staff with layoffs in Calgary, Chauvin and Edson From Reuters NEW YORK/CALGARY — Spanish energy company Repsol SA is cutting about 30 per cent of its Canadian workforce as part of global restructuring, the company said in an emailed statement on Tuesday. Repsol joins a string of large international energy companies that
Bill as is could kill investment – no future pipelines would be built From the Calgary Herald After it was announced Wednesday that the federal Liberal government would not accept all 188 amendments to the disastrous Impact Assessment Act, or Bill C-69, as recommended by the Senate of Canada, Environment Minister Catherine McKenna thought that in case the sector driving
