Futures Markets
Oil still rising: markets and inventories
News that ExxonMobil and Valero refineries in the U.S. had been closed recently for unplanned maintenance and that Conoco Philips will close it’s Humber refinery next month caused worries in advance of the U.S. summer driving season, sending crude oil prices up on Tuesday.
Another factor in the rising prices was anticipation of an […]
Crude futures rising
In crude oil futures on Wednesday, Nymex WTI May deliveries were up 39 cents to $52.69 per barrel at mid-day after a $1.93 gain on Tuesday.
June deliveries were up 41 cents to $54.02 after a rise of $2.08 on Tuesday. IPE Brent June deliveries were up 65 cents to $53.59 per barrel […]
Tamoil sponsorship deal in jeopardy
A valuable Italian soccer-shirt sponsorship deal that would have the shirts Italian soccer team Juventus carry the trademark of Tamoil, the state oil company of Libya, is reportedly in peril due to the opposition of traditionalist government leaders in a North African nation.
Juventus, which is based in Turin, is one of Italy’s […]
Crude futures down on strong US inventories
Crude oil stockpiles rose by 5.5 million barrels last week to 324.4 million barrels, according to the U.S. Department of Energy’s weekly report.
The rise in crude oil inventories was fueled by the import of 10.9 million barrels of crude oil per day, the third-highest weekly average in history.
It was also […]
Nymex agrees with BSE new futures trading floor for Europe
With crude oil production in the Urals increasing to around 4 million barrels per day, more than North Sea Brent’s hundreds of thousands of barrels per day, the time seems to have come to establish a central European oil futures market.
Accordingly, The New York Mercantile Exchange (Nymex) has recently agreed with the Budapest Stock Exchange […]
Crude futures fall on index
Crude oil futures fell Tuesday in ahead of a Wednesday’s weekly U.S. crude oil stockpiles, which most analysts believe will show that U.S. crude oil inventories have increased.
While some analysts predict that crude oil inventories will drop, most are predicting that data will show that crude oil inventories have increased by 500,000 barrels […]
Supply fears push oil prices upwards
Oil prices hit $56 per barrel on Monday before dropping back again slightly. Brent rose 32 cents to $55.29, but at one point it had risen to $55.70. Nymex WTI rose 23 cents to $55.62 a barrel for June deliveries by midmorning in London.
Nymex has risen for five days in a row. […]
Saudi Arabia claims 100 years supply
An announcement from the oil minister of Saudi Arabia claimed that Saudi oil reserves could well last for over 100 years.
He presented figures that said the Saudis have 261 billion barrels of proven reserves as well as 100 billion barrels of reserves he characterized as probably and possible.
This announcement, coupled with […]
US supplies up but operating capacity down
According to data released by the U.S. Energy Department Wednesday, crude oil supplies are up 3.6 percent last week, with a total supply of 320.7 million barrels in stock.
This was the ninth weekly rise in a row, and is the highest stockpile since June 2002. The news was not all good, however. […]
Revised supply drags on oil prices
Tuesday morning’s early rise in crude oil prices were partially offset when the International Energy Agency lowered its forecast for world oil demand in 2005.
With lower demand in Russia, the former Soviet states, and a slowing of demand in China, the IEA lessened its prediction by 50,000 barrels per day.
The IEA […]
Prices dampened by improved inventory
Oil prices hit a six-week low on Wednesday as the markets waited for weekly crude oil inventory figures from the United States, which is expected to show further rises in stockpiles of crude oil.
Another factor in the drop in oil prices seems to be a recent downward revision in the International Energy Agency’s […]
Crude futures fall on output promise
News from OPEC and Nigeria are largely credited with influencing the drop in crude oil futures for the sixth straight day on Monday.
News came out of Nigeria that a strike by oil workers that had been scheduled for Monday had been averted when the union ironed out labor issues with oil companies and […]
Oil breaches $58/barrel
Stocks for oil companies were generally up in New York, London, and Tokyo on Monday as the price of a barrel of crude oil went above $58 for the first time in history.
Despite this, all three markets were lower overall, mostly on fears that rising oil prices would negatively impact profits in other […]