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Oil Inventories Reach Highest Level Since November

Date:
March 26, 2014
Source:
TheStreet / Powered by NewsLook.com
Summary:
The Energy Information Agency reports crude oil inventories build by 6.6 million barrels in the latest week. BRG Brokerage President Jeff Grossman tells TheStreet's Joe Deaux that this is a much larger-than-expected build, but he is surprised the WTI crude market remains little changed amid the inventory build and the Crimea crisis. Grossman warns that prices, which remain near $100 a barrel, likely will see a pullback to the mid $90 range, but not much further below that level. Video provided by TheStreet


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last updated on 2014-07-24 at 4:52 am EDT

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TheStreet (May 21, 2014) — The Energy Information Energy on Wednesday reports crude oil inventories drew by 7.2 million barrels, which was far more than analysts' expectation of just more than 5,000 barrels drawn. Spartan Commodity Partners CEO Alan Harry tells TheStreet's Joe Deaux that oil prices should have plummeted on the news, but widespread worries about Russia and Ukraine tensions prevented big selling. Harry also warns ahead of the Memorial Day holiday weekend that gas prices -- the national average is at $3.67 a gallon -- are going to gain as much as 10 cents through the summer. Video provided by TheStreet
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Global Oil Demand to Increase Next Year at Fastest Pace Since 2010

Global Oil Demand to Increase Next Year at Fastest Pace Since 2010

TheStreet (July 11, 2014) — Global oil demand will rise at the fastest pace in five years in 2015, according to the International Energy Agency. The IEA said that world oil consumption will increase next year by 1.4 million barrels a day to a record 94.1 million. Most of the increase in oil supply will be from nations outside of the Organization of Petroleum Exporting Countries. Oil supply from non-OPEC countries will rise by 1.2 million barrels a day next year as North American production rises. The demand for oil will be driven in large part by China, which the agency said will see demand increase by more than 4% to about 10.8 million a day. Video provided by TheStreet
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Crude Oil Prices Bounce Back After Falling Below $100 a Barrel

Crude Oil Prices Bounce Back After Falling Below $100 a Barrel

TheStreet (July 16, 2014) — Oil Futures are bouncing back after tumbling below $100 a barrel for the first time since May yesterday. Jeff Grossman is the president of BRG Brokerage and trades at the NYMEX. Grossman tells TheStreet the Middle East is always a concern for oil traders. Oil prices were pushed down in recent weeks on Libya increasing its production. Supply disruptions in Iraq fading also contributed to prices falling. News from China's economic front showing a growth for the second quarter also calmed fears on its slowdown. Jeff Grossman talks to TheStreet's Susannah Lee on this and more on the Energy Department's Energy Information Administration (EIA) report. Video provided by TheStreet
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Gas Natural Sale Sidelined Until CEO Lawsuit Resolved

Gas Natural Sale Sidelined Until CEO Lawsuit Resolved

TheStreet (July 11, 2014) — Gas Natural, the Ohio-based company mired in scandal, was recently talking to prospective buyers about a sale, but talks came to a screeching halt when former CEO Richard Osborne filed a lawsuit against the company. The scandal started back in November when Ohio regulators ordered an investigation into Gas Natural. In May, the company announced that Osborne would be retiring and his son would take the reins. Late last month, Osborne Senior struck back, filing a lawsuit against the company. The suit has forced Gas Natural to put the sale on the back burner, but sources say that as soon as the matter is settled, the company will once again be on the prowl for a buyer. Even with the controversy surrounding the company, there will be no shortage of buyers as there is an intense level of interest in the gas local distribution space. Similar companies that have recently traded hands have fetched rich ebitda multiples of 10.5 times. With about $20 million in ebitda last year, Gas Natural could easily fetch north of $200 million in a sale. Video provided by TheStreet
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