Hurricane Dennis forces crude futures rise
US energy department inventory data released Thursday showed that crude oil stockpiles fell by 3.6 million barrels last week.
Gasoline inventories fell by 900,000 barrels. The figures showed gasoline demand at 9.7 million barrels per day for the week reported, the largest weekly demand ever.
Gasoline production also hit its highest level [...]
London bombs cause price fluctuations
The price of crude oil saw wide fluctuations in the wake of the attacks in London.
Before news of the explosions, Brent crude oil on the International Petroleum Exchange in London had reached a record high of $60.70 per barrel.
After the news of the attacks, however, the price of Brent crude fell [...]
OPEC warns on future oil supply
It is possible that the Organization of Petroleum Exporting Countries will not be able to meet Western demand for crude oil within fifteen years, according to Saudi officials.
According to the International Energy Agency, OPEC would have to raise production to 50 million barrels per day by 2020 to meet projected demand at current prices. [...]
Distillate pushes WTI high on storms concern
The price of West Texas Intermediate crude oil on the New York Mercantile Exchange gained $1.69 to $61.28 per barrel on Wednesday, only 20 cents below its record high. The price of WTI was pushed up by distillate prices, which also rose Wednesday.
Nymex August gasoline rose 8.32 cents to $1.765 per gallon, an [...]
China criticises bid blocking tactics
On Tuesday, Beijing criticized attempts by the US House of Representatives to block China National Offshore Oil Corporation’s bid for Unocal by voting to ask that the Bush administration only review the bid if Unocal agrees to accept it.
China’s foreign minister said that CNOOC’s bid for Unocal is a “normal commercial activity” and [...]
Crude rises on heating oil futures
Crude oil prices rose again on Tuesday, with the increases due primarily to a significant rise in heating oil prices, which also indicate diesel and jet fuel prices.
Heating oil for August delivery on the New York Mercantile Exchange was up by 4.59 cents to a record high of $1.7570 per gallon as [...]
CNOOC controversy continues
Washington is not the only place where China National Offshore Oil Corporation’s bid to purchase California-based Unocal.
Although some experts in China believe the bid is an admirable attempt to try to secure supplies for China’s future energy needs, others see the proposed takeover as saddling CNOOC with entirely too much debt in the [...]
Oil futures remain under 60 dollars
The price of West Texas Intermediate crude oil was up again on Friday as gasoline and heating oil prices also went up ahead of the Independence Day weekend in the US.
Unleaded gasoline on the New York Mercantile Exchange ended the day 8.27 cents higher at $1.6485 per gallon, while heating oil rose 7.5 [...]
Chevron blocking CNOOC bid in Washington
In Washington, DC, on Thursday, the US House of Representatives voted 328 - 91 to block China National Offshore Oil Corporation’s bid for Unocal by denying the Bush administration money to look into the deal.
Under the amendment tacked on to another bill, the Treasury Department could not use federal funds to recommend approval [...]
Crude prices drop as US GDP slows in second quarter