Futures Markets
Prices on crude, gasoline, heating oil drop on inventory data
New inventories data released Wednesday by the Energy Information Administration showed that crude oil stockpiles in the United States rose by 1.4 million barrels in the week ending February 23, not as much as the 1.9 billion barrel gain that had been anticipated. In addition, gasoline inventories dropped by 1.9 million barrels in the […]
Oil prices up on Iran concerns
The price of crude oil was up on Tuesday after early declines. Brent crude for April delivery was 67 cents higher to $62.00 per barrel by late afternoon in London, while April contracts for West Texas Intermediate crude added 63 cents to $62.03 per barrel in early afternoon trade on the New York Mercantile […]
Crude prices fall slightly
Even though tensions over the stand-off between Iran and the West over Iran’s nuclear ambitions remain in focus, crude oil prices were slightly lower on Monday. The UN Security Council and German met in London during the day to decide on stronger sanctions against Iran after it refused last week to meet a UN […]
Crude oil prices rise above $61 per barrel
The price of crude oil was up again on Friday. While April contracts for Brent crude closed 39 cents higher in London to $61.01 per barrel, West Texas Intermediate crude for April delivery had gained 29 cents to $61.24 per barrel in afternoon trade on the New York Mercantile Exchange after going as high […]
Inventories report sends crude oil prices higher
Crude oil prices were higher on Thursday following the release of the Energy Information Administration’s weekly report on US inventories. Prices were also hurt by several closures in the industry as well as continuing concern over the dispute between Iran and Western nations over Iran’s uranium enrichment program.
Among the industry problems was an announcement […]
WTI tops $60 per barrel
The price of some crude oil managed to surpass the $60 per barrel level on Wednesday afternoon after worries of supply shortages arose when two shutdowns were reported. A refined products pipeline carrying diesel fuel was closed in Indiana due to a leak, with no estimate of when it will be repaired and reopened. […]
Crude oil prices down despite Iran worries
Crude oil prices dropped Tuesday after weather forecasters said that the US Northeast will be warmer this week, reaching above average temperatures in some regions. The price for West Texas Intermediate Crude for March delivery was as much as $2 lower at one point during the day and closed down by $1.32 to $58.07 […]
Crude prices up on Nigeria warning
Crude oil prices were higher on Friday after the United States issued warnings that more attacks are expected on oil facilities in Nigeria. April contracts for Brent crude were $1.12 higher to $58.72 per barrel late in the day in London, while West Texas Intermediate crude for March delivery added $1.14 to $59.14 by […]
Crude, heating oil prices decline
Crude oil prices were down again at midday on Thursday in New York as weather forecasters said that the Northeast United States will return to warmer weather next week. The National Oceanic and Atmospheric Administration says that temperatures in the region, which uses 80 percent of the heating oil consumer in the US, will […]
Oil prices down despite decline in inventories
Crude oil prices fell Wednedsay after the Energy Information Administration said that while US inventories for crude oil, gasoline and distillates fell last week, the declines in distillate stockpiles were less than had been anticipated. Brent crude April contracts dropped $1.40 to $57.38 per barrel, while West Texas Intermediate for March delivery were down […]
IEA oil demand growth estimates send crude prices higher
Oil prices were slightly higher on Tuesday the International Energy Agency increased its predictions of global growth of demand for oil this year. Previously, the IEA had said non-OPEC demand would grow by 3.2 percent, above its previous estimate of demand growth of 3 percent in 2007. Most of that growth, according to […]
North Sea oil, gas production projected to decline
The UK Offshore Operators’ Association has released a report saying that oil and gas production from North Sea wells will be around 10 percent lower in the next few years than had been estimated earlier. Costs are expected to go up as production output declines.
While experts estimate that there is still the equivalent of […]
Oil prices drop on Saudi comments
Crude oil prices were substantially lower on Monday, falling by more than $2 per barrel for one contract at one point in the session. The declines came as Saudi Arabia’s energy minister said that it was possible that the Organization of Petroleum Exporting Counties will leave productions quotas where they are when the oil […]
Crude prices up on week but still can’t stay above $60
Crude oil prices were mixed on Friday, with West Texas Intermediate rising above the $60 level for a time before falling back during the session to $59.87 per barrel on the New York Mercantile Exchange, a gain of 16 cents. WTI added 1.4 percent over the week. Brent crude, however, dropped 11 cents […]
Inventories report sends natural gas prices higher
Natural gas prices were up on Thursday on the news that gas inventories were down by 224 billion cubic feet last week, more than the 218 billion cubic feet that most analysts had expected. Even so, total inventories are 19 percent above the average for the past five years, so analysts question whether there […]
Crude oil prices drop after inventories report
Crude oil prices were lower Wednesday afternoon after rising initially in the wake of US inventories reports that showed crude oil and distillates stockpiles lower last week, while gasoline inventories gains were higher than had been anticipated. Crude oil stockpiles were down by 400,000 barrels, when a gain of 950,000 barrels had been expected. […]
Crude oil higher, but stops short of $60 per barrel
While crude oil prices rose on Tuesday, even the prospect of more cold weather did not send prices above the $60 per barrel level. Analysts blamed the reluctance of the market to breach that level on natural gas prices that showed no signs of a rally.
Brent crude for March delivery added 36 cents to […]
Cold weather, tightening supplies support crude oil prices
Crude oil prices were higher on Monday as forecasts for cold weather in the US Northeast and Midwest continued. The forecasts have analysts expecting demand for heating by both heating oil and natural gas to 20 percent higher than is normal for this time of year. Brent crude for March delivery was up […]
Crude oil up on weather, OPEC cuts, Nigerian strike threats
Crude oil prices were up on Friday as weather forecasters continued to predict that cold weather will last through next week in major portions of the United States. Prices were also driven higher by continuing evidence that OPEC member nations are following through with planned production cuts. Another issue tending to take prices […]