Futures Markets
US inventories in surprise increase
The US department of energy’s weekly report on crude oil inventories in the United States showed that stockpiles for crude oil, gasoline, and distillates were all up for the week ending June 24.
Oil inventories were up 1.1 million barrels, while gasoline stockpiles rose by 300,000 barrels and distillate inventories increased by 1.7 million barrels. […]
Russia aims to up production as OPEC offer minimal increase
In Russia on Thursday one of Vladimir Putin’s top aides, Igor Shuvalov, said that Russia will rise above a slowdown in the growth of its oil output. No time targets were given, but Mr. Shuvalov expressed confidence that output could be increased to 10 million barrels per day, an advance of 7.5 percent over […]
Nymex struggles to take Brent trading from IPE
The New York Mercantile Exchange is attempting to gain control of the trade in Brent crude oil futures, but it is finding the effort difficult as it waits for regulatory approval to open an open-outcry exchange in London.
The International Petroleum Exchange closed its London trading floor in April and converted over to exclusively […]
Chevron accused of politcal smearing on CNOOC bid
Sources close to the China National Offshore Oil Corporation’s bid to buy Unocal are charging that Chevron, also in the bidding to buy the California-based energy company, is orchestrating opposition to the bid because it is less expensive to raise political issues around the deal than it is to increase its own bid for Unocal. […]
Crude falls after three days gains
Crude oil prices fell on Tuesday as well, after three straight days of gains.
The drop in prices came on profit-taking in anticipation of Wednesday’s US inventory data, which is expected to show drops in the stockpiles of both crude oil and gasoline.
Trading volume was light in comparison with last week, however, […]
Crude futures hit new records
Crude oil prices were up again on Monday, hitting new record prices before easing slightly.
West Texas Intermediate for August delivery on the New York Mercantile Exchange rose for the third straight day to close at $60.54 after hitting an all-time high of $60.95 at one point during the day.
WTI contracts through […]
Oil futures hit 60 dollars
Oil prices were on the rise again Friday, hitting $60 per barrel for a bit before easing back a little before the close. One New York analyst said that the price rises are being driven by demand, especially the unusually high demand for finished petroleum products like gasoline, diesel and jet fuels, and heating […]
West Texas Intermediate crude futures trades over 60 dollars
West Texas Intermediate crude oil on the New York Mercantile Exchange was up by $1.36 in the middle of the trading day, to $59.45 per barrel for August deliveries, while September 2005 to March 2005 contracts were all traded at more than $60 per barrel.
Meanwhile, in London, August delivery Brent crude on the […]
West Texas Intermediate crude futures trades over 60 dollars
West Texas Intermediate crude oil on the New York Mercantile Exchange was up by $1.36 in the middle of the trading day, to $59.45 per barrel for August deliveries, while September 2005 to March 2005 contracts were all traded at more than $60 per barrel.
Meanwhile, in London, August delivery Brent crude on the […]
Oil down $1 barrel on inventory reports
Following the US department of energy’s weekly report on oil inventories in the United States, crude oil prices dropped by nearly a dollar per barrel on Wednesday.
While crude oil stockpiles were down by 1.6 million barrels for the week ending June 17, to 327.4 million barrels, which was about the amount […]
Slight fall on oil despite inventory concerns
West Texas Intermediate on the New York Mercantile Exchange had lost 17 cents to $59.20 per barrel on July deliveries in early afternoon trading, while August WTI contracts fell 43 cents to $59.45 per barrel.
WTI contracts for delivery in September through April were trading at about the $60 per barrel level. In […]
Prices near record highs as OPEC blames lack of refineries
On Friday, Brent crude oil for August delivery on the International Petroleum Exchange was up $1.16 to $57.38 per barrel, while July West Texas Intermediate contracts on the New York Mercantile Exchange advanced $1.37 to $57.95 per barrel, both near record highs.
OPEC, which has long claimed that the falling value of the dollar, […]
Refining worries top record prices
Continuing worries about supply and lack of refining capacity caused the price of crude oil to go up to record levels on Monday.
West Texas Intermediate July contracts on the New York Mercantile Exchange were up 58 cents to $59.05 per barrel after it had gone up as high as $59.23 per barrel for […]
OPEC joins call for more refineries
Citing higher prices for oil products and reduced spare capacity in refineries, OPEC has called for big oil companies and developed nations to build more refineries.
OPEC’s call for new refineries echoes a call for an increase in refining capacity made last weekend by the finance ministers of the G8 nations.
No new refineries […]
Inventories down while OPEC raises production quotas
Crude oil inventories were down in the United States for the week ending June 10, and the news sent prices up on Wednesday after the new figures were released.
West Texas Intermediate for July rose $1.45 to $56.45 per barrel, while August contract Brent on the International Petroleum Exchange was up $1.09 to $55.93 […]
Crude prices down on output moves
At mid-day in New York on Tuesday, crude oil prices were down.
West Texas Intermediate July contracts had lost 42 cents to $55.20 per barrel. The loss came after a rise in price of $2.11 on Monday.
On the International Petroleum Exchange, July Brent was down 70 cents to $54.08 per barrel, […]
OPEC cuts discounts to US and Europe
Even though the prices at which crude oil has been trading recently in New York and London have gone nearly unchanged recently, the cost of Middle East oil to US and European refiners and traders went up to its highest level in a year last week as several OPEC members, led by Saudi Arabia, cut […]
WTI down on NYMEX while Brent rises
West Texas Intermediate July contracts on the New York Mercantile Exchange were down 7 cents to $54.62 per barrel on Friday, and in London July delivery IPE Brent rose 6 cents to $53.88.
The days prices were in reaction to a mixed bag of news related to crude oil production and demand. The […]
Oil prices expected to rise through hurricane season
Crude oil prices were up Thursday as well, with July delivery West Texas Intermediate on the New York Mercantile Exchange up 71 cents to $53.25 per barrel.
July contracts for IPE Brent were trading at $52.75 per barrel, up 70 cents. The coming of hurricane season, which began June 1, has sharpened fears […]
Inventory decline concerns markets
Crude oil prices on the New York Mercantile Exchange were up by mid-afternoon but then fell by the close on Wednesday after weekly inventories figures were released that showed a decline of 3 million barrels in stockpiles during the week ending June 3.
Analysts believe that this supports the fear that inventories are not […]