Tag Archive for: oilprices

Oil prices have moved higher following news that producer BP will temporarily halt shipments through the Red Sea after reported attacks on vessels delivering on this route.

Oil price rises (CL=F, BZ=F) have moved higher following news that producer BP (BP) will temporarily halt shipments through the Red Sea. After reported attacks on vessels delivering on this route. Analysts estimate 12-15% of the global oil supply moves through this passage from the Middle East. Meaning any prolonged closure could impact availability in relevant markets.

Yahoo Finance Ines Ferré breaks down the details and what these pressures will mean for oil and natural gas prices (NG=F).

And what we’ve seen today is a bump for WTI for crude oil. Let’s take a look at the chart so you can see where we’re at. With WTI and crude both jumping more than 2% during today’s session. This is after British oil giant, BP, said that it was pausing ship shipments via the Red Sea. After Houthi rebels were attacking ships. This was a precautionary pause.

Several shipping companies have been pausing their shipments, including Evergreen, that’s a global container shipping company. Now, the Red Sea, that’s connected to the Mediterranean Sea by the Suez Canal. Anywhere between 12 and 15% of oil is move via the Suez Canal, so it is a very important area that’s connecting– that is a shipping route connecting Europe to Asia.

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Source: yahoo!finance

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ExxonMobil (XOM 0.31%) earned an impressive $9.1 billion in the third quarter. Meanwhile, cash flow was even higher at $16 billion.

ExxonMobil (XOM 0.31%) earned an impressive $9.1 billion in the third quarter. That was up from $7.9 billion in the second quarter as the company feasted on higher oil prices. Meanwhile, cash flow was even higher at $16 billion, a whopping $6.6 billion increase from the last quarter. 

As strong as the third quarter was, even better days could be ahead for the oil giant. Here’s a closer look at the quarter and what’s in store for ExxonMobil investors.

ExxonMobil expected that higher oil prices would boost its upstream earnings by more than $1 billion in the third quarter, which is what happened:

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Source: The Motley Fool

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