U.S. crude oil production may be falling faster than many had thought and we are seeing signs of that in Cushing, Okla. Cushing is the Nymex delivery point and a storage facility that if you listened to the Ultra Bears was supposed to be overflowing with oil. Instead the opposite is happening as supply there have fallen five out of the last seven weeks and is slated to fall once again.
Are falling crude oil prices a good or bad thing? The Saudi oil price war is raising those questions as they cut the selling price to Asia and say they think oil will stabilize at $60 a barrel which may become a self-fulfilling prophecy.
There’s been a lot of attention paid to how Canada’s oil boom has helped make gasoline cheaper. What many people may not realize is that the boom is also driving up the prices they pay for burgers and steaks.
The oil market continues to focus on Syria and the plethora of supply interruptions around the world, but the immediacy of Syria has eased over the last 24 hours. Currently market participants are now in a wait and see mode.
Chesapeake Energy Corp. named former ConocoPhillips Chairman Archie Dunham to lead its board as the second-largest U.S. natural-gas producer struggles with falling energy prices and mistrust of its management.