Oil Glut Expected to Last a While
Even if Saudi Arabia wins its struggle with U.S. shale producers over market share, it will face a new billion-barrel adversary. It won’t be regional nemesis Iran, a resurgent Iraq or long-standing competitor Russia. The answer will be more prosaic: Even when overproduction ends, a stockpile surplus of more than 1 billion barrels built up since 2014 will remain, weighing on prices. Inventories will keep accumulating until the end of...
Stocks March Higher
New York (ap) — The stock market closed out its best week of the year Friday as big gains by retailers and technology companies pushed major indexes upward. Stocks faded as Friday wore on, but they still finished higher. The S&P 500 index climbed almost 3.3 percent for the week. By just a hair, that was its biggest weekly gain in 2015. Stocks climbed Monday and Wednesday as the U.S. market didn’t seem to be affected by a string...
Robots Add to Job, Price Slump in Canada Oil
Calgary — Truck driver Craig Huzulak is unemployed after losing his job four times since December — the new normal in a Canadian oil patch still reeling from a downturn. Huzulak, 49, was working at a mine last year near Fort McMurray, Alberta, when crude prices plunged and work dried up. He lost two more positions in the following months and then had a job offer yanked at the end of June before he could even start. In addition to the...
Oil, Gas, Power, Prices
Houston — In the year since the energy industry last gathered in for its big annual confab in Houston, prices for oil and natural gas took a dive that few, if anyone, saw coming. A chastened parade of energy executives, analysts, academics and government officials from several countries delivered speeches and participated in panels as part of CERAWeek, the energy conference sponsored by IHS, an Englewood Colo.-based business...
