Oil

Exxon Mobil Corporation (NYSE: XOM) shares are down 12.2% over the past year, but at least one larger option trader is betting the next two years will be much better for the largest U.S. oil major. The Trades On Friday morning, Benzinga Pro subscribers received two option alerts related to...

Saudi Arabian Oil Company announced it had raised $25.6 billion in its long-awaited initial public offering on Thursday, Bloomberg reported. What Happened The state-owned oil company, better known as Saudi Aramco, offered 3 billion ordinary shares, which are about 1.5% of its total shares,...

Saudi Arabia wants fellow OPEC members to extend an agreement to lower oil production when the group meets on Dec. 5 and 6. What Saudi Arabia Wants OPEC and other oil rich countries agreed to lower their combined oil output by 1.2 million barrels a day through the end of March 2020. But the Saudi...

Saudi Arabian Oil Company has reduced its expected market value from $2 trillion to $1.6-1.7 trillion ahead of the initial public offering. The state-owned oil company, better known as Saudi Aramco, said in a statement on Sunday that the base offer size of its IPO will be 1.5% of its total shares,...

Suggestions about how much Saudi Aramco is actually worth as the oil giant heads for its IPO vary by nearly $1 trillion, and uncertainty surrounding the region's political volatility and the company's control by the Saudi government is raising more questions than any concerns about the...

Saudi Aramaco's initial public offering took a major step forward on Sunday and would likely need to address four sources of concern. Saudi Arabia values its state-owned oil company at $2 trillion but even a less generous $1.5 trillion would make it the world's largest IPO, CNBC reported....

Saudi Arabian Oil Company, better known as Saudi Aramco, announced its initial public offering on Sunday. What Happened The world’s most profitable company — owned by the Saudi government — will list on Riyadh’s Stock Exchange, Tawadul. The IPO plans have been approved by...

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened On Oct. 31, 1978, Iran’s oil workers organized a strike following failed negotiations over wages and political change. An energy crisis ensued. Where The Market Was The S&P...

The Dubai housing market is experiencing a glut, and it needs to be fixed by stopping all new home constructions for at least a year, Hussain Sajwani, the chairman of Damac Properties PJSC told Bloomberg. What Happened The Gulf city housing market has slowed down in the last five years, with prices...

In this episode of FreightWaves NOW, Oil Expert John Kingston provides some insight into why Portland prices are soaring above Chicago for rack and diesel. FreightCaster Kyle Cunningham delivers some key markets for carriers in our update presented by PowerFleet, and Market Expert Donny Gilbert...

With tension mounting in the world’s top oil producing region, oil and gas stocks have trended in interest and volatility in recent months. Here’s a look at three trending energy stocks seeing increased interest. Petroleo Brasil/ADR (NYSE: PBR) Valero Energy Corporation (NYSE: VLO)...

Oil prices jumped Friday after an Iranian tanker near the Saudi Arabian coast suffered damage in what is suggested to have been a missile attack. The vessel Sabiti was 60 miles from the Saudi Arabian port of Jeddah when it was likely hit by missiles that damaged its main tanks, according to its...

As the tanker division of Stevens Transport announced its closing this week, an analysis of the situation on the ground in the Permian Basin for trucks suggested things could get a lot worse.  While the statements from Stevens said that a loss of business hauling frac sand was a major reason for...

A weekly look at what occurred in the oil markets of the U.S. and the world this past week and what's ahead.  The Dallas Federal Reserve Board's quarterly survey of conditions out in the oil patch is positive for the trucking sector only in one sense – production looks like it is going to continue...

Marathon Petroleum Corp (NYSE: MPC) investors Paul Foster and Jeff Stevens, who control around 1.7% of the company, are calling for CEO Gary Heminger to be replaced, The Wall Street Journal reported Friday.  What Happened Activist investor Elliott Management had called for...