Futures Markets
Data pushes crude prices up slightly
Crude oil prices rose Friday after the Commerce Department reported that the US economy contracted in the fourth quarter of 2008, but not by as much as had been anticipated.
March contracts for West Texas Intermediate crude were up 24 cents to $41.68 per barrel on the New York Mercantile Exchange while Brent crude for March [...]
Crude prices rise in London, fall in New York
Crude oil prices were mixed Thursday on news from several fronts.
Among the items affecting prices were continuing layoff announcements from several sectors, reports from the Commerce Department showing that new home sales declined again in December and that durable goods orders were also lower in the month, and new data from the Labor Department that [...]
Inventories, Fed decision send crude prices higher
Crude oil prices were higher Wednesday after the US Energy Information Administration issued its weekly inventories report, which showed that crude oil stockpiles were up but that gasoline and distillates inventories dropped last week.
In addition, the price of crude jumped to $43.44 per barrel right after the Federal Reserve announced its decision to hold interest [...]
Reports send crude prices lower
Crude oil prices fell Tuesday on more bad news from the Labor Department and on two reports showing consumer confidence and house prices are both down again in the US.
March contracts for West Texas Intermediate crude dropped $4.06 to $41.67 per barrel by the end of floor trade on the New York Mercantile Exchange [...]
WTI, Brent end lower on session
Prices for crude oil fell Monday after a day of volatile trade that saw prices go up as equities markets saw gains in Europe and in early US trade.
However, worries about demand that had some analysts concerned that recent production cuts by the Organization for Petroleum Exporting Countries will be outpaced by continuing declines in [...]
Brent, WTI gain in volatile trade
Crude oil prices were higher in volatile trade Friday as New York prices fell as low as $41.40 per barrel and rose as high as $47 per barrel.
Some of the gains came as investors looked to commodities as equities declined and some worried about the possibility of inflation.
Additionally, some analysts predicted that currently plentiful US [...]
WTI nearly flat after US inventories gains
Crude oil prices were nearly flat in New York at the close of floor trade after falling in response to the weekly inventories report from the US Energy Information Administration, which was delayed one day due to the Martin Luther King, Jr Day holiday on Monday.
At the 2:30 p.m. close of floor trade on the [...]
WTI, Brent see gains ahead of US inventories
The price of crude oil was higher Wednesday as US equities markets saw gains, even though tomorrow’s US inventories report from the Energy Information Administration are expected to show that stockpiles of crude oil and gasoline each added 1.9 million barrels to storage last week.
West Texas Intermediate for March delivery added $2.71 to $43.55 per [...]
February crude gains but March contracts decline
February crude oil futures on the New York Mercantile Exchange gained $2.34 to $38.85 per barrel at the close of floor trade as some traders bought just before the contract closed Tuesday, but the more active March contracts which takes over as the front-month contract had dropped $1.74 to $38.25 per barrel in afternoon trade [...]
Oil prices fall on OPEC demand forecast cut
Crude oil prices fell again Thursday after the Organization of Petroleum Exporting Countries said demand for its supplies will fall 4.2 percent to 29.5 million barrels per day in 2009.
Also hurting prices was a Labor Department report showing that first-time jobless claims were up to 524,000 last week, more than had been expected, although part [...]
WTI falls slightly on inventories report
The price of crude oil was slightly lower in New York Wednesday after the weekly US inventories report from the Energy Information Administration showed that stockpiles of crude oil, gasoline and distillates such as heating oil and diesel fuel were all higher last week.
In the week ending 9 January, US crude oil inventories were up [...]
WTI ends slightly higher on session
Crude oil prices bounced up and down Tuesday, ending slightly higher in New York after having been up as high as $39.50 per barrel at one point in the session.
At last report, Brent crude for February delivery was trading up $1.29 to $44.20 per barrel on the ICE Futures Europe exchange in London, while at [...]
Crude oil prices fall in New York, London
The price of crude oil feel substantially in New York trade Monday, mostly on worries about demand erosion after last week’s employment report from the US Labor Department and on declines in equities markets.
Also pushing prices down was a projection from Goldman Sachs that rising oil inventories could push oil prices as low as $30 [...]
Oil prices sink on jobs data
Unemployment data from the US Labor Department hurt oil prices Friday as the numbers pointed to continued weakening of the economy, which could cut demand for oil and oil products further.
According to the Labor Department’s report, the unemployment rate rose to 7.2 percent in December, the highest in sixteen years even though the number of [...]
US natural gas prices fall on inventories data
The price of natural gas fell in New York on Thursday, with March futures on the New York Mercantile Exchange down 31 cents to $5.56 per million British thermal units after the Energy Information Administration reported that US inventories last week were down less than had been anticipated.
The EIA said that stockpiles of natural gas [...]
Oil prices fall as US inventories grow
Crude oil prices fell substantially Wednesday after the US Energy Information Administration released its weekly inventories report, which showed that stockpiles of crude oil, gasoline and distillates all grew last week.
According to the EIA, US crude oil stockpiles grew by 6.7 million barrels in the week ending 2 January against an expected gain of only [...]
WTI ends New York session slightly lower
West Texas Intermediate crude oil spent most of the session with prices higher Tuesday, but by the close of floor trade on the New York Mercantile Exchange, February contracts were 17 cents lower to $48.65 per barrel as conflicting issues exerted pressures for both gains and declines in prices.
Upward pressures on prices came as natural [...]
Crude oil nears $50 per barrel
Crude oil prices were up again Monday as violence continued between Israel and Hamas, despite the fact that neither Israel or the Gaza Strip are major oil production sites.
A military official in Iran called on Islamic nations Sunday to cut off oil supplies to Israel’s supporters in the West, to attempt to pressure them to [...]
Geopolitics drives oil prices higher
Crude oil prices were higher again on Friday as various geopolitical issues caused concerns among investors.
The gains came as the conflict between Israel and Hamas continued in Gaza, with some concern that the violence there will spread regionally and upset oil production and shipments, and on expectations that OPEC member nations will implement already-approved cuts [...]