Crude oil up 6 percent this week, down 13 percent in May
The price of crude oil was lower Friday after rising earlier, to end a week that saw prices rise more than 6 percent during the week, declining as Fitch Ratings said it had downgraded Spain’s debt rating on concerns that economic growth will slow there. Despite gains this week, May will likely end with prices [...]
BP presses ahead with risky ‘junk shot’ procedure
In a further attempt to stop the major oil spill, BP has injected a “junk shot” in addition to the “top kill” procedure. The junk shot technique injects heavier blocking materials, such as pieces of rubber, into the failed blowout preventer of the ruptured wellhead. The procedure is risky because according to BP, it “has [...]
Health issues emerge at BP oil spill
The major oil spill in the Gulf of Mexico has now become the biggest in US history, according to new Government estimates. The estimates put the total spill to date at 19 million UK gallons – double the Exxon Valdez disaster in March 1989. The BP disaster started after an explosion on a BP oil [...]
Shell to pay $4.7bn for East Resources
Royal Dutch Shell has announced today it is to buy privately held East Resources Inc in a deal worth $4.7 billion (£3.2 billion). The deal, which is subject to customary regulatory approval, will give Shell more exposure to natural gas plays in North America. East Resources is a major player in a natural-gas exploration area [...]
Crude prices follow equities markets higher
Crude oil prices were higher again Thursday as equities markets saw gains on a denial from China that it is reevaluating its holdings of Eurozone government bonds and after the US dollar weakened versus the euro, making oil less expensive for investors making purchases in the shared currency. July contracts for West Texas Intermediate crude [...]
BP continues with ‘top kill’ procedure to plug leak
BP has announced the latest measures to plug the major oil leak are going to plan. The “top kill” procedure, which has been approved by the US Government, has never been tried at such a depth. However, company officials say it will another couple of days before they know whether the “top kill” operation has [...]
EIA: oil stockpiles up as gasoline, distillates in storage decline
Crude oil prices were higher Wednesday after equities markets saw gains and on a report from the US Commerce Department which said that durable goods orders were up 2.9 percent overall in April. The gains also came after the US Energy Information Administration reported that while crude oil inventories gained more than expected last week, [...]
BP hopes latest measures will plug oil leak
Oil giant BP is under severe pressure to plug the major oil leak, which is now into its 35th day of spewing oil into the Gulf of Mexico. The disaster started after an explosion on a BP oil rig on 20 April, which left 11 workers dead. Two days later, oil began to leak into [...]
WTI down more than $2 in New York
Crude oil prices fell Tuesday as equities markets declined and the euro weakened to an 8 ½ year low versus the yen and near 4-year lows in relation to the US dollar, leading investors to stay away from risky investments. The declines in equities markets came as tensions increased between North Korea and South Korea [...]
US officials to visit BP disaster site
Ken Salazar, the US Interior Secretary, has warned British firm BP that it may be “pushed out of the way” if it fails to perform in the Gulf of Mexico oil disaster clean-up operation. The disaster, which has now been ongoing for more than a month, is now threatening Florida and Cuba, after already reaching [...]
Statoil evacuates Gullfaks platform due to “unstable” well
Statoil, the Norwegian oil and gas producer, has today announced it has evacuated 89 crew members from its Gullfaks C platform due to an “unstable pressure situation” following a deviation in well pressure. However a spokesperson for the company said the remaining crew were working to stabilise the pressure in the well, which is situated [...]
Crude prices continue downward trend
The price of crude oil fell substantially again Thursday as June contracts were set to expire, as the euro lost more ground to the US dollar on concerns about European debt, and after first-time unemployment claims in the US were reported up by 25,000 last week when they had been expected to decline. Prices were [...]
EIA: Crude oil stockpiles up less than anticipated last week
Prices for crude oil were lower Wednesday as investors shied away from risky investments and as equities markets and metals prices both declined on continuing uncertainties surrounding economic issues in Europe. June contracts for West Texas Intermediate crude were down 64 cents to 68.77 per barrel in early afternoon trade on the New York Mercantile [...]
CNPC acquires 35% stake in Syria Shell Petroleum Development
China National Petroleum Corp (CNPC), which is China’s largest energy company, has today announced it has acquired a 35% stake in Shell’s subsidiary in Syria. While the sum was undisclosed, analysts believe it to be in the region of $1.5 billion. China’s thriving economy has seen oil imports surge and OPEC recently said Chinese daily [...]
Shell to press ahead with Arctic Sea drilling
Oil giant Shell is to press ahead with plans to drill for oil and gas in the Arctic’s environmentally sensitive frozen waters, despite calls for a moratorium on offshore exploration. The company is awaiting final permits, which has cost it in the region of $2 billion (£1.38 billion), after it was forced to review its [...]
WTI up slightly in New York
Prices for crude oil were mixed in afternoon trade Tuesday, with June contracts for West Texas Intermediate crude up just 10 cents to $70.18 per barrel on the New York Mercantile Exchange, while at last report Brent crude was down 9 cents to $75.01 per barrel on the ICE Futures Europe exchange in London. Despite [...]
Crude oil prices continue to decline
Crude oil prices were lower again Monday as investors continued to worry about the debt situation in Europe and whether and how it will hurt growth. These worries sent the euro to a four-year low versus the US dollar and renewed concerns about demand for oil and products made from oil. June contracts for West [...]
BP hopes to contain oil spill within a week
Oil giant BP said it may be able to stop the flow of oil, which is leaking into the Gulf of Mexico, permanently within a week. As the disaster enters its 24th day, a statement on the company’s website said it had been successful in inserting a tube into the leaking well and capturing some [...]
Obama condemns “finger of blame“ over oil spill
The major oil spill in the Gulf of Mexico has led US President, Barack Obama, to say the “cosy relationship” between oil companies and US regulators will end. He condemned “the ridiculous spectacle” of them “falling over each other to point the finger of blame”. Mr Obama was speaking after meeting his cabinet and other [...]
Crude oil prices fall again in New York
The price of crude oil was lower again Friday, falling for the fourth session in a row and the sixth time in the past seven trading days after most global equities markets declined and the euro was at an 18-month low versus the US dollar. June contracts for West Texas Intermediate crude were $2.78 lower [...]
Crude oil prices mixed as WTI declines, Brent crude gains