Futures Markets
More new records for oil, gasoline prices
Crude oil prices reached yet another new high Wednesday after the US Energy Information Administration reported that crude oil stockpiles in the United States fell more than expected last week.
According to the EIA, inventories of crude oil dropped 2 million barrels in the week ending 27 June to 299.8 million barrels, while gasoline stockpiles were […]
August WTI rises above $140 per barrel
Crude oil prices jumped to a new high for a front-month contract at $140.39 per barrel Thursday after Libya said that it might cut oil production, citing sufficient supplies, although there was no indication of how much the cut might be or when the decision might be made.
In addition, the president of the Organization of […]
Crude oil prices remain lower after Fed rate decision
The price of crude oil was lower on Wednesday after the US Energy Information Administration released its weekly US inventories data, which showed that crude oil and distillates stockpiles were up last week and while gasoline stockpiles were down, they didn’t fall by as much as had been anticipated.
US supplies of crude oil were up […]
WTI drops nearly $5; China to raise fuel prices
Crude oil prices fell Thursday after China announced that it will raise fuel prices starting on Friday.
The reports of the price hikes said that the price of gasoline will go up 16 percent and the price of diesel will rise by 18 percent, while prices for aviation kerosene and electricity will also rise.
Also pushing prices […]
Crude oil prices rise in afternoon trade
After being down for most of the day, crude oil prices rose at the close of the session on news of supply disruptions in Iraq and Kuwait and on new problems in Nigeria.
Exports were disrupted from Iraq and Kuwait due to inclement weather, while white-collar oil-industry workers in Nigeria have threatened to strike against a […]
WTI, Brent crude drop over $4 per barrel
Crude oil prices were lower on Thursday after an initial gain on the release of last week’s US inventories data by the Energy Information Administration, delayed one day by Monday’s Memorial Day holiday.
Crude oil stockpiles were down by 8.8 million barrels to 311.6 million barrels in the week ending 23 May, initially sending prices […]
Nigeria threats send crude prices higher
Crude oil prices were up again on Wednesday after a day of declines on Tuesday.
While prices were down nearly $3 in early trade, they gained on new threats in Nigeria, where a rebel group said it would carry out new attacks on oil facilities in the region beginning on Thursday to mark the first anniversary […]
Crude oil breaks $133 level
The price of crude oil rose above $133 per barrel at the close of floor trade in New York on Wednesday and continued the climb in after hours trade, at times approaching $134 per barrel not long after the close.
2016 contracts were even higher, trading above $142 per barrel during the day.
The gains came on […]
Crude prices down in volatile trade
On a day when options allowing investors to bet on whether oil prices will go up or down expired, crude oil prices were down after early gains in volatile trade.
West Texas Intermediate crude for June delivery was as high as $126.64 per barrel, short of Tuesday’s record high, and as low as $120.75 per barrel […]
Crude oil prices keep going up
Crude oil prices hit another new high at $126.98 per barrel in midday trade in New York after reports that Iran will cut oil production.
Officials in Iran later denied that any cuts were forthcoming but confirmed that the possibility of doing so has been discussed.
Heating oil hit a new record in New York as well […]
Crude oil in new record despite gains in stockpiles
Crude oil prices reached another new record high in New York in afternoon trade on Wednesday, touching $123.80 per barrel as investors ignored the fact that crude oil and gasoline inventories rose more than expected last week and instead focused on a small but unexpected decline in distillates stockpiles, which include heating oil and diesel […]
Another decline for crude prices
Crude oil prices fell again on Wednesday after the US Energy Information Administration reported that crude oil and distillates inventories were up much more than had been expected in the week ending 25 April and on yet another interest rate cut from the Federal Reserve in the United States.
Inventories of crude oil were up 3.8 […]
More record highs for crude oil
Crude oil prices reached a new record high in New York on Wednesday, supported by concerns that there won’t be enough supply this summer in the United States and by global demand even though US demand has dropped by around 1 percent per week in each of the past few weeks.
Prices were also pushed upward […]
Crude prices surge on inventories report
Crude oil prices touched a new record high in New York on Wednesday as the US Energy Information Administration reported that crude oil inventories fell unexpectedly last week.
West Texas Intermediate crude for May delivery was $2.35 higher to $110.85 per barrel near the close of floor trade on the New York Mercantile Exchange after going […]
US gasoline stockpiles drop twice expected amount last week
New US inventories figures from the Energy Information Administration show that while crude oil stockpiles were higher in the week ending 28 March, gasoline inventories were down twice as much as expected.
According to the EIA, crude oil inventories grew by 7.4 million barrels last week, while gasoline stockpiles dropped by 4.5 million barrels and distillates […]
WTI drops $4.04 per barrel; Brent also much lower
Crude oil prices declined Monday, joining most other commodities in price drops as investors took profits on recent gains.
May contracts for West Texas Intermediate crude were down $4.04 to close at $101.58 per barrel although it ended the first quarter with a gain of 5.8 percent, while Brent crude for May delivery was down $3.47 […]
EIA report sends WTI sharply higher
A declining dollar and an oil inventories report that was lower than anticipated sent crude oil prices sharply higher on Wednesday.
The US Energy Information Administration reported that crude oil inventories neither grew nor declined in the week ending 21 March 2008, holding steady at 311.8 million barrels, while gasoline stockpiles dropped 3.3 million barrels and […]
Petrofac awarded Jihar gas plant project
Petrofac, the international oil & gas facilities service provider, has received a letter of intent for the award of a Euros €291 million (US$454 million) lump-sum contract by the Hayan Petroleum Company in Syria to construct a gas treatment plant.
The plant will be built on the Jihar field in the Hayan Block, located near to […]
WTI prices drop more than $5 per barrel
Crude oil prices dropped significantly on Wednesday on a decline in demand and even though US inventories grew much less than had been expected last week.
The US Energy Information Administration reported that crude oil stockpiles were up by just 200,000 barrels in the week ending 14 March when they had been expected to gain 2.1 […]
Crude oil prices gain despite higher US inventories
Despite crude oil inventories that were up last week, prices in New York hit another new record high Wednesday at $110.20 per barrel after dropping immediately after announcement of the new inventories figures.
Prices were higher even though consumption in the US dropped by 0.7 percent last week against an expected rise of around 1.5 percent […]