Investors
OPEC’s crude oil cuts utterly ineffective
Yesterday, crude oil futures prices closed at nearly a 17-month low. Bulls talking up an OPEC cut just couldn’t silence the drumbeat of falling demand growth and a sagging economy.
Light, sweet crude for December delivery settled down 93 cents, or 1.5%, at $63.22 a barrel on the New York Mercantile Exchange, the lowest [...]
The economy is crumbling beneath our feet - but at least we can travel on the cheap!
With the market still doubled over from economic gut punches this week and last, many of our readers feel like their 401K’s may not ever carry them to a sunny retirement in Florida. Well, with the way Crude Oil prices have been falling, maybe you can still travel there from time to time.
Crude-oil futures sank [...]
Crude oil prices plummet on demand erosion (’told ya so’)
NYMEX crude oil futures plummeted today as gasoline inventories were discovered to be much larger than expected AND demand continues to erode, along with the U.S. economy.
But, there is light on the horizon. Much of the blame for the worsening economy can be laid on the price of crude oil. With that price coming down, the [...]
Experts predict Natural Gas collapse later this summer
Sam Fletcher
Senior Writer
Crude futures peaked at new record above $127/bbl in intraday trading on the New York market May 16 despite claims by Saudi Arabia that it has increased its oil production a “sufficient” 300,000 b/d to 9.45 million b/d.
Saudi officials said they made that move May 10 in response to requests from 50 customers, [...]
Rising prices boost Shell and BP
Oil firms Royal Dutch Shell and BP have made better-than-expected first-quarter profits thanks to the rising price of oil, which is close to $120 a barrel.
Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago.
And rival BP saw its profits rise 48% to $6.588bn (£3.31bn), [...]
Exxon profit soars, but misses forecasts
No. 1 U.S. oil company’s profit and revenue miss estimates, even as it posts second-largest earnings total on record.
NEW YORK — Record oil prices netted Exxon Mobil a $10.89 billion profit in the first three months of the year, sharply higher than a year earlier but short of Wall Street estimates and below what was [...]
Record oil prices drive Shell 1Q profits up 25 percent
AMSTERDAM, Netherlands - Royal Dutch Shell PLC reported a 25 percent rise in first-quarter earnings on Tuesday, crediting strong increases in oil prices.
Europe’s largest oil company said its average selling price of crude oil leaped by 66 percent to more than $90 per barrel from the first quarter a year ago.
That sent net profit soaring [...]
Chevron sees higher 1st quarter upstream earnings
NEW YORK - Chevron Corp said on Wednesday its first-quarter exploration and production earnings should rise from the previous quarter on record oil prices, but profits from refining and marketing would remain weak.
The second-largest U.S. oil company said its oil and gas production in January and February was 2.61 million barrels of oil equivalent per [...]
Oil roars to record over $112 on U.S. inventory drop
NEW YORK - Oil surged to a record high over $112 a barrel on Wednesday after a government report showed a sharp drop in U.S. inventories ahead of the summer driving season.
U.S. crude settled up $2.37 at $110.87 a barrel after peaking at $112.21 and eclipsing the previous record of $111.80 hit March 17. London [...]
Gas stations look in stores for profits
NEW YORK - Gas prices may be sitting near record levels, but the owner of your local gas station quite likely is struggling.
Profit margins on gasoline sales are razor thin. Indeed, some gas stations are losing money on credit card sales, once the fees are factored in.
How do they stay in business? More and more [...]
