Energy

  Bloomberg Oil capped the biggest weekly loss since November after surging US supplies erased three months of gains that followed OPEC’s deal to cut output. Futures tumbled 9.1 percent this week in New York. For a second day, they closed below the settlement on November 29, the day before OPEC agreed to the curbs. US crude stockpiles have expanded …

  Bloomberg Oil dropped below $50 for the first time since December after concerns that OPEC’s output cuts aren’t tempering a surplus in the US triggered the biggest slump in more than a year. Futures dropped as much as 2.2 percent in New York to $49.20 after losing 5.7 percent the previous three sessions. Stockpiles rose 8.2 million to the …

  Bloomberg Saudi Arabia and Russia, the architects of an oil production cut that has stabilized prices, presented a united front on compliance just as rising US inventories have sparked doubts about the OPEC and non-OPEC deal. Khalid Al-Falih, the Saudi energy minister, acknowledged that global crude inventories aren’t draining as quickly as he expected, opening the door for an …

  Bloomberg UK oil and gas production will continue to grow through 2018, putting it on course for the longest expansion in almost two decades, amid project startups and productivity gains, an industry lobby said. “Production has now been rising since 2015, bucking a 15-year trend of decline, and should continue to rise over the next two years,” Oil & …

  Bloomberg The oil market’s failure to break out of the tightest range in more than a decade is sapping investor interest. After hitting a record high last week, hedge funds reduced wagers that US oil prices would rise as concern grows that the market is again becoming vulnerable to a drop. Earlier bullish sentiment was based on optimism that …

  Bloomberg Aramco is the world’s largest oil company, but when it sells shares next year its foray into renewables is what may lure investors who would otherwise be forced to stay away. Saudi Arabian Oil Co., as it is formally called, is considering investments of as much as $5 billion in renewable energy, part of the kingdom’s effort to …

  Bloomberg When PBF Energy Inc. scooped up a refinery from Exxon Mobil Corp. on the Mississippi River in 2015, it wasted no time sprucing up the plant with an eye toward quickly resuming lucrative fuel exports. Within three months, PBF was ready to load its first tanker for shipment abroad. By late last year, the New Jersey-based company was …

  Bloomberg Gazprom PJSC deputy head Alexander Medvedev is taking solace in old sayings by the founding father of the People’s Republic of China as the natural gas giant pushes ahead with a plan to become its biggest supplier. “Do you know this Chinese saying ‘Hard work for three years, happiness for 10,000’?” Medvedev said in an interview, referring to …

  Bloomberg Oil-sands investments in Western Canada that gobbled tens of billions of dollars over the past decade are proving an Achilles heel for some of the world’s biggest energy producers. Exxon Mobil Corp. slashed proved reserves the most in its modern history after removing the entire $16 billion, 3.5-billion-barrel Kearl oil-sands project from its books. That followed ConocoPhillips’ announcement …

  Bloomberg Europe’s appetite for natural gas is leading to a growth “renaissance” as its stores of the fuel languish at the lowest levels since 2013, according to Gazprom PJSC. Europe’s appetite for natural gas will probably meet or even exceed last year’s growth as the region needs to replenish its lowest gas storage levels since 2013, according to Gazprom …