Futures Markets
Crude prices gain 30 percent in May
Crude oil prices rose to their highest level this year in New York as West Texas Intermediate crude for July delivery added $1.23 to $66.31 per barrel on the New York Mercantile Exchange while Brent crude was up $1.08 to $65.47 per barrel on the ICE Futures Europe exchange in London.
The recent gains in prices, [...]
Crude gains on US inventories, OPEC decision
Crude oil prices were up Thursday after the US Energy Information Administration reported that US inventories fell much more than expected last week and after the Organization of Petroleum Exporting Countries decided at its meeting in Vienna to hold production quotas steady at 24.85 million barrels per day.
The EIA said that crude oil stockpiles fell [...]
Crude prices higher ahead of OPEC meeting, EIA inventories
Crude oil prices were up Wednesday ahead of Thursday’s scheduled meeting of the Organization of Petroleum Exporting Countries, to be held in Vienna, where the cartel is expected to hold production quotas steady.
Ahead of the meeting, the Saudi Arabian oil minister said that there is no need to cut production, although some estimates say that [...]
Crude gains on confidence, comments
Crude oil prices were higher Tuesday after US consumer confidence was reported higher in May and on comments from Saudi Arabia’s oil minister concerning demand.
In the United States, the Conference Board’s Consumer Confidence Index was reported at 54.9 in May, higher than its April reading of 40.8 and much higher than the 42.3 level that [...]
US inventories numbers send oil higher
Crude oil prices were higher Wednesday after the US Energy Information Administration released its latest inventories numbers, which showed that US stockpiles of crude oil and gasoline were lower last week.
The EIA said that crude oil inventories dropped by 2.1 million barrels in the week ending 15 May to 368.5 million barrels, while gasoline stockpiles [...]
June WTI gains limited by housing data
Crude oil prices for June contracts were higher in New York Tuesday on the possibility that US inventories fell last week, but with those contracts expiring at the end of the trading day, July contracts were lower just before noon.
West Texas Intermediate crude for June delivery was up 30 cents to $59.33 per barrel at [...]
Oil prices up on hopes for US holiday demand
Crude oil prices were higher Monday on hopes that Americans will ignore the bad economy and take to the roads over the upcoming Memorial Day long holiday weekend.
West Texas Intermediate crude for June added $2.69 to $59.03 per barrel on the New York Mercantile exchange, and with June contracts expiring at the close of trade [...]
US retail gasoline prices higher, but crude declines
Crude oil prices were lower Friday, but at-the-pump prices for gasoline was up in the United States a week ahead of the Memorial Day holiday weekend, the traditional beginning of the summer driving season in the US.
Retail prices for gasoline are up nearly 12 percent, having added 24 cents in 17 consecutive days of gains, [...]
IEA consumption forecast sends oil prices lower
Crude oil prices were lower again in afternoon trade in New York after the International Energy Agency weighed in with its latest consumption forecast, and after the US Labor Department issued new numbers showing that new jobless claims in the US were up again last week.
The IEA said that global oil consumption will be at [...]
WTI prices drop as US inventories decline
June contracts for West Texas Intermediate crude were down 83 cents to $58.02 per barrel Wednesday after the US Energy Information Administration said that crude oil stockpiles in the US fell unexpectedly last week.
US crude oil inventories dropped by 4.7 million barrels in the week ending 8 May against expectations that they would add over [...]
Crude oil prices rise despite large inventories
Prices for West Texas Intermediate crude rose above $60 per barrel for a time Tuesday before falling back to a gain of 27 cents to $58.77 per barrel on the New York Mercantile Exchange, while Brent crude added 63 cents to $58.11 per barrel on the ICE Futures Europe exchange in London.
The gains came even [...]
High early, crude prices fall near close
Crude oil prices were up early Thursday, but by about half an hour before the close of floor trade in New York, West Texas Intermediate crude for June delivery had dropped 16 cents below Wednesday’s close to trade at $56.18 per barrel on the New York Mercantile Exchange.
At the same time, Nymex June gasoline futures [...]
EIA data sends WTI to highest price of year
Crude oil prices soared to their highest level of the year in New York Wednesday after the US Energy Information Administration reported that crude oil stockpiles in the United States grew less than expected last week while gasoline inventories were down during the same period.
West Texas Intermediate crude for June delivery was up $2.50 to [...]
Prices for crude drop ahead of EIA data
Crude oil prices were lower Tuesday after gains Monday but remain 8 percent higher than they were a week ago and at least one analyst predicted that a barrel of oil could sell at around $60 before the end of May as the US summer driving seasons arrives.
June contracts for West Texas Intermediate crude were [...]
Oil prices gain on demand hopes
Just minutes before the close of floor trade on the New York Mercantile Exchange Monday, West Texas Intermediate crude for June delivery traded at $54.35 per barrel, $1.15 higher than Friday’s close on indications that demand in China is beginning to recover.
A report Friday from the Federation of Logistics and Purchasing in China indicated that [...]
Oil prices up on improved sentiment
Oil prices were higher Friday, helped by improved sentiment fueled by recent gains in equities markets and a report from the Institute for Supply Management which indicated that US manufacturing did not contract as much in April as it did in March.
June contracts for West Texas Intermediate crude had added $1.94 to $53.06 per barrel [...]