• Shale oil: A giant with feet of clay?

    Shale oil: A giant with feet of clay?

    The unconventional oil industry, which has made it possible to meet the increase in demand over the past decade, is deeply weakened by the current pandemic. The lack of investment will ultimately lead to a decrease in extractions - at least temporary - which risks aggravating the crisis once the pandemic has passed. Stimulus plans should take this into account.
  • ExxonMobil posts largest loss ever as COVID-19 pandemic hammers oil industry

    ExxonMobil posts largest loss ever as COVID-19 pandemic hammers oil industry

    ExxonMobil reported its biggest-ever quarterly loss on Friday as the coronavirus pandemic slammed demand and prices for oil. The Texas-based oil giant lost nearly $1.1 billion from April to June as COVID-19 caused a historic plunge in oil prices that hammered its production business. That came on the heels of a $610 million loss in …
  • U.S. drillers expected to slash oil & gas rigs to lowest ever

    U.S. drillers expected to slash oil & gas rigs to lowest ever

    The number of oil and gas rigs operating in the United States is expected to hit an all-time low this week – reflecting data going back 80 years – as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. Last week, the U.S. rig count was just four …
  • Here’s how to invest in oil — if you want to take a big risk

    Here’s how to invest in oil — if you want to take a big risk

    The oil market may look like a dollar-store clearance rack — but that doesn’t mean investors should buy up barrels like they’re out-of-season Easter candy. Rock-bottom prices have piqued the interest of would-be oil barons who furiously googled tips this week on how to bet on crude. They could usually do that through exchange-traded funds …
  • Stocks rebound after stimulus bill, oil prices crawl out of negative territory

    Stocks rebound after stimulus bill, oil prices crawl out of negative territory

    US stocks and oil prices rebounded Wednesday as the US government and several states unleashed fresh initiatives to combat the coronavirus fallout, including nearly $500 billion in federal stimulus. The Dow Jones industrial average climbed as much as 475.73 points, or 2 percent, to 23,494.61 in early trading after shedding more than 1,200 points in …
  • Oil prices continue plunge as coronavirus keeps market in a chokehold

    Oil prices continue plunge as coronavirus keeps market in a chokehold

    Oil prices continued a historic plunge Tuesday as the coronavirus pandemic’s stranglehold on demand for fuel showed no signs of loosening any time soon. June futures contracts for West Texas Intermediate crude oil plunged as much as 68 percent to $6.50 a barrel — the lowest price in at least 50 years. And the May …
  • Stocks tumble again with oil prices still under pressure

    Stocks tumble again with oil prices still under pressure

    US stocks dropped again Tuesday as pressure from the coronavirus crisis pushed oil prices down even further. The Dow Jones industrial average sank as much as 606.64 points, or 2.5 percent, in early trading with crude oil prices at historic lows. The S&P 500 and the Nasdaq also posted early losses as large as 2.6 …
  • A shocking way to put historic oil price drop in perspective

    A shocking way to put historic oil price drop in perspective

    Got a big swimming pool that’s empty and you don’t plan to use? Well, here’s a money-making idea that your town and neighbors will hate. Fill it with crude oil. Here’s how bizarre the oil market was on Monday. The price of a barrel of crude oil declined to a negative $38. NEGATIVE $38! That …
  • Stocks fall as oil prices plunge despite coronavirus optimism

    Stocks fall as oil prices plunge despite coronavirus optimism

    US stocks sank Monday as plummeting oil prices mitigated Wall Street’s optimism about the coronavirus crisis. The Dow Jones industrial average tumbled as much as 507.39 points, or about 2.1 percent, at the open after posting gains for two consecutive weeks. The S&P 500 fell as much as 1.5 percent in early trading while the …
  • Stocks rally on possible truce to end Saudi-Russia oil price war

    Stocks rally on possible truce to end Saudi-Russia oil price war

    Stocks rallied Thursday as rising oil prices overcame Wall Street’s worries about the coronavirus gutting the US labor market. The Dow Jones industrial average climbed as much as 534.26 points, or 2.5 percent, on hopes of a detente in the oil-price war between Russia and Saudi Arabia. The blue-chip index reversed the early losses it …