Futures Markets
King Fahd hospitalised for tests
Saudi Arabian King Fahd was admitted to hospital Friday night Saudi time with what was described as lung trouble, sending July crude oil futures up on the New York Mercantile Exchange.
Nymex July contracts for crude oil reached as high as $52.00 per barrel at one point and closed up 84 cents at $51.85 [...]
China National Offshore Oil Corporation hires Rothschild on Unocal bid
Independent directors of the China National Offshore Oil Corporation have hired outside consultants - business consultancy Charles River and investment bank Rothschild - to review a plan by management to bid more than $16 billion of US oil company Unocal. CNOOC is believed to be interested in getting Unocal’s assets in Indonesia, Thailand, and [...]
Crude gains on stockpile concerns
Crude oil prices were up again on Thursday as expectations rise that the continuing gains in stockpiles are about to end with the higher energy demands of summer ahead of the traditional beginning of the summer driving season in the US, which begins this weekend.
West Texas Intermediate July contracts on the New York [...]
Fall in US crude inventory surprises markets
A decline in US crude oil stockpiles surprised experts and sent crude oil futures up more than a dollar per barrel on Wednesday.
In late afternoon trading in London, IPE Brent for July went up $1.40 to $50.22 per barrel. In early afternoon trading on the New York Mercantile Exchange, meanwhile, West Texas Intermediate [...]
IPE Brent and WPI up on production uncertainties
At late afternoon in London on Monday, the price for IPE Brent for July delivery was up 46 cents to $48.47 per barrel after having fallen to $47.47 earlier in the day.
On the New York Mercantile Exchange, West Texas Intermediate for July gained 75 cents to rise to $49.37 per barrel in early [...]
Prices falling as inventories strengthen
Crude oil prices fell again on Thursday after gains early in the day as it was announced that OPEC that it might slow down production if US inventories continue to climb.
West Texas Intermediate prices for June was down 20 cents to $47.05 per barrel in early afternoon trading on the New York Mercantile [...]
Bolivia grabs oil profits by new tax
Gas and oil taxes will be raised, and oil producers will be forced to accept changes to existing contracts as the Bolivian government Tuesday night enacted a new law that has foreign companies operating in the South American country very concerned.
Global companies that operate in Bolivia, including BP, British Gas, Petrobras, Repsol, and [...]
Crude inventories high, but distillates down
Crude oil prices fell by over a dollar per barrel as the weekly Wednesday inventories data revealed that supplies have hit a six-year high.
In London, IPE Brent lost early gains after the weekly report was released, to fall $1.08 to $48.30 per barrel by late afternoon. West Texas Intermediate June contracts on the [...]
Russian Government holds 51 percent of Gazprom
Gazprom, the Russian natural gas monopoly, has announced that the Russian government will increase its holdings in the company to 51 percent, up from 38 percent.
This news sent Gazprom shares up 2.8 percent to Rbs76 in late trading in Moscow.
The deal makes it unlikely that Gazprom and Rosneft, the oil company [...]
OPEC promises continued high capcity
Crude oil prices fell again on Monday.
IPE Brent on June contracts was down 70 cents to $47.98 per barrel, and West Texas Intermediate on the New York Mercantile Exchange fell 74 cents to $47.92 per barrel after comments Sunday from OPEC’s president that it would continue to pump oil at near-capacity even though US [...]
Crude on 3-month low
High stockpiles of crude oil in the US sent prices for crude to a three-month low this week.
At mid-day on Friday at the New York Mercantile Exchange, West Texas Intermediate June delivery was priced at $48.05 per barrel.
That was down $2.91 for the week and 17 percent lower than the high [...]
US oil inventories up again
US oil inventories rose again, for the twelfth time in thirteen weeks, for the week ending May 6 according to the weekly report from the US Department of Energy.
This news drove the price of crude oil, gasoline, and derivatives down in mid-day trade in New York and late-day trading in London.
In [...]
Asia drives oil demand
Figures show that Asian countries other than China, the former Soviet Union, and the Middle East are the driving force in forecasts of growing demand for oil.
In Europe, on the other hand, actual demand fell by over 1 percent in the first quarter and demand growth are also falling lower in China and the [...]
OPEC produces at capacity
The president of OPEC said on Monday that all members of his organization are currently producing oil near capacity.
This was a clarification of a statement he made on Sunday that OPEC will not raise production when its member nations meet in June in Vienna.
He also said that Saudi Arabia is now [...]
Futures down then up on inventories report
Weekly U.S. Department of Energy oil inventory data sent futures prices down and then up on Wednesday.
June delivery IPE Brent fell to $49.66 per barrel but was back up to $51.37 per barrel by late afternoon in London. In New York, June Nymex WTI dropped to $48.80 per barrel before rebounding to [...]
Crude futures hit low after recent gains
Crude oil futures reached a two-month low on fears that demand could slow down in the face of larger inventories and lagging economic growth.
In New York, West Texas Intermediate crude went as low as $49.05 per barrel in early trading before recovering to $49.70 per barrel at midday and to just above $50 [...]