Alex Longley

Government, Business, Fuel

Oil Drops for Third Day Before OPEC+ Reviews Easing Output Cuts

An employee walks down stairs at the Armada gas condensate platform. (Simon Dawson/Bloomberg News)

Oil fell below $42 a barrel in New York as OPEC+ gathered to assess its supply deal, with countries struggling to contain the virus that has hurt economies and fuel demand globally.

Alex Longley | Bloomberg News
August 17, 2020
Government, Business, Fuel

Oil Jumps After Saudi Arabia Raises Prices to Boost Recovery

Saudi Arabia raised its selling price for oil, boosting the global price. Abdulaziz bin Salman, Saudi Arabia's energy minister, arrives in Vienna, Austria, ahead of the 177th OPEC meeting in December 2019. (Stefan Wermuth/Bloomberg News)

Oil surged after Saudi Arabia raised prices for its crude globally.

Alex Longley | Bloomberg News
May 7, 2020
Government, Business, Fuel

Projections Show World Could Run Out of Places to Store Oil

Oil tanker trucks sit parked beside storage silos in Germany in June 2019. Oil tanker trucks sit parked beside storage silos in Germany in June 2019. (Alex Kraus/Bloomberg News)

The world will run out of places to store oil in as little as three months, according to an industry consultant.

Alex Longley | Bloomberg News
March 26, 2020
Business, Fuel

Contango in Full Swing for Crude Oil Market

An offshore oil platform. (Ali Mohammadi/Bloomberg News)

Oil tankers are starting to drop anchor as traders start deploying the vessels to keep barrels at sea in the wake of the price plunge.

Alex Longley | Bloomberg News
March 19, 2020
Business, Fuel

Oil Slumps to Lowest Since 2016 as Demand Collapse Triggers Rout

Shadows of drilling rig workers in Texas. (Spencer Platt/Getty Images)

Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual oil demand in history.

Alex Longley | Bloomberg News
March 16, 2020
Government, Business, Fuel

Oil Near Six-Week High as US-China Trade Deal Hopes Increase

Oil A worker unloads crude oil from a tanker in Loving County, Texas. (Angus Mordant/Bloomberg News)

Oil held its biggest gain in almost seven weeks after improved U.S. and Chinese economic data aided the demand outlook, while optimism increased that the U.S. and China will resolve their trade dispute.

Alex Longley | Bloomberg News
November 4, 2019
Business, Fuel

Oil Shrugs Off US Tariff Hike to Climb on Tighter Supply

Oil Angus Mordant/Bloomberg News

Oil pushed higher despite the U.S. imposition of higher tariffs on Chinese goods, as rising tensions in Iran and elsewhere kept the supply outlook tight.

Alex Longley | Bloomberg News
May 10, 2019
Government, Business, Fuel

Airlines Are Stepping Up Oil Hedges Before 2020 Shipping Rule Bites

2020 Shipping Rule Cargo planes. (Lajos Jardai/Bloomberg News)

Airlines are starting to hedge against the risk that fuel prices could be driven higher by rules targeting another industry’s environmental performance.

Alex Longley | Bloomberg News
September 6, 2018
Business, Equipment, Fuel, Logistics

Morgan Stanley Says Shipping Revolution Has Oil Headed for $90

Louis Vest/Flickr

Brent crude will reach $90 a barrel by 2020 as new international shipping regulations take effect, overhauling the types of fuels produced by refiners, Morgan Stanley analysts said in a report.

Alex Longley | Bloomberg News
May 16, 2018
Business, Technology, Logistics

Oil Rises to Highest Since 2014 on Bullish US Inventory Report

Daniel Acker/Bloomberg News

Crude rose to its highest level since 2014 in New York as the drop in U.S. inventories reported by an industry group helped to sustain a rally spurred by geopolitical risks.

Alex Longley | Bloomberg News
April 18, 2018