U.S. HAS GONE BUST
The share-price boom at U.S. energy firms has gone bust, due to slumping global growth and tumbling crude prices.
Companies that drill for oil and natural gas and provide services at the wells were among the most popular investor bets earlier this year, riding the coattails of a decadelong renaissance in U.S. oil and natural-gas production.
The S&P oil-and-gas equipment-and-services subsector surged 23% in 2014 through June 20, the day U.S.-traded crude-oil futures hit their 2014 high at $107.26 a barrel. Among services firms, Nabors Industries Ltd. surged 68% in that period, Halliburton Co. rose 38% and National…
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US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.
Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month, a Saudi official familiar with the policy said.
Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf (UKCS).
U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.