News Oil 

Massive oil tanker explosion in Pakistan kills at least 146 people

“A large crowd of people gathered, many to collect fuel in containers, and the tanker exploded in a huge fireball about 45 minutes later” writes Writing Saad Sayeed for businessinsider.com. LAHORE, Pakistan (Reuters) – An oil tanker crashed and exploded on a road in Pakistan on Sunday, killing 146 people, many of whom were collecting leaking fuel before it ignited, government officials and rescue workers said. Source: businessinsider.com Share This:

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News Oil 

Nearly 150 dead in Pakistan after an oil tanker explodes on a road

“A large crowd of people gathered, many to collect fuel in containers, and the tanker exploded in a huge fireball about 45 minutes later” reports cnbc.com. An oil tanker crashed and exploded on a road in Pakistan on Sunday, killing 146 people, many of whom were collecting leaking fuel before it ignited, government officials and rescue workers said. Source: cnbc.com Share This:

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News Oil 

More Than 120 Dead After Collecting Oil From …

“At least 123 people have been killed while trying to collect fuel after an oil truck burst into flames on a highway in Bahawalpur, Pakistan” writes unknown author for huffingtonpost.in. “People living in roadside villages, carrying domestic pots rushed to the scene to collect oil and they also made phone calls to their relatives living in other villages to immediately come to collect oil,” the sources revealed. Source: huffingtonpost.in Share This:

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News Oil 

Oil tanker flips and explodes, killing more than 120 in Pakistan

“An overturned oil tanker burst into flames in Pakistan on Sunday, killing more than 120 people who had rushed to the scene of the highway accident to gather leaking fuel, an official said” writes Associated Press for sun-sentinel.com. Nearby villagers ran toward the overturned tanker with jerry cans to take the leaking fuel, said Naseer. Source: sun-sentinel.com Share This:

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News Oil 

At least 120 dead after oil tanker explodes in Pakistan

“At least 120 dead after oil tanker explodes in Pakistan At least 120 people died and 130 were injured when an oil tanker truck exploded in Bahawalpur in eastern Pakistan, according to officials” reports thebostonchannel.com. Many were covered in oil and burned and an emergency had been declared in the city, he said.”CM Punjab Muhammad Shehbaz Sharif has expressed deep sense of sorrow and grief over the loss of precious human lives in the tragic incident of oil tanker near Ahmad Pur Sharqiyya Bahawalpur.Faqeer told CNN. An inquiry would be…

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Markets News Oil 

Oil’s bear market has turned black gold into a ‘worthless commodity,’ Dennis Gartman says

“Oil demand has also failed to improve at the speed required to rebalance the global oil market,” the bank wrote” writes unknown author for cnbc.com. Crude oil has officially entered a bear market, and Commodities king Dennis Gartman told CNBC the pain is far from over.Crude oil posted its fifth consecutive weeks of losses, its longest weekly losing streak since August 2015.In a research note on Friday, Bank of America-Merrill Lynch stated that global demand was the primary culprit behind crude’s woes.”He understands that crude oil, over the course of…

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News Oil Stocks 

U.S. indexes inch higher as energy stocks claw back some steep losses

“More than twice as many stocks rose than fell on the New York Stock Exchange” writes Associated Press for latimes.com. Energy stocks led the way, and those in the S&P 500 climbed 0.8% for the largest gain of the 11 sectors that make up the index.U.S. stock indexes nudged higher Friday after energy companies clawed back some of their sharp losses from earlier in the week. Source: latimes.com Share This:

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Markets News Oil 

There are several ‘red flags’ in the oil market right now

“Central banks could also be complicit in keeping oil demand by forging ahead with raising interest rates” writes Akin Oyedele for businessinsider.com.au. BofAML forecasts a slowdown in China’s economic growth and thinks that could lead to a slowdown in imports of crude oil.Looking into 2H17, we now doubt that demand growth will accelerate sufficiently and see downside risks to our forecasts of 1.3 million b/d in both 2H17 and 2018.Schels noted that it becomes harder to finance consumption of oil when interest rates rise.Put differently, demand will not break the…

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News Oil 

The hunt for offshore oil is killing tiny sea creatures that are key for healthy oceans

“A widely used method to find oil and gas for offshore drilling can kill tiny sea creatures that are key for feeding many marine animals like shellfish, fish, and even whales” writes Jun Edt for theverge.com. And the impacts on these tiny, drifting creatures — called zooplankton — are seen in an area much larger than previously thought. Source: theverge.com Share This:

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Markets News Oil 

These lower oil prices could represent a buying opportunity: Expert

“Oil prices fell sharply this week on concerns about global oversupply, but now might be the time to buy the commodity, according to one strategist” writes unknown author for cnbc.com. WTI and Brent crude have both fallen around 4 percent so far this week, leaving it in a technical bear market as prices are down more than 20 percent so far this year.Prices have fallen on concerns of high global inventories and increasing production from several countries, according to Miswin Mahesh, oil market analyst with Energy Aspects. “(The falling price)…

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