Reuters HOUSTON – A large and powerful Hurricane Delta dealt the greatest blow to U.S. offshore Gulf of Mexico production in 15 years, halting most of the region’s oil and nearly two-thirds of its natural gas output. Delta was packing 120 mile-per-hour (195 km) winds Friday as it churning through the Gulf’s prime oil-producing area toward landfall on coastal Louisiana
Reuters In total, 966,000 barrels of oil equivalent per day were expected to go offline by Oct. 14, the Norwegian Oil and Gas Association (NOG) said, triple the level of outages so far due to the strike over pay and conditions. The strike has helped lift benchmark Brent crude above $43 a barrel this week and the prospect of more
Reuters NEW YORK – Oil prices rose more than 3% on Tuesday, supported by U.S. supply disruptions caused by an approaching hurricane in the Gulf of Mexico and an oil worker strike in Norway. Energy companies shut offshore oil platforms as Hurricane Delta strengthened to a Category 2 and was on track to reach the Gulf of Mexico on Thursday.
CNBC Oil prices fell on Monday, weakened by the possible return of Libyan production and as rising coronavirus cases stoked worries about global demand, although the market drew support as a tropical storm threatened to disrupt output in the U.S. Gulf of Mexico. Brent crude was down $1.69, or 4%, at $41.46 a barrel. West Texas Intermediate crude fell $1.85, or
Reuters LONDON – Oil prices extended losses on Thursday, falling to their lowest point since early August, as worries about weaker U.S. gasoline demand and a sluggish economic recovery from the COVID-19 pandemic dented sentiment. Brent crude LCOc1 fell 55 cents, or 1.24%, to $43.88 a barrel by 1403 GMT, having hit a session low of $43.21. U.S. West Texas
Reuters Oil prices will see little change this year and a modest uptick in 2021 as output cuts take effect, with the demand picture clouded in uncertainty due to the coronavirus pandemic, a Reuters poll showed on Tuesday. The survey of 43 analysts and economists forecast benchmark Brent crude to average $42.75 a barrel in 2020, up from July’s $41.50
Fox Business The energy industry braced for catastrophic storm surges and winds as Hurricane Laura cut a dangerous path across the coastlines of Texas and Louisiana, making landfall early Thursday. Oil and gas producers evacuated platforms and rigs in the Gulf of Mexico and companies shut down refineries in the storm’s path. Many had already done so while preparing for Tropical Storm Marco.
Reuters LONDON – Oil prices fell on Thursday as a massive hurricane in the Gulf of Mexico made landfall in the heart of the U.S. oil industry, forcing oil rigs and refineries to shut down. Brent crude LCOc1 futures for October, which expire on Friday, fell 50 cents, or 1.1%, to $45.14 a barrel by 1359 GMT. The more active
Reuters LONDON – Crude oil prices rose on Tuesday, supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane, while rising coronavirus cases in Asia and Europe capped gains. However, the risk of a major double hit has lessened. Storm Laura has developed into a hurricane but storm Marco has
Reuters LONDON – The oil price is holding steady close to $45 a barrel, but prices further forward and in the physical market are showing new signs of weakness mainly due to a fall in demand from China after the country’s buying binge earlier in the year. The spread between Brent crude for nearby delivery and six-months ahead is at
Reuters TOKYO/LONDON – Oil prices eased on Wednesday on concerns U.S. fuel demand will face a slow recovery amid stalled talks on an economic stimulus package and despite support from a bigger-than-expected drawdown in U.S. crude stocks. Brent crude futures LCOc1 were down 44 cents, or 1%, to $45.02 a barrel at 1230 GMT, but still not far off a
Reuters LONDON – Oil prices hovered near five-month highs on Thursday as support from a weak dollar .DXY and falling U.S. crude inventories counteracted bearish sentiment about fuel demand, pushing the benchmarks in and out of positive territory. Brent crude LCOc1 was up 48 cents at $45.65 a barrel by 1318 GMT, while U.S. crude CLc1 was up 43 cents
