Futures Markets
Crude oil up as winter approaches
Crude oil prices were higher again on Thursday, with demand higher as cold winter weather set in over parts of the country. Brent crude for January delivery added 93 cents to trade at $64 per barrel, while January contracts for West Texas Intermediate crude were 49 cents higher to $62.96 per barrel. Analysts [...]
Crude prices up on lower inventories
On the news that stockpiles of crude oil and oil products were lower last week, oil prices were up significantly on Wednesday. West Texas Intermediate crude for January delivery gained 88 cents to $61.87 per barrel on the New York Mercantile Exchange. Meanwhile, in London, January contracts for Brent crude were $1.17 higher [...]
Brent crude tops $61 per barrel
Colder weather said to be on the way sent crude oil prices up on Tuesday. Heating oil prices were also sent higher as forecasters predicted cold weather for the east coast of the United States. Prices were also sent higher as it seemed as if China is planning on bringing its strategic reserves [...]
Oil prices gain on session
Crude oil prices were up during the day on Monday but not as much as might be expected after Saudi Arabia’s oil minister said over the weekend that OPEC will cut production again in December. He discounted the importance of price in the decision and emphasized the principle of balancing supply with demand.
January contracts [...]
WTI down by over $1.50 per barrel
Crude oil prices were significantly lower on Wednesday after the release of new US inventory figures by the Energy Information Administration. Crude oil stockpiles were up by 5.1 million barrels in the week ending November 17. Inventories were expected to increase, but only by around 0.6 million barrels. The large increase was [...]
Bad weather sends oil prices up
Crude oil prices were up when foul weather in Alaska forced a halt in loading at Valdez. Brent crude January contracts added $1.06 to $60.04 per barrel, while January delivery West Texas Intermediate crude was 96 cents higher to $59.76 per barrel. Meanwhile, in Belgium, the head of the International Energy Agency said [...]
Crude oil predicted to average $73.50 per barrel in 2007
Despite announcements from Qatar and Algeria that both countries will support further OPEC production cuts in order to cut what the oil cartel sees as an oversupply on the market, crude oil prices were lower on Monday. Brent crude for January delivery was 23 cents lower to $58.76 per barrel, while West Texas Intermediate [...]
WTI December contracts down; January up slightly
Crude oil prices were lower this week after a decline of $2.50 per barrel on Thursday on rumors, which turned out to be unfounded, that crude oil storage facilities in Louisiana, where West Texas Intermediate is stored, were full. WTI December contracts were 44 cents lower to $55.82 per barrel Friday on the New [...]
Crude prices lower again
Crude oil prices were lower on Thursday, with Brent crude down 77 cents to $59.84 per barrel. Meanwhile, December contracts for West Texas Intermediate crude was $1.08 lower to $57.68 per barrel. With December contracts expiring at the end of the trading session, January WTI traded in higher volumes and dropped 80 cents [...]
Crude oil lower on uncertainty about OPEC cuts
Crude oil prices dropped on Monday after it was reveled that Saudi Arabia has decided that it will sell more oil to some of its Asian customers in December. While it seemed that this move was in opposition to its agreement to cut oil output with other OPEC members, some analysts said it was [...]
Crude oil prices drop nearly $1 per barrel
The price of crude oil was lower on Friday even though the International Energy Agency said that demand for oil around the world will be “exceptionally strong” in the fourth quarter of the year, with tighter markets due to winter consumption and OPEC production cuts. The IEA said that demand will be up by [...]
Crude oil higher as winter demand season approaches
Crude oil prices were higher on Thursday as the winter demand season approaches and natural gas inventories dropped more than had been anticipated. In addition, more and more signs point to another production cut by the Organization of Petroleum Exporting Countries before the end of the year. However most traders are said to [...]
Crude, gasoline, distillates prices all rise
Crude oil prices were higher on Wednesday when new inventory figures showed that distillates stockpiles fell much more than had been anticipated as well as on comments out of Saudi Arabia that the market is still oversupplied, which implies that OPEC is thinking of cutting production yet again.
Inventories of crude oil were up by 400,000 [...]
Brent, WTI go back above $60 per barrel
Crude oil prices were higher on Monday on a combination of factors that included comments from the Saudi Arabian oil minister and new violence in Nigeria.
According to sources in the Nigerian government, an oil production facility at Tebidaba, in the southern part of the country, was attacked early on Monday. The region supplies oil [...]
Crude oil prices up on threats in US, Nigeria
Crude oil prices were on the rise on Friday as investors worried about conditions in Nigeria and after a bomb threat was received by a BP refinery in Indiana. At midday, December contracts for West Texas Intermediate crude was up 97 cents to $58.85 per barrel on the New York Mercantile Exchange, while just [...]
Oil demand up, prices down in US
Crude oil prices were lower again on Thursday despite new data from the Energy Information Administration which indicated that demand for gasoline, distillate fuel and jet fuel grew by an average annual rate of 2.2 percent in the four weeks ending October 27 over the same period in 2004. Last year’s figures were not [...]
Crude oil inventories up in US; prices decline
Crude oil prices continued their downward trend Wednesday on news of higher inventories in the US and a return by North Korea to six-party talks, lessening tensions over its nuclear ambitions. The North Koreans agreed to the return after Washington said it would discuss the financial sanctions that were leveled against North Korea in [...]