Archive for November, 2014

Goldman, BASF, HSBC Accused of Metals Price Fixing: U.S. Lawsuit

(Reuters) – Goldman Sachs Group Inc (GS.N), Germany’s BASF SE (BASFn.DE) and two other big platinum and palladium dealers have been sued in the United States in what the plaintiff’s law firm called the first nationwide class action over alleged price-fixing of the metals. In a complaint filed on Tuesday in the U.S. District Court in Manhattan, units […]

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Oil Bust of 1986 Reminds U.S. Drillers of Price War Risks

The last time that U.S. oil drillers got caught up in a price war orchestrated by Saudi Arabia, it ended badly for the Americans. In 1986, the Saudis opened the spigot and sparked a four-month, 67 percent plunge that left oil just above $10 a barrel. The U.S. industry collapsed, triggering almost a quarter-century of production declines, and […]

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US House To Hold Hearing On Oil Export Ban

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U.S. Gasoline Prices this Thanksgiving are the Lowest Since 2009

U.S. retail regular-grade gasoline prices continue to decline, averaging $2.82 per gallon (gal) as of November 24. This average is 47 cents lower than a year ago, and the lowest price heading into a Thanksgiving holiday since 2009. Traditionally, the Thanksgiving holiday is one of the most traveled times of the year in the United […]

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Is US Oil Production Set to Plummet?

The oil rig count in the US has gone down four weeks in a row. It will be interesting to see how this shows up in the Wednesday EIA report on overall US production. Only 13 of the 42 weeks in 2014 so far have shown drops in US production. Theal and his team went […]

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Oil, Gas Industry Tries to Keep Talent in Pipeline

Four years ago, Bryan Dickson and Matt Ockree were among the youngest engineers working on gas well pads in Western Pennsylvania’s Marcellus shale fields. “I was out in the frack van with Bryan a lot of days and a lot of nights, learning from the people with more experience,” said Ockree, 27, a Lower Burrell […]

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Siberian Oilman Becomes Billionaire on Asia Energy Demand

Nikolai Buynov’s introduction to the oil industry came by way of a motor-oil salesman who visited his native Siberia in 1995 loaded with “beads and mirrors for the natives.” Buynov, a graduate of the Leningrad Institute of Rail Engineers who’d been running a fuel and lubricants trading business, ignored the

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Follow the Sand to the Real Fracking Boom

When it takes up to four million pounds of sand to frack a single well, it’s no wonder that demand is outpacing supply and frack sand producers are becoming the biggest behind-the-scenes beneficiaries of the American oil and gas boom. Demand is exploding for “frac sand” — a durable, high-purity quartz sand used to help […]

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Rosen Law Firm Reminds SandRidge Energy Investors of Important Deadline in Class Action Filed by Firm

According to the lawsuit, SandRidge Energy issued materially false and misleading financial information to shareholders. On November 4, 2014, SandRidge Energy announced that the U.S. Securities and Exchange Commission had asked the Company to reassess its accounting for penalties paid under a contract with Occidental Petroleum Corp. As a result, SandRidge Energy concluded that its […]

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WTI Oil Falls From 4-Year Low as OPEC Sends Mixed Signals

West Texas Intermediate fell from the lowest price in more than four years as Saudi Arabia’s oil minister said the price will stabilize by itself, while the United Arab Emirates said OPEC will do what it takes to balance the market. Brent declined in London. Futures dropped 0.9 percent in New Yorkafter declining 2.2 percent yesterday. Saudi Arabia’s […]

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