oil prices

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Electricity Prices in Texas Up 10,000%
How One Texan Is
Holding Up: 'I Cannot Do This'
THE RUNDOWN

How One Texan Is Holding Up: 'I Cannot Do This'

The pandemic and storm are all too much for some

(Newser) - Texas' energy grid stands on its own, isolated from the rest of the country and unable to import power from other states. That means "when it comes to electricity, what happens in Texas stays in Texas," Dan Cohan, an associate professor of environmental engineering at Rice University, tells...

Markets Edge Up as Restrictions Relaxed
Oil Prices Jump as
Restrictions Relaxed
MARKETS

Oil Prices Jump as Restrictions Relaxed

Dow Jones, S&P 500 edge upward

(Newser) - Stocks closed broadly higher on Wall Street Tuesday as more countries relaxed restrictions on businesses, raising hopes for a recovery from the historic plunge that is sweeping the global economy. The S&P 500 rose 0.9% after losing about half of its early gains in a late-afternoon burst of...

Oil Collapse Drags Stocks Down
Oil Chaos Deepens,
Drags Markets Down
MARKETS

Oil Chaos Deepens, Drags Markets Down

'There is so much oil sloshing around the world and so few people using it'

(Newser) - Oil's chaotic collapse deepened, and stocks around the world dropped on Tuesday as the economic carnage caused by the coronavirus pandemic turned markets upside down. The S&P 500 closed down 3% Tuesday, its second straight loss. Markets across Europe and Asia had similar drops. Oil prices crumbled again...

AOC Sees Oil Price Crash as a 'Turning Point'
Some Early Views on
'Mind-Bending' Oil Prices
the rundown

Some Early Views on 'Mind-Bending' Oil Prices

AOC, for one, sees this as a 'turning point in the climate movement'

(Newser) - Oil prices remained in turmoil in the US and the world on Tuesday, reports the Wall Street Journal . On Monday, the US benchmark dipped into negative territory for the first time, settling at -$37.63 per barrel. On Tuesday, the price improved, but remained in the red at -$6.30...

Price of Oil Drops Below Zero
Oil Futures Drop
Below Zero for First Time
markets

Oil Futures Drop Below Zero for First Time

And the Dow falls about 600 points

(Newser) - It's been a historic day in the financial markets: Oil futures plunged below zero Monday for the first time as demand for energy collapsed amid the coronavirus pandemic. The plunge led to a drop in stocks, too: The Dow fell 592 points, or 2.4%, to 23,650; the...

OPEC, Russia Make 'Unprecedented' Oil Move

A tenth of global supply is going bye-bye

(Newser) - OPEC, Russia, and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said. The cartel and other nations agreed to allow Mexico to...

News of Saudi-Russian Truce Pleases Markets

Trump says the nations are poised to end their oil dispute

(Newser) - Wall Street pushed higher Thursday after a surge in oil prices helped resuscitate beaten-down energy stocks. The gains helped overshadow another report showing the coronavirus outbreak is forcing a record-breaking number of Americans into the unemployment queue, per the AP . The S&P 500 rose more than 2% in morning...

As Storage Space Runs Out, Oil Prices Could Go Negative

Russia-Saudi Arabia price war contributes to the problem

(Newser) - Global demand for oil has disappeared during the pandemic, even as the supply side seems to ignore that reality and keep rolling along. There's still a price war going on between Russia and Saudi Arabia, CNN reports. Prices have plunged; a trading house bid negative 19 cents per barrel...

Oil Prices Take Another Plunge
Oil Prices Plunge Again

Oil Prices Plunge Again

Saudis, Russians argue about oil production amid coronavirus fears

(Newser) - Oil prices are plunging amid worries that an OPEC dispute will lead an economy weakened by COVID-19 to be awash in an oversupply of crude, the AP reports. Brent crude, the international standard, lost $8.77, or 19.3%, to $36.50, as of 7:23pm Eastern time on Sunday...

Exxon Mobil Profit Falls 49%
Profits Plunge for Exxon Mobil

Profits Plunge for Exxon Mobil

But the Texas oil giant still reported over $3B in profits for the third quarter

(Newser) - Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower prices for crude oil and natural gas, the AP reports. The Texas oil giant reported $3.17 billion in profits in the third quarter Friday, down 49% from the same time last year....

Trump: US 'Locked and Loaded' After Hit on Saudi Oil Facility

Oil prices surge after Saudi facilities hit

(Newser) - President Trump didn't mention Iran in a tweet Sunday about Saturday's attack on oil facilities in Saudi Arabia—but he strongly suggested possible military action against the perpetrators. "There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are...

After Backing Saudi Arabia, Trump Next Thanks It
Trump Stands by Saudis,
Then He Thanks Them
the rundown

Trump Stands by Saudis, Then He Thanks Them

For our low oil prices

(Newser) - President Trump on Tuesday expressed that, despite Jamal Khashoggi's murder, the US stands by Saudi Arabia. It's a sentiment that's not going over entirely well, both within his own party and without. And it's one that got amplified Wednesday, by way of a tweet in which...

Oil Prices Break $70 Ahead of Iran Decision

Price is at highest point in 3 years as traders await President Trump's move

(Newser) - Oil prices just busted through the $70 mark as the world awaits President Trump's decision on Iranian sanctions. The price of benchmark US crude rose 74 cents to $70.46 a barrel, the first time since 2014 the cost has exceeded $70, reports the AP . The development, which is...

This Will Be the Priciest Driving Season Since 2014

US daily national average for regular gasoline hits $2.81 per gallon

(Newser) - Get ready for a little bit more pain at the pump this summer. Crude oil prices are at the highest level in more than three years and expected to climb higher, pushing up gasoline prices along the way, the AP reports. The US daily national average for regular gasoline is...

Oil Price Soars After OPEC, Russia Deal
How Russia, OPEC
May Have Just
Driven Up Gas Prices
THE RUNDOWN

How Russia, OPEC May Have Just Driven Up Gas Prices

Deal cuts output for first time in 15 years

(Newser) - It's a victory for international agreement, but not for consumers: OPEC nations and Russia have managed to overcome their differences because of their common desire to drive up oil prices, Reuters reports. They have agreed on their first joint output cut since 2001, a move that sent the price...

Things Are Getting Desperate in Venezuela
 Things Are Getting 
 Desperate in Venezuela 
THE RUNDOWN

Things Are Getting Desperate in Venezuela

As hunger deepens, looting increases

(Newser) - A shortage of beer and Coke is the least of concerns in Venezuela, where residents are facing hunger, drought, power shortages, and the world's highest inflation rate at 480% amid a worsening economic crisis brought about by plummeting oil prices. The latest:
  • The New York Times explains 87% of
...

800K Barrels of Oil Disappeared Daily in 2015

And the answer to the mystery could have a big impact on oil prices

(Newser) - Approximately 800,000 barrels of oil went missing every day in 2015, and that could be bad news for anyone hoping to see a rise in global oil prices any time soon, the Wall Street Journal reports. It's the highest level of missing oil in 17 years, and it...

One Salmon Now Costs More Than a Barrel of Oil

Weird times we're living in

(Newser) - It's seemingly simple supply and demand that has led us to this point: We now live in a world where a 10-pound salmon is worth more than a barrel of crude oil, a Norwegian seafood-industry site reports, via Bloomberg . This "collapse" in the cost of crude, as Bloomberg...

Stocks Slip, Oil Skids 6%
 Stocks Slip, Oil Skids 6% 

Stocks Slip, Oil Skids 6%

Chevron, Exxon each sink 3%

(Newser) - US stocks are closing lower as the beleaguered energy sector took another blow from falling oil prices, the AP reports. Chevron and Exxon Mobil each fell 3% Monday, among the biggest losses in the Dow Jones industrial average. The price of crude oil dropped nearly 6% to $30 a barrel...

Dow Ends Day Down 239
 Dow Ends Day Down 239 

Dow Ends Day Down 239

S&P 500, NASDAQ also decline

(Newser) - US stocks are closing lower after an early rally fizzled. The declines today were led by energy stocks as the price of crude oil fell sharply. Traders also worried that a report showing that the number of available jobs soared in July could help convince Federal Reserve policymakers to raise...

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