Futures Markets
Crude prices fall then rise after inventories data
Crude oil prices fell on Wednesday after new inventories figures were released by the US Energy Information Administration. The declines came after substantial price increases on Tuesday after Organization of Petroleum Exporting Countries member nation Saudi Arabia said it would cut production further from February 1 and weather forecasters in the US warned of […]
Saudi production cut announcement drives oil prices higher
Crude oil prices gained ground on Tuesday after Saudi Arabia told its customers that it will cut another 158,000 barrels per day from its crude oil production schedule beginning February 1. The cuts were in line with production decreases already announced by the Organization of Petroleum Exporting Countries.
Prices, especially for heating oil and […]
Heating oil prices lower despite cold-weather predictions
Profit-taking and doubts among speculators about the potential for crude oil price gains sent prices lower on Monday. Brent crude for March delivery dropped $1.14 to $54.15 per barrel, while March contracts for West Texas Intermediate crude on the New York Mercantile Exchange fell $1 to $54.41 per barrel.
Despite predictions of more cold weather […]
Crude up 78 cents per barrel for both WTI, Brent
Anticipated demand for heating oil amid forecasts of cold weather in the United States sent crude oil prices up on Friday. One forecast has temperatures in the Northwest and Midwest US remaining below normal for at least a week.
March contracts for Brent crude was 78 cents higher to $54.90 per barrel by late afternoon […]
Brent, WTI decline slightly
Crude oil prices were a bit lower on Thursday. Traders worried that demand could grow at the same time that the Organization of Petroleum Exporting Countries seem to be living up to promised production cuts. ConocoPhillips reported on Wednesday that it had been ordered to cut production at its operations in Libya and […]
US Department of Energy announces plans to double strategic oil reserves
Oil prices were down on Wednesday after new inventories data showed that crude oil, gasoline, and distillates stockpiles were all higher again last week. Crude oil inventories grew by 700,000 barrels to 322.2 million barrels in the week ending January 19, while gasoline stockpiles added 4 million barrels, much more than had been anticipated, […]
WTI up 78 cents ahead of inventories report
Crude oil prices were higher on Tuesday as more cold weather is expected in parts of the US and Europe, but analysts say that any more gains could be small as they expect US inventories to be up again when new figures for last week are announced on Wednesday.
Brent crude March contracts were 93 cents […]
Brent, WTI trade above $53 per barrel
With temperatures forecast to drop over the a large section of United States and much of Europe, crude oil prices were higher on Monday. Temperatures in the northeast US are expected to remain below normal for the next week to week and a half, while European temperatures are forecast to drop within the next […]
OPEC figures show production cuts not as deep as promised
Oil prices rose on Friday after a week of declines and a day after new inventories figures showed that stockpiles of oil and oil products were up across the board last week. But analysts pointed out that so far this year, the price of oil has gone up only four times out of 12 […]
Brent crude drops to $51.59 per barrel
Crude oil prices dropped yet again on Thursday after US inventories were shown to be up significantly in the week ending January 12. Crude oil stockpiles were up by 6.8 million barrels, far above predictions that inventories would rise by a mere 100,000 barrels. Increased imports were said to be the main reason […]
Saudi oil minister says no OPEC meeting necessary
Crude oil prices were mixed on Wednesday after Saudi Arabia’s energy minister said there was no need for an emergency meeting by the Organization of Petroleum Exporting Countries to deal with the falling price of oil. He said, among other things, that OPEC’s spare production capacity was currently at 3 million barrels per day.
A […]
WTI drops $1.50 per barrel
After going higher early on speculation that the Organization of Petroleum Exporting Countries would call an emergency meeting to deal with low oil prices, crude oil prices were lower by late morning in New York. The decline in prices came after the oil minister of Saudi Arabia said that further production cuts would not […]
WTI drops 16 cents per barrel during session
Crude oil prices were mixed at early afternoon in New York on Monday. Brent crude February contracts, which expire at the end of the session on Tuesday, added 11 cents to $53.06 per barrel but February delivery West Texas Intermediate crude dropped 16 cents to $52.83 per barrel. There was no floor trading […]
WTI, Brent prices decline over week
Crude oil prices were up slightly on Friday but still sustained substantial losses over the week. The lower prices have come with record trade volumes for both Brent crude and West Texas Intermediate crude. The Brent February contract was up 61 cents to $62.31 per barrel late in the afternoon in London, but […]
Falling oil prices might bring new production cuts
Further declines in oil prices have caused speculation that the Organization of Petroleum Exporting Countries could call for further production cuts in an attempt to hold prices in the mid-$50 per barrel range. Still, at the present time there is no emergency meeting scheduled despite concerns, according to OPEC’s president. The oil cartel […]
Brent, WTI prices fall another $1 per barrel
Inventories of gasoline, heating oil, and diesel fuel were up in the week ending January 5, according to the US Energy Information Administration. Crude oil stockpiles were down by 5 million barrels in the week but still remains at the high end of average. Gasoline inventories were 3.8 million barrels higher in the […]
Brent falls $1.29 per barrel in Tuesday trade
Crude oil prices were on the decline again on Tuesday despite the fact that the Organization of Petroleum Exporting Countries are rumored to be planning on another production cut in an attempt to push prices higher. Some analysts warned, however, that OPEC should make sure that its current cuts are being enforced before trying […]
WTI prices down 9 percent on week; Brent falls 7 percent
Crude oil prices fell again on Friday, bringing the weeks declines to almost 7 percent for Brent crude and close to 9 percent on West Texas Intermediate crude. The drop in prices was primarily the result of much lower than usual demand for heating oil due to mild temperatures in parts of the United […]
WTI prices drop by $1.49 per barrel
Crude oil prices were down again on Thursday after the US Energy Information Administration reported that inventories of gasoline and distillates were higher than expected last week, largely due to warmer than normal temperatures in much of the nation. Due to the mild weather, heating oil demand has been 20 to 30 percent below […]
WTI drops $2.30 per barrel at midday
With US inventory reports delayed until Thursday due to Monday’s New Year’s Day holiday, crude oil prices were lower Wednesday as mild weather continued to suppress demand for heating oil and natural gas. The demand for heating oil is projected to be one-third lower than normal this week. Last week’s demand was said […]