Futures Markets
Crude prices near record levels
Crude oil prices rose on Tuesday after speculators bet that demand will be higher than supplies even as refiners ramp up production.
Demand could increase by as much as 5.6 percent next year, according to some analysts, partly on extra use connected to the Beijing Summer Olympics, while more immediately Tokyo Electric Power (TYO: 9501) announced […]
Exxon Mobil has pipeline case rejected
The U.S. Court of Appeals for the District of Columbia Circuit has rejected an effort by Exxon Mobil Corp. to overturn rules governing access to a potential multibillion-dollar pipeline that would transport natural gas from Alaska to the Lower 48 states.
Natural gas producers, including Anadarko Petroleum Corp., were concerned that access to the proposed […]
Crude lower ahead of inventories reports
Crude oil prices declined a bit Monday as indications are that most analysts believe that Wednesday’s inventory report from the US Energy Information Administration will show that gasoline and distillates stockpiles grew again last week.
September contracts for West Texas Intermediate crude on the New York Mercantile Exchange were down 17 cents to $76.85 per barrel […]
Encouraging Results from Schull Well, Celtic Sea
Island Oil & Gas, the exploration company, announced that results from its Schull well in the Celtic Sea show gas-bearing reservoir sands. The company added that preparations to carry out testing operations are now underway.
After completion of testing, Providence Resources plc will take ownership of the Petrolia semisub.
The Schull Well was drilled to its […]
WTI rises above Brent crude price
Crude oil prices were higher on Friday and West Texas Intermediate Crude topped Brent crude for the first time since February.
At just past 3 p.m. local time, WTI September contracts had added $2.07 to $77.02 per barrel on the New York Mercantile Exchange.
Meanwhile, Brent crude for September delivery was 62 cents higher to $75.80 per […]
Oil companies in Nigeria under investigation
A criminal investigation of eleven oil and oil-services companies is underway by the U.S. Justice Department. A civil investigation by the Securities and Exchange Commission is also in progress.
The oil firms received a letter on 2nd July from the Justice Department’s criminal fraud section requesting that they describe their relationship with Panalpina World Transport Holding […]
Brent, WTI see declines
September contracts for West Texas Intermediate crude on the New York Mercantile Exchange were 93 cents lower to $74.95 per barrel in mid-afternoon trade on Thursday.
One analyst said that crude oil is overvalued by between $10 and $15 per barrel, noting that while inventories have been declining, they are still higher than last year at […]
Oil companies finding reserves hard to come by
According to Provident Energy Trust, based in Canada, high crude oil prices mean there are many reasons to keep finding oil and gas for their company to produce.
However, the problem is there are fewer reserves to locate and the fees in developing them haven’t stopped increasing. The company commented that research and development costs […]
Steps to finding the next barrel of oil
Many people, in particular the governments, are becoming more and more concerned about where the next barrel of oil is coming from
The current frame of mind is one of anxiety and uncertainty, not just about the amount of oil but who is in charge of it.
Worries about changes in the climate are adding to everyone’s […]
WTI gains over $2 per barrel
The price of crude oil was higher on Wednesday after new data on US inventories from the Energy Information Administration.
The EIA said that while crude oil stockpiles were down by 1.1 million barrels in the week ending July 20, gasoline inventories grew by 800,000 barrels during the week and distillates supplies were up by 1.5 […]
US gasoline, heating oil futures decline
Crude oil prices fell again on Tuesday ahead of US inventories reports due tomorrow that are widely expected to show that refinery utilization will have grown to its highest level in ten months.
One analyst survey has predicted that crude oil inventories will be down and gasoline stockpiles higher for the week ending July 20, while […]
Shell Oil ordered to stop drilling in the Arctic
Shell Oil has been ordered by a federal appeals court to stop its exploratory drilling program off the north coast of Alaska until a hearing next month. The order was issued by the 9th U.S. Circuit Court of Appeals and comes after the Federal Minerals Management Service in February approved Shell’s offshore exploration plan for […]
More pressure on OPEC to raise quotas
The price of crude oil fell on Monday on profit-taking by hedge funds, while at least one analyst predicted that taking of profits could trigger a sharp decline in oil prices.
Meanwhile, another group urged the Organization of Petroleum Exporting Companies to increase their production quotas when its ministers meet in Vienna in September.
The Centre for […]
Swedish oil could supply 20% of nation’s demand
Approximately 50,000 barrels of oil a day could be extracted in the Swedish area of the Baltic Sea – this would be sufficient to supply one fifth of Sweden’s demands for 2 decades.
Test-drillings close to Gotland, the Baltic Sea island, and the mainland have revealed clear traces of oil. Oljeprospektering AB, the Swedish company aims […]
WTI slightly lower in New York
Crude oil prices were lower this week in London, with Brent crude dropping 17 cents to $77.40 per barrel late in the day on the Intercontinental Exchange.
Meanwhile, West Texas Intermediate August contracts had dropped 32 cents to $75.60 per barrel in mid-afternoon trade.
Gasoline and heating oil futures were lower as well, with Nymex August gasoline […]
Rosebank oil field successful
A second appraisal well has been successful at the Rosebank oil field, north-west of the Shetland Islands, tests showed a flow of 6,000 barrels of oil a day. The American oil giant, Statoil, is said to be very encouraged by the test results, the company has a 30% interest in the find.
A spokesperson for Statoil […]
Crude higher on inventories, production cuts
Crude oil prices were higher in London and New York on Thursday after Total (Euronext: FP; NSYE: TOT) declared force majure after it had to cut exports from one of its oil fields in Angola due to mechanical difficulties, and after US inventories figures released Wednesday showed gasoline inventories down much more than had been […]
Iraq oil production could increase
It is thought that Iraq’s oil reserves may be almost double as much as previously estimated and this could rank Iraq as having the second largest oil reserves in the world.
With over 260 billion barrels of proven oil reserves, a quarter of the world’s total, Saudi Arabia has the world’s largest oil reserves in […]
US gasoline inventories drop unexpectedly
Crude oil prices were higher on Wednesday after the latest US inventories figures from the Energy Information Administration showed that while crude oil inventories were not down as much last week as had been anticipated, gasoline stockpiles were down significantly when they had been expected to increase.
Inventories of crude oil were down by half a […]
Exploration rights in Somalia for Chinese oil giant CNOOC
CNOOC, the Chinese state oil giant has been granted permission to explore for oil in part of Somalia, one of Africa’s most volatile regions. This move highlights China’s enthusiasm in its search for natural resources.
Somalia has been a forbidden area for US oil companies since the early 1990’s following its descent into […]