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

Date:
July 16, 2014
Source:
TheStreet / Powered by NewsLook.com
Summary:
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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last updated on 2014-07-22 at 3:25 pm EDT

Oil Inventories Reach Highest Level Since November

Oil Inventories Reach Highest Level Since November

TheStreet (Mar. 26, 2014) — 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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Summer Gas Prices Headed Higher as Producers Draw Huge Oil Supply

Summer Gas Prices Headed Higher as Producers Draw Huge Oil Supply

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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Chevron Suffers Crude Oil Slowdown, Quarterly Profits Drop 27%

Chevron Suffers Crude Oil Slowdown, Quarterly Profits Drop 27%

TheStreet (May 2, 2014) — A day after Exxon posted a drop in quarterly production, Chevron is doing likewise. The oil producer, second-largest in the U.S., earned profits 27% less than a year earlier as the company suffered lower crude oil production and declining prices over the quarter. The company attributed the drop to "global economic factors" and also said weather-related issues in two of its oil fields in Kazakhstan led to unplanned downtime. Over the quarter, Chevron's production fell 2% to 2.59 million boed. Video provided by TheStreet
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Gasoline Price Outlook: Good For Refiners, Bad For Drivers

Gasoline Price Outlook: Good For Refiners, Bad For Drivers

TheStreet (Apr. 30, 2014) — Energy expert Dan Dicker talks with TheStreet's Jim Cramer about his outlook for gasoline prices this summer and for the refiners that produce it. Continued strong global gas prices are being met with relatively weak domestic crude prices. Dicker explains why this is good for the refiners, but bad for U.S. drivers. Add that to a tough winter and gas stations that are changing their model for selling gas, and you’ve got a bad summer in store for driving. Video provided by TheStreet
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