The share-price boom at U.S. energy firms has gone bust, due to slumping global growth and tumbling crude prices.
This year's fall in energy prices is hastening the decline of big oil, as the seven Western majors sell-off assets, cut investment, return money to shareholders and shrink in size, leaving ever more output to small producers and state firms.
West Texas Intermediate extended its slump into a bear market amid speculation that rising global oil supplies will be more than enough to meet slowing demand. London’s Brent traded at the lowest price since December 2010.
Consumers in many Asian countries are missing out on the benefits of a global slide in oil prices and instead paying more at the pump as governments cut down on expensive energy subsidies.
EIA projects average U.S. household expenditures for natural gas, heating oil, electricity, and propane will decrease this winter heating season (October 1 through March 31) compared with last winter, which was 11% colder than the previous 10-year average nationally.
Cheap natural gas has delivered a significant boost to US manufacturing exports, the International Monetary Fund has found.
Oil prices that have plunged to a 27-month low are inflicting damage on a Russian economy already contending with escalating sanctions from the U.S. and European Union over its role in Ukraine.
Investors flocked to Kazakhstan’s first dollar-denominated bond in more than a decade, the first sovereign bond deal to include terms created in response to Argentina’s acrimonious default.
One of Russia’s prized oils, facing increased competition in Asia, is traveling to a rather unlikely destination: the U.S. West Coast.
EIA: US industrial gas demand to rise 4% in 2015