Supply worries, US economic expansion drive crude price gains
Crude oil prices were slightly higher Friday on the news that the US economy expanded in the first quarter of the year, adding 3.2 percent for its biggest quarterly jump in three years, and on concerns that an oil spill in the Gulf of Mexico could hurt future supply. The oil spill, resulting from the [...]
Louisiana Governor declares state of emergency over BP oil spill
An environmental disaster could be on the cards after the major oil spill in the Gulf of Mexico is threatening hundreds of species of fish, birds and other wildlife. Oil giant, BP, is battling to contain the oil spillage after the Deepwater Horizon platform sank last week, after a massive explosion, on 20 April, which [...]
Total Q1 profits up on higher oil prices
French oil company, Total, today said profits for the first three months of the year were up 14% as a result of higher oil prices. The oil giant said profits totalled €2.61 billion (£2.27 billion) in the three month period – up from €2.29 billion a year earlier. Oil companies have been benefiting from rising [...]
EIA: Natural gas inventories rose last week
Natural gas prices fell Thursday after the US Energy Information Administration said that US inventories added 83 billion cubic feet in the week ending 23 April, significantly more than the expected increase of 70 to 76 billion cubic feet. The advance brought the amount of natural gas in storage to 1.9012 trillion cubic feet, 5.6 [...]
Exxon and Conoco profits up on higher oil prices
Exxon Mobil, which is the world’s largest oil company, has today said profits for the first three months of the year were up 38% as a result of higher oil prices. However, the results were less than Wall Street expectations as earnings were hit by recently enacted US health reform legislation. “Our results reflect higher [...]
BP oil spill ’worse than thought’
The National Oceanic and Atmospheric Administration (NOAA) has warned that the major oil spill in the Gulf of Mexico is five times worse than originally estimated. British oil giant, BP, has been battling to contain the oil spillage after the Deepwater Horizon platform sank last week, after a massive explosion, on 20 April, which left [...]
EIA: Crude, distillates stockpiles up; gasoline in storage fell last week
Crude oil prices were up in New York on Wednesday afternoon after the US Energy Information Administration said that crude oil in storage in the US was up last week but that gasoline stockpiles were fell, and ahead of a new decision on US interest rates by the Federal Reserve. The EIA said in its [...]
CNOOC unveils rise in output and plans more acquisitions
China National Offshore Oil Corporation (CNOOC) has today announced a surge in output in the first quarter of the year. The country’s largest offshore oil producer said it produced 32% more oil in the first three months of the year, as total revenue more than doubled on the back of higher oil prices. In a [...]
Royal Dutch Shell profits up 50% on higher oil prices
Royal Dutch Shell has today reported a 49% rise in first quarter profits as a result of higher oil prices. The oil giant said profits totalled $4.96 billion (£3.2 billion) in the three month period – up 49% on the same period a year ago and much higher than the $1.2 billion profit in the [...]
Crude prices fall on European issues, ahead of US inventories
Crude oil prices were lower Tuesday ahead of the weekly US inventories report from the Energy Information Administration, which is expected to show that stockpiles of crude, gasoline, and distillates all saw gains again last week, and after Standard & Poor’s Rating Services cut its credit rating by two levels on Portugal and warned that [...]
BP benefits from higher oil prices
Oil giant BP has today reported a 135% rise in its first quarter profits as a result of higher oil prices. The company said profits more than doubled to $5.6 billion (£3.6 billion), compared with $2.4 billion for the first quarter of 2009. Furthermore, the figure is also up on the $3.45 billion profit made [...]
BP battles to contain major oil spill
British oil giant, BP, is battling to contain a major oil spillage after the Deepwater Horizon platform sank last week, two days after a massive explosion which left 11 workers missing and presumed dead. BP said it is putting a second drilling rig into position close to the Deepwater Horizon, as it endeavours to contain [...]
Crude prices hurt by concerns over inventories, Greek debt
Crude oil prices were slightly lower on Thursday, with investors looking for safer investments on continuing worries about Greek’s debt as Moody’s Investors Service issued a downgrade and said that there could be more reductions to come. The concerns over the situation in Greece led to declines for the euro in relation to the US [...]
EIA: Crude stockpiles added 1.9 million barrels last week
Crude oil prices vacillated between gains and declines in New York on Wednesday after the US Energy Information Administration reported bigger gains than had been expected in US gasoline and distillates stockpiles and a gain where a decline had been anticipated in crude oil inventories. The EIA said that crude oil stockpiles grew by 1.9 [...]
Crude oil prices higher as some European flights resume
Crude oil prices were higher Tuesday as investors looked for riskier deals and as equities markets gained on positive earnings news from a number of companies. May contracts for West Texas Intermediate crude, which are set to expire at the end of the trading day, were up $2.02 to $83.47 per barrel in afternoon trade [...]
Dropping jet fuel demand, Goldman Sachs concerns send oil lower
Concerns about possible fallout from civil fraud charges filed by the US Securities and Exchange Commission against Goldman Sachs (NYSE: GS) and over the more literal fallout of ash from a volcano in Iceland that has grounded air traffic in Europe for several days sent crude oil prices lower Monday, adding to declines at the [...]
WTI prices drop more than 3 percent
Crude oil prices were lower Friday after the US Securities and Exchange Commission charged Goldman Sachs (NYSE: GS) with civil fraud in connection with issues surrounding subprime mortgages. News of the charges, which Goldman Sachs denies, sent equities markets lower and pushed down commodities prices. Also hurting prices were a stronger US dollar, while a [...]
Queues form at petrol stations ahead of Gabon oil strike
A strike has begun in Gabon which has brought public transport in the capital Libreville to a grinding halt and may lead to considerable cuts in oil production. Gabon, which is Africa’s seventh-largest oil producer, saw its residents panic buy oil ahead of the strike after Government talks on labour regulations collapsed, which led to [...]
Data, dollar hurts New York crude prices
Crude oil prices were lower in New York in midday trade on Thursday after the US dollar strengthened and new jobless claims in the United States were up by the most in two months. The US Labor Department reported that 24,000 more first-time claims for unemployment benefits were filed last week. Shortly before 1 p.m. [...]
Environmental protests set to disrupt BP annual meeting
Oil and gas giant BP is expected to see its AGM disrupted by environmental protesters today in London. BP, which is the UK’s second largest company, is facing a rebellion from major shareholders over executive pay and environmental concerns linked to its project in Canada’s oil sands. The projects include the $2.4 billion Sunrise development, [...]
Crude oil prices mixed as WTI declines, Brent crude gains