Futures Markets
Barrel price down but expected to remain high
In anticipation of Wednesday’s US crude oil inventory figures as well as looking forward to production policy decisions due during a meeting of OPEC in Vienna next week, July delivery West Texas Intermediate was down 57 cents in early afternoon trade in New York, to $53.92 per barrel.
This was on top of a [...]
Barrel price down but expected to remain high
In anticipation of Wednesday’s US crude oil inventory figures as well as looking forward to production policy decisions due during a meeting of OPEC in Vienna next week, July delivery West Texas Intermediate was down 57 cents in early afternoon trade in New York, to $53.92 per barrel.
This was on top of a [...]
Nymex rises on diesel and jet fuel supply concerns
Crude oil prices rose during the week, coming to within $4 of historic high prices reached earlier this year as speculators worried about possible short supplies later in the year.
In mid-day trading in New York on Friday, Nymex West Texas Intermediate had risen 87 cents on the day to $54.50 per barrel, bringing the [...]
Nymex rises on diesel and jet fuel supply concerns
Crude oil prices rose during the week, coming to within $4 of historic high prices reached earlier this year as speculators worried about possible short supplies later in the year.
In mid-day trading in New York on Friday, Nymex West Texas Intermediate had risen 87 cents on the day to $54.50 per barrel, bringing the [...]
Nymex rises on diesel and jet fuel supply concerns
Crude oil prices rose during the week, coming to within $4 of historic high prices reached earlier this year as speculators worried about possible short supplies later in the year.
In mid-day trading in New York on Friday, Nymex West Texas Intermediate had risen 87 cents on the day to $54.50 per barrel, bringing the [...]
US inventory increase defies markets
Figures released by the US energy department on Thursday show that despite expectations of a fall in crude oil inventories, stockpiles actually rose in the week ending May 27.
Heating oil stockpiles retreated, but gasoline stockpiles also grew more than expected.
Crude oil stockpiles rose 1.4 million barrels on the week to 333.8 [...]
US companies lead in new Africa oil exploration
Several US oil companies, including a group led by ChevronTexaco, Devon, Pioneer, Noble, and Anadarko, have been awarded rights to develop oil resources in a Joint Development Zone (JDZ) controlled by Nigeria and Sao Tome.
Sao Tome is a poor island nation of 170,000 inhabitants with a history of political volatility which has never [...]
Crude futures up on inventory expectations
Crude oil futures rose sharply Wednesday as the markets looked forward to weekly US inventory figures due out on Thursday.
July contracts for West Texas Intermediate were up $2.63 to $54.60 per barrel on the New York Mercantile Exchange. December contracts for WTI were up over $1 to $54.55 per barrel.
In London, [...]
China invests in Canadian oil project
Sinopec, the second largest energy and petrochemicals group in China, will pay about C$105 million to purchase 40 percent of the proposed Northern Lights project to develop oilsands deposits in northern Alberta, Canada.
The deal is an indication of China’s interest in procuring access to long-term oil supplies. Another Chinese oil company, CNOOC, earlier [...]