Latest Oil and gas industry News

Iran sanctions send oil prices, supply concerns higher

Apr. 22, 2019 5:58 PM EDT

NEW YORK (AP) — The Trump administration's decision to impose sanctions on countries that buy Iranian oil is raising concerns about global crude supply and sending oil prices to their highest levels since October. Industry experts said Monday that the sanctions could potentially remove up to 1.2 million...

How the major US stock indexes fared Monday

Apr. 22, 2019 5:04 PM EDT

Major U.S. stock indexes closed mostly lower Monday, as losses in banks and other sectors offset solid gains in energy companies following a surge in crude oil prices. The price of crude oil rose to its highest level since October after the U.S. moved to further block Iranian oil exports. Banks, real estate and...

US stock indexes end mostly lower after listless trading day

Apr. 22, 2019 4:56 PM EDT

Wall Street capped a day of mostly sideways trading Monday with a slight gain for the benchmark S&P 500 index, as a spike in crude oil prices sent energy companies broadly higher. Energy sector stocks climbed as the price of crude oil hit its highest level since October after the U.S. government moved to...

Kimberly-Clark and Marathon Oil post gains while Tesla falls

Apr. 22, 2019 4:40 PM EDT

NEW YORK (AP) — Stocks that moved substantially or traded heavily on Monday: Kimberly-Clark Corp., up $6.70 to $130.25 The maker of Kleenex tissues and other consumer products reported a surge in profit that beat forecasts. Marathon Oil Corp., up $1.16 to $18.78 The oil company and its peers are benefiting...

Detroit denies request to leave petroleum coke pit uncovered

Apr. 22, 2019 4:35 PM EDT

DETROIT (AP) — Marathon Petroleum's request to avoid covering a petroleum coke storage pit in southwest Detroit has been denied. Detroit's Buildings department says the company failed to show that people living near the refinery would not be affected by emissions. Petroleum coke -- also called pet coke --...

Markets Right Now: Stocks end mostly lower, oil price rises

Apr. 22, 2019 4:14 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. Stocks closed mostly lower on Wall Street, but energy companies rose sharply as the price of crude oil shot higher. Real estate and industrial companies as well as banks fell broadly on Monday. Simon Property Group...

AAA: Rhode Island gas prices increase 7 cents per gallon

Apr. 22, 2019 2:25 PM EDT

PROVIDENCE, R.I. (AP) — Rhode Island residents are paying 7 cents per gallon more for gasoline this week. AAA Northeast reported Monday that its weekly price survey found self-serve, regular selling for an average of $2.70 per gallon, or 7 cents more than a week ago. AAA says gas prices are up 40 cents...

The pride of gas in Massachusetts up 8 cents per gallon

Apr. 22, 2019 2:16 PM EDT

BOSTON (AP) — Massachusetts gas prices are still on the rise, and have now jumped 35 cents per gallon since mid-February. AAA Northeast announced Monday that the average price of a gallon of self-serve, regular in Massachusetts jumped another 8 cents in the past week to $2.69. Despite the steep increases,...

Nigeria oil output to decrease 8 percent daily after fire

Apr. 22, 2019 12:40 PM EDT

WARRI, Nigeria (AP) — An oil company in Nigeria is declaring a "force majeure" shutdown after a fire. The temporary closure is expected to cut Nigeria's oil production by about 8 percent per day. Aiteo Oil Exploration and Production Company said the shutdown took place Sunday. The Nembe Creek Trunk Line...

The Latest: Iran brushes off US decision on sanction waivers

Apr. 22, 2019 12:09 PM EDT

WASHINGTON (AP) — The Latest on U.S. sanctions on countries importing Iranian oil (all times local): 12:05 p.m. Iran has brushed off the Trump administration's decision to stop exempting countries from U.S. sanctions on its oil exports. In a statement carried by the official IRNA news agency on Monday, the...