Futures Markets
Crude prices fall on storm relief, demand worries
Crude oil prices fell as low as $119.50 per barrel during the session Monday, its lowest level since May 6, after Tropical Storm Edouard lost strength in the Gulf of Mexico and looked like it would miss oil facilities in the region.
Concerns about declines in demand also pushed prices lower, as did the possibility of […]
Crude prices spike before falling back to small gain
Crude oil prices went as high as $128.60 in New York Friday before falling back to $125.22 per barrel, $1.14 above Thursday’s close on the New York Mercantile Exchange, while Brent crude gained 62 cents to $124.60 on the ICE Futures Europe exchange in London.
Prices spiked after Israeli Deputy Prime Minister Shaul Mofaz warned in […]
Crude prices drop on economic worries
Crude oil prices were down Thursday after new Commerce Department numbers showed that the US economy grew more slowly than expected in the second quarter, with the gross domestic product going up just 1.9 percent instead of the 2.4 percent growth that had been anticipated.
The slowing growth raised fears that demand for oil and oil […]
Crude oil prices up on Olmert resignation announcement
Crude oil prices rebounded Wednesday after Israeli Prime Minister Ehud Olmert announced that he will resign effective in September, raising worries that a more hawkish successor could make an Israeli attack against Iranian nuclear facilities a virtual certainty.
Prices were already on the rise before the announcement, after the US Energy Information Administration reported that gasoline […]
Crude prices drop to $122 per barrel range
Crude oil prices were lower Tuesday as the US dollar strengthened and there were more signs of declines in demand.
Miles traveled on US roads fell by 3.7 percent in May from the same month in 2007 while demand for oil and oil products were down by 4.3 percent in the same month.
The declines in demand […]
Crude prices rise on Nigeria trouble
Crude oil prices were higher Monday after reports of an attack on Nigerian oil facilities by militants there, resulting in damage to a pipeline believed to be owned by Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B).
Also contributing to the gains was reaction to an announcement over the weekend from Iranian President Mahmoud Ahmadinejad […]
Crude prices see some gains
Crude oil prices rose Thursday but could not stage much of a rally, even after a threat from Nigerian militants to destroy pipelines there soon as the US Energy Information Administration reported that demand in the United States was down 2.4 percent in the past four weeks.
September contracts for West Texas Intermediate crude were up […]
AWE’s Otway basin drilling update
Australian Worldwide Exploration Limited (AWE) has commenced drilling on the Netherby-1 well on July 15, 2008.
The Netherby-1, operated by Santos, is the second well in the current drilling programme, which will target additional gas reserves in the offshore Otway Basin.
The company said that the rig was setting surface conductor at a measured depth of […]
Aminex provides Tanzania exploration update
Aminex Plc, a public limited company incorporated in Ireland, provides the update on its Tanzanian exploration activities.
The company encountered a 60 metre gross gas column in Lower Cretaceous sands on Kiliwani North-1, after drilling two wells back-to-back.
The company has acquired the new seismic during the second period of the Nyuni/East Songo-Songo Production Sharing Agreement.
A […]
Crude oil in second day of declines
Crude oil prices fell for a second day in a row Wednesday after the US Energy Information Administration reported that inventories were up more than expected last week.
Crude oil stockpiles added 3 million barrels to 296.9 million barrels against an expected decline of 3 million barrels, but inventories remained 55.2 million barrels below last year […]
WTI, Brent drop more than $6 per barrel
A report from the Organization of Petroleum Exporting Countries which predicts oil demand growth will slow next year and concerns about the US economy sent crude oil prices lower Tuesday.
West Texas Intermediate crude for August delivery traded as high as $146.73 per barrel and as low as $135.92 per barrel during the session before settling […]
WTI prices rise slightly
Crude oil prices were down slightly during the session Monday but August contracts for West Texas Intermediate crude ended 10 cents higher at $145.18 per barrel on the New York Mercantile Exchange after trading as low as $142.49 per barrel and as high as $146.37 per barrel.
August contracts for Brent crude, which are set to […]
WTI sets new record above $147 per barrel
Crude oil prices on the New York Mercantile Exchange rose to a new record at $147.27 per barrel Friday before falling back to close at $145.06, still a gain of $3.41 over Thursday’s close even though it missed a new closing record by a bit.
Brent crude for August delivery added $1.52 to $143.55 per barrel.
The […]
Geopolitical tensions kick oil prices higher
Crude oil prices turned higher Thursday, mostly due to heightened worries about geopolitical issues in Africa and the Middle East.
The Movement for the Emancipation of the Niger Delta, the main militant group in Nigeria, announced an end to its ceasefire in response to a statement from Britain that it will support the government of Nigeria […]
WTI climbs early, ends nearly even
Crude oil prices climbed only slightly Wednesday, erasing bigger gains that came when the US Energy Information Administration released its latest US inventories report.
The EIA said that while gasoline and distillates stockpiles were up in the week ending 4 July, crude oil inventories dropped b y 5.9 million barrels during the week, much more than […]
Crude prices drop over $9 in two days
Crude oil prices fell significantly for a second straight day Tuesday, bringing declines for the two days to more than $9 per barrel.
The declines came on profit-taking, on a stronger dollar, and on fewer worries about a conflict between Iran and the West over Iran’s nuclear program.
Iranian President Mahmoud Ahmadinejad, in Kuala Lumpur for a […]
Crude oil prices down on reduced Iran tensions
August contracts for West Texas Intermediate crude oil dropped $3.92 to close at $141.37 per barrel on the New York Mercantile Exchange Monday after going as low as $139.50 earlier in the session, while Brent crude was down $2.55 to $141.87 per barrel on the ICE Futures Europe exchange in London.
The declines, which are not […]
Crude oil prices up on supply worries
Crude oil prices headed into record territory again on Thursday on indications that global demand could test supplies.
Demand is especially strong in China, where the government is rebuilding after the destructive May earthquake in Sichuan Province at the same time that it is preparing for the Summer Olympics, set to open in Beijing on 8 […]
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 […]
Crude prices jump on IEA report, Iran concerns
Crude oil prices were higher again Tuesday on supply and geopolitical concerns.
August contracts for West Texas Intermediate crude added 97 cents to $140.97 per barrel at the close of floor trade on the New York Mercantile Exchange after going as high as $143.33 earlier in the session, while Brent crude gained 68 cents to $140.54 […]