Oil exchanged near the minimum settlement in almost a month in New York on speculation that an Energy Department report will demonstrate fuel stockpiles increased in the US, the world’s largest crude consumer.
Futures were little changed later than declining for a fifth day yesterday, the longest losing run since October. Distillate supplies, counting diesel and heating oil, are expected to increase a second week whereas gasoline inventories may reach the maximum level since April, in accordance with a Bloomberg News survey ahead of the government report tomorrow. [article_detail_ad_1]
Exxon Mobil Corporation (NYSE:XOM), on the other hand predicts global energy consumption will increase 35% by 2040, driven by China and India, the Wall Street Journal published, mentioning the firm’s most recent long-term energy outlook.
Exxon projects North America will turn out to be a net energy exporter by 2025 due to a rise in oil and gas production and enhancements in energy efficiency, the newspaper stated. The Irving, Texas-based firm is the world’s largest energy producer by market worth. Exxon settled at $88.41 with the negative change of -0.21% in previous close.
In trading on Monday, shares of Chevron Corporation (NYSE:CVX) crossed above their 200 day moving average of $107.64, trading as high as $107.69 per share but settled at $106.96 with the negative change of -0.03%.
ConocoPhillips (NYSE:COP) has hired Alston & Bird for lobbying help in Washington. Its shares settled at $57.88 with the negative change of -0.10%.
ConocoPhillips Co. has enlisted an Alston group that comprises former Representatives Earl Pomeroy and Billy Tauzin to back for it on tax and other issues affecting the oil and gas industry, in accordance with lobbying registration paperwork filed with Congress previous week.