Crude rally cut short as stores build
HOUSTON — Crude prices were on track to end a four-day winning streak Wednesday, as a greater-than-expected build in inventories sent prices down. According to the U.S. Energy Information...
View ArticleU.S. rigs are being idled, but the oil boom is not ending
The U.S. drilling frenzy is over. What’s not is the boom in oil production. While companies have idled 151 rigs in five shale formations since reaching a peak of 1,157 in October, they’ll need to park...
View ArticleEIA: U.S. crude inventories grow again
HOUSTON — U.S. commercial stores of crude built by another large margin for the week ending Feb. 20, as record production continued and refinery utilization retreated. Inventories of crude increased by...
View ArticleHedge funds are losing faith in oil rally while inventory swells
Hedge funds cut bets on rising oil prices at the fastest pace since December 2012 as U.S. inventories expanded to the highest in more than three decades. Speculators pared their net-long position in...
View ArticleU.S. crude stores up by 4.5 million barrels
HOUSTON – Stores of U.S. oil climbed by 4.5 million barrels last week, building to yet another eight-decade high for this time of year but coming in under analyst expectations. The Energy Information...
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Oil production falling in three big shale plays, EIA says
HOUSTON – It’s official: The shale oil boom is starting to waver. And, in a way, it may have souped-up rigs and more efficient drilling technologies to thank for that. Crude production at three major...
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U.S. crude production sets record in 2014
U.S. oil companies set a record last year when they pulled 1.2 million more barrels of crude per day from the ground than in 2013, the most dramatic increase in volume since the government began...
View ArticleU.S. refiners can bulk up to consume more domestic oil
WASHINGTON — The United States can boost its consumption of the light oil increasingly flowing out of domestic wells today, a new government report finds, even as it warns that potential changes to the...
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Cheap crude won’t slow U.S. oil fields by much, EIA says
HOUSTON — Cheap oil might only stall 6 percent of U.S. crude production by 2022, government researchers say. Surging U.S. shale oil fields could hold the price of international crude below $80 a barrel...
View ArticleWorld’s biggest oil trader says crude price can’t drop much more
Vitol Group, the world’s biggest independent oil trader, said the cost of finding and pumping crude will prevent prices from dropping much lower than where they are now for prolonged periods. Oil...
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