crude oil

Government, Business, Fuel

Canadian Crude Now Costs More to Ship Than to Buy

Water is pumped into a tailings pond at the Suncor Energy Steepbank mine in Fort McMurray, Alberta, in September 2018. Water is pumped into a tailings pond at the Suncor Energy Steepbank mine in Fort McMurray, Alberta, in September 2018. (Ben Nelms/Bloomberg News)

Canadian heavy crude has become so cheap that the cost of shipping it to refineries exceeds the value of the oil itself, a situation that may result in even more oil-sands producers shutting operations.

Robert Tuttle | Bloomberg News
March 27, 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
Government, Business, Fuel

Oil Market Fears US Running Out of Storage Space

A gas flare burns from a pipe aboard an offshore oil platform in the Permian Gulf's Salman Oil Field in January 2017. A gas flare burns from a pipe aboard an offshore oil platform in the Permian Gulf's Salman Oil Field in January 2017. (Ali Mohammadi/Bloomberg News)

The U.S. oil market is displaying worries that stockpiles are going to run out of storage space, with futures being whipsawed as a growing glut counters economic stimulus measures.

March 25, 2020
Business, Fuel

Tens of Thousands Are Getting Laid Off in US Shale Patch

A derrickman secures a length of drill pipe at a rig near Montrose, Pa. A derrickman secures a length of drill pipe at a rig near Montrose, Pa. (Daniel Acker/Bloomberg News)

The spread of the coronavirus coupled with an oil-price war between Russia and Saudi Arabia threatens to devastate the oil services industry and its workers.

David Wethe | Bloomberg News
March 23, 2020
Business, Fuel

Oil Has Best Day Ever After Trump Hints at Role in Price War

An oil worker on an offshore platform. An oil worker on an offshore platform in early 2017. (Ali Mohammadi/Bloomberg News)

Oil surged the most ever in New York as the U.S. president said he could get involved in the standoff between Saudi Arabia and Russia that has rocked crude markets.

March 19, 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 Floating-Storage Trade Is a Go After Crude’s Latest Tumble

Ali Mohammadi/Bloomberg News (Ali Mohammadi/Bloomberg News)

The latest collapse in oil prices has put in play a lucrative trade to store crude at sea, reviving memories of the 2008-09 recession when millions of barrels were kept on the world’s oceans.

March 18, 2020
Business, Fuel

Oil Supertankers Fetch Astronomical Rates With Vessels Scarce

An Iranian crude oil tanker sits anchored off the coast of Gibraltar in July 2019. An Iranian crude oil tanker sits anchored off the coast of Gibraltar in July 2019. (Marcelo del Pozo/Bloomberg News)

Oil companies are being forced to pay exorbitant prices for oil tankers as shipowners book vessels for storage and Saudi Arabia snaps up ships as it prepares to flood the market with crude.

Firat Kayakiran | Bloomberg News
March 16, 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

OPEC+ Talks Collapse, Threatening Russia-Saudi Oil Alliance

Oil refinery plant in Russia Lights illuminate the low-temperature isomerization unit at the Novokuibyshevsk oil refinery plant in Novokuibyshevsk, Russia. (Andrey Rudakov/Bloomberg News)

OPEC+ talks ended in dramatic failure, signaling the possible end of a diplomatic alliance between Saudi Arabia and Russia that has underpinned crude prices and changed the balance of power in the Middle East.

March 6, 2020

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