Futures Markets
China’s oil demand surges 28% in January
The International Energy Agency (IEA) has revealed China’s demand for oil soared by an “astonishing 28% year-on-year in January”.
According to the IEA, global oil demand this year will be fuelled by non-OECD countries – with non-OECD Asia representing half of all growth.
China’s thriving economy has seen oil imports surge and earlier this week, OPEC said [...]
Crude dips as Chinese inflation reaches 16-month high
Crude oil dipped below $82 a barrel yesterday as the markets digested a rise in Chinese inflation.
Official data revealed Chinese consumer prices reached a 16-month high last month - the fourth straight monthly rise.
The National Bureau of Statistics said consumer price inflation rose to 2.7% in February compared with a year earlier and up from [...]
BP in $7bn deal with Devon Energy
Oil giant BP has announced a deal with US independent oil and gas producer Devon Energy Corp which will allow it to begin exploring off the coast of Brazil.
The deal, worth $7 billion (£4.7 billion), includes almost a dozen exploration blocks in Brazil, which comprises some of the world’s biggest deepwater oil fields.
It [...]
EIA: US crude stockpiles up less than expected
Crude oil prices varied during the session Wednesday after the US Energy Information Administration said that oil inventories were up 1.4 million barrels last week to 343 million barrels, not as much as the 2.1 million barrel gain which had been expected.
Prices rose and fell and by afternoon trade in New York April contracts for [...]
Oil jobs at risk in Chevron sale
Chevron, which is the second biggest US oil company, announced today it is looking for a buyer for its refinery in Pembrokeshire.
The oil giant, which owns the Texaco filling stations brand, is allowing up to two years for the sale but has told Sky News today that it could not rule out shutting the plant [...]
Oil prices hit $82.41 extending last week’s gains
Positive economic data has resulted in a rise in US crude oil today to $82.41 extending last week’s gains.
Oil has risen by 18% since early February since investors have become more optimistic that an improvement in the global economy would increase demand for oil.
Meanwhile, Brent North Sea crude for April rose 73 cents to $80.62 [...]
Crude prices gain despite higher US inventories
The US Energy Information Administration reported Wednesday in its weekly inventories report that crude oil in US storage added 4.1 million barrels last week to 341.6 million barrels, above the expected build of 1.1 million barrels but 3.7 percent below stockpiles last year at this time.
Additionally, the EIA said that gasoline inventories were up by [...]
Crude prices gain on better sentiment
Crude oil prices were higher Tuesday as investors were more optimistic that a plan to help the Greek economy will be forthcoming soon.
Additionally, there were hopes that demand will improve, while the US dollar weakened to make oil less expensive for buyers making purchases with other currencies.
The Energy Information Administration’s weekly US inventories report is [...]
Crude oil prices rise despite gains in US inventories
Crude oil prices were higher Thursday even after the US Energy Information Administration reported that crude inventories added 3.1 million barrels last week, up more than the expected gain of 1.65 million barrels.
At around 1 p.m. in New York, March contracts for West Texas Intermediate crude were up 83 cents to $78.16 per barrel on [...]
Crude prices up but US retail gasoline still falling
Crude oil prices were higher Tuesday after a new report showing that manufacturing activity is on the rise in the New York region and on a weaker US dollar that made purchases in other currencies cheaper for buyers.
In midday trade in New York, March contracts for West Texas Intermediate crude had added $2.82 to $76.95 [...]
Crude oil prices down on inventories, new China bank rules
Crude oil prices fell in New York after the US Energy Information Administration said that stockpiles of both crude oil and gasoline jumped more than expected last week, and on another increase in how much cash the Chinese government will require banks to keep in reserve as a way to curb lending there.
In a report [...]
Crude oil gains in New York after early declines
The price of crude oil was up slightly in New York in afternoon trade on Wednesday as March contracts for West Texas Intermediate crude added 67 cents to $74.42 per barrel on the New York Mercantile Exchange less than half an hour before the close of floor trade.
Earlier, in late morning trade, March contracts were [...]
Bad weather in US raises oil prices
Crude oil prices were higher Monday as much of the East Coast of the United States tried to recover from a storm that brought several feet of new snow to some areas and ahead of another storm which is expected to bring even more snow and cold weather.
The National Weather service has forecast below normal [...]
WTI, Brent crude drop more than $4 per barrel on session
Crude oil prices were much lower Thursday after the US Labor Department reported that first-time unemployment claims were up last week to 480,000, their highest level in seven weeks.
March contracts for West Texas Intermediate crude was down $4.31 to $72.67 per barrel near the close of floor trade on the New York Mercantile Exchange, while [...]
EIA: Crude oil inventories rise but gasoline in storage declines
Crude oil prices were unsteady Wednesday as the US Energy Information Administration released its weekly inventories report, but by less than half an hour before the end of floor trade March contracts for West Texas Intermediate crude had dropped 20 cents to $77.03 per barre on the New York Mercantile Exchange, while at last report [...]
US GDP data can’t pull oil prices higher
Crude oil prices fell Friday on a stronger US dollar and despite a new report from the US Commerce Department which showed that the gross domestic product was up 5.7 percent in the fourth quarter of 2009.
Despite the gains in the GDP, there is little evidence that energy consumption in the United States is beginning [...]
EIA: Natural gas in storage drops, remains above average levels
The price of natural gas futures dropped in New York trade Thursday after the US Energy Information Administration issued new data showing that while US stockpiles fell last week, they remained above the five-year average.
The EIA said that natural gas inventories dropped by 86 billion cubic feet to 2.52 trillion cubic feet last week, 1 [...]
Crude prices fall after inventories report
Crude oil prices were lower Wednesday in the wake of the latest US inventories report from the Energy Information Administration.
March contracts for West Texas Intermediate crude rose slightly right after the EIA data was issued, but by just before 2 p.m. in New York WTI for March had dropped $1.49 to $73.22 per barrel on [...]
Crude prices fall again; retail gasoline still high
Crude oil prices fell again Friday, with March contracts for West Texas Intermediate crude down $1.23 to $74.85 per barrel at about half an hour before the close of floor trade on the New York Mercantile Exchange, while March Brent crude was $1.49 percent lower on the ICE Futures Europe exchange in London.
Retail gasoline prices, [...]
Crude prices drop despite decline in oil inventories
Crude oil prices fell Thursday even though the US Energy Information Administration reported that crude oil inventories fell last week instead of rising as expected.
New data from the EIA showed that US crude oil stockpiles dropped by 400,000 barrels last week, against an expected gain of 2.8 million barrels.
Distillates inventories were also down more than [...]