Futures Markets
Crude oil prices down Friday, gain over week
Crude oil prices were down slightly on Friday, but increases earlier in the week meant that the price of oil added 3 percent for the week. May contracts for Brent crude on the International Petroleum Exchange lost 14 cents to $66.32 per barrel late Friday afternoon in London. West Texas Intermediate crude for May delivery […]
WTI, Brent crude prices advance
Crude oil prices were up on Thursday. West Texas Intermediate crude added 10 cents to $66.55 per barrel in late morning trade on the New York Mercantile Exchange. By late afternoon on the International Petroleum Exchange in London May contract Brent crude was up 64 cents to $65.20 per barrel.
US crude oil inventories up substantially
New information released on Wednesday by the US Energy Information Administration showed that crude oil inventories in the United States were up more than had been expected in the week ending March 24, while gasoline inventories were down much more than had been forecast. The news meant mixed prices in crude oil and higher prices […]
Crude oil higher on supply concerns
Crude oil prices were up on Tuesday on new concerns about supply from Nigerian and Iraq. In Iraq, the oil minister said that exports out of Iraq to Turkey via a northern pipeline will not resume for as much as a year after sabotage attacks on the line. Exports from Iraq were down to around […]
Crude prices decline slightly
Crude oil prices dropped during the day on Monday on hopes that Nigeria’s oil output might rise again after militants in that nation released three oil workers they had been holding hostage for the past five weeks. May contract Brent crude on the International Petroleum Exchange was down 11 cents to $63.40 per barrel in […]
Higher domestic oil product prices in China
China announced Sunday that it has raised prices for its domestic oil products to make up losses created by the difference in prices between crude oil and oil products. China’s refineries lost a reported Rmb30 billion last year, and the lack of enthusiasm on the part of refiners to supply the domestic market due to […]
Crude oil prices rise significantly
Crude oil prices as well as gasoline and heating oil futures were up substantially on Thursday as Italian energy company ENI said that it could not honor some of its contracts due to attacks by militants on its facilities in Nigeria. In addition, ExxonMobil announced that it had shut down some units of its refinery […]
Crude oil up on reduced inventories
Crude oil prices were up during the day on Wednesday after the weekly report on US inventories from the Department of Energy’s Energy Information Administration showed that crude stockpiles were down 1.3 million barrels in the week ending March 17, to 338.6 million barrels. Analysts had forecast an increase of 2.5 million barrels on the […]
Crude oil prices mixed
Brent crude oil for May delivery gained 66 cents to trade at $61.98 in late afternoon trade Tuesday on the International Petroleum Exchange in London. April contract West Texas Intermediate crude, however, dropped 23 cents to $60.65 per barrel on the New York Mercantile Exchange by early afternoon. The WTI April contract expires at the […]
Crude oil prices decline
Despite continuing worries about supply disruptions in Nigeria after a new attack on a pipeline there, crude oil prices were down as US crude inventories were close to seven-year highs. In late afternoon trade on the International Petroleum Exchange in London, Brent crude May contracts dropped $1 to $62.26 per barrel, while West Texas Intermediate […]
Crude oil gains on week
Oil prices were up on the week ending Friday as new inventory figures showed that crude oil stockpiles were up sharply but gasoline and distillates supplies were down sharply. At the midway point in Friday’s trading day, April contract West Texas Intermediate crude on the New York Mercantile Exchange was at $63 per barrel, up […]
Crude oil prices drop after inventories up
Crude oil prices were down again on Thursday after new data showed that US inventories were up again last week. While gasoline and distillates stockpiles dropped as expected, crude supplies were up by 4.8 million barrels on the week, far more than the 2.7 million barrel increase that analysts had predicted. Gasoline inventories […]
Crude oil prices slightly lower in early trade
Crude oil prices were down early in the day on Wednesday ahead of new US inventories numbers that are expected to show crude oil stockpiles up again but gasoline and distillates supplies lower than last week. Prices had risen sharply on Tuesday over supply concerns after news that a gasoline refining unit at the Hovensa […]
Crude prices up; UK natural gas prices still high
Crude oil prices were up on Tuesday, with Brent crude April contracts on the International Petroleum Exchange gaining around $1 to $63.18 per barrel by late afternoon in London. West Texas Intermediate crude for April delivery was also up, though not as much, adding 43 cents to $62.20 per barrel in early afternoon trade on […]
UK natural gas prices triple in cold weather
Cold weather that was forecast to continue through the week and only around 10 days worth of natural gas in storage drove prices much higher in the United Kingdom on Monday. Complicating the picture was the fact that the largest storage facility in the UK will not be back in operation until May and a […]
Crude oil prices rise slightly
Crude oil prices were up slightly on Thursday, but prices overall have dropped by 6 percent during the week. Besides rises in US crude stockpiles and the decision by the Organization of Petroleum Exporting Countries to keep their output ceiling at 28 million barrels per day, crude prices followed other commodity prices down on concerns […]
US crude oil inventories up, prices lower
A much larger rise than had been expected in US crude oil inventories last week and a decision by the Organization of Petroleum Exporting Countries to retain its current production ceiling caused oil prices to drop sharply on Wednesday. At its meeting in Vienna, OPEC decided to retain its 28 million barrel per day production […]
Crude oil prices fall again
Crude oil prices dropped again on Tuesday as expectations continued that the Organization of Petroleum Exporting Countries will decide to retain current levels of oil production when they meet in Vienna on Wednesday. OPEC’s current quota is 28 million barrels of oil per day, with actual production in February at 29.83 million barrels per […]
Crude prices down ahead of OPEC meeting
After indications from the Organization of Oil Exporting Countries on Monday that current production levels would be maintained when the group meets later in the week in Vienna, crude oil prices dropped for the first time in a week. Only one OPEC member, Venezuela, has been calling for a cut in production but the group’s […]
Oil remains high despite Friday declines
Oil prices remained above $63 per barrel on Friday despite an end-of week sell-off, on three days of gains in the middle of the week. Brent crude for April delivery fell 30 cents to trade at $63.77 on the International Petroleum Exchange late in the day in London. April contract West Texas Intermediate crude, meanwhile, […]