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Tag Archives: Oil price

Lower oil price to hit U.S. oil and gas lending: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Feb 12 – “Excessive oil and gas loan concentrations have been a key factor in the failure of some banks during periods of steep price declines,” the Office of the Comptroller of the Currency (OCC) notes with bureaucratic understatement in its handbook for U.S. bank examiners. ...

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Oil on wild ride; How will it end?

NEW YORK — The price of oil is on a wild ride, and there is little agreement on where it’s headed. After falling nearly 60 percent from a peak last June, the price of oil has now bounced back 19 percent since late January, closing Monday near $53. Oil has fallen or risen by 3 percent or more on 14 ...

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Energy ETPs attract lion’s share of commodity inflows in 2014

LONDON – The collapse in the oil price attracted bargain hunters to energy exchange-traded products (ETPs) in 2014, with inflows leaping in December even as the sell-off in oil intensified, global data from BlackRock and ETF Securities showed. Investors in the United States accounted for about 85 percent of the $3 billion-plus inflow into energy ETPs globally, ETF Securities, an ...

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Fed’s Kocherlakota: drop in oil prices good for U.S. economy

The drop in oil prices is putting money in consumers’ pockets and is “a good thing, basically” for the U.S. economy, Minneapolis Fed President Narayana Kocherlakota said at a town hall at his bank’s headquarters. At the same time, he said, the oil price decline will put downward pressure on drilling and on production in North Dakota, where the local ...

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As oil falls, Hamm wants second look at divorce

Just a month after labeling the outcome of his divorce “fair,” billionaire oilman Harold Hamm appears to have changed his mind. The news agency Reuters reported Tuesday that Hamm’s appeal calls the decision to award his ex-wife $1 billion “erroneous and inequitable.” His appeal comes at a time when the price of oil has plunged by half, Reuters noted, which ...

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Oil’s price bottom uncertain

The Plains-WTI oil price closed at $52.25 per barrel on Tuesday, deepening uncertainty for many local producers now selling their crude for almost half of what they were at the peak earlier this year. The price of oil has yet to find its bottom as a slowdown appeared under way. “People are canceling rigs today, but it’s going to get more ...

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Tadawul index plunges 3.27%


JEDDAH — The Saudi stock market continued its downward spiral and fell for a sixth session on Sunday as investors seem over pessimistic due to oil price anxiety. The Tadawul All-Share Index (TASI) lost 274.8 points or 3.27 percent to close at 8,119.08 points, after being low as much as 4.16 percent just after the Sunday’s opening bell. Commenting on ...

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Kinder Morgan’s forecast for 2015 shows growth

Kinder Morgan announced that it doesn’t expect decreasing oil prices to impact its pipelines and storage business. The Houston-based company expects to invest $4.4 billion in development and small acquisitions in 2015.  Kinder Morgan also plans to generate $8.2 billion in earnings across its several segments.  For this year, the company said it expected to invest $3.6 billion in projects ...

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Drilling permits stout despite oil price drop

Drilling permits statewide indeed dropped by about 50 percent from October to November, but a closer look at those figures, broken apart by region, offer less cause for sudden alarm realized earlier this week, according to an analysis of more detailed data provided on Wednesday by DrillingInfo, an industry data firm. October in the Permian Basin saw 1,192 drilling permits ...

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Locals react to Devon Energy transition

Devon Energy Logo

Local business and energy experts are reacting to Wednesday’s news that Devon Energy President and CEO John Richels is retiring. In a news release, Oklahoma City-based Devon, an independent energy company engaged in oil and gas exploration and production, stated Richels, 63, will retire July 31, and he will be succeeded by Devon COO Dave Hager, 58. Chuck Mai, of ...

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