Futures Markets
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 […]
WTI gains on Saudi disappointment, Nigeria worries
Crude oil prices were up on Monday on disappointment that Saudi Arabia did not pledge to hike production by more than it did.
The Saudis said they would increase production by 200,000 barrels per day beginning in July while continuing to argue that lack of supply is not the reason for rising oil prices.
Instead, they continue […]
Crude prices drop below $129 per barrel
Crude oil prices were lower Tuesday, falling below $129 even though there was news of supply disruptions from several regions of the world.
In Nigeria, more bombings of pipelines disrupted supply while there was an unexpected shutdown of a drilling platform in the North Sea and reports from Mexico said that crude production was down by […]
Falling demand sends crude prices lower
Evidence of declining demand and an expectation that Wednesday’s US inventories report from the Energy Information Administration will show increased stockpiles sent crude oil prices substantially lower on Tuesday.
A report from the US Energy Department showed that demand for gasoline was down 6.2 percent in the United States in February from January, while overall demand […]
WTI at new record near $114 per barrel
Crude oil rose to a new record high in New York on Tuesday, touching $113.93 per barrel before pulling back slightly in afternoon trade.
Prices were supported by a generally weak dollar was well as by continued supply disruptions in Nigeria and by news of port closures in Mexico due to bad weather.
May contracts for West […]
Crude prices gain on supply worries
The price of crude oil was higher on Friday as investors figure that US inventories aren’t as abundant as Thursday’s Energy Information Administration made them seem.
Details of the report show that most of the buildup in stockpiles were on the West Coast of the US and isolated from the rest of the nation.
In addition, OPEC […]
Nymex crude below $70 per barrel
Crude oil prices fell below $70 in New York on Tuesday as Hurricane Dean weakened to a Category 2 storm, making it less likely that there will be any serious or lasting damage to Mexican oil facilities although there will be some supply disruptions after a number of off-shore drilling rigs were evacuated ahead of […]
Western Oil Firms find it difficult to make money in Africa
Large overseas oil companies are finding it increasingly difficult to make money in Africa due to output restrictions, unstable politics and steps by some governments to change contracts.
Africa is one of the last regions available to foreign oil exploration and many companies are reaping the rewards from high energy prices. However, difficulties […]
IEA warns OPEC on oil production
The IEA (International Energy Agency) has warned OPEC, the representative body of oil exporting countries, to step up production in the wake of recent price rises.
The statement comes as the price of crude oil has reached a twelve-month peak at around $77 a barrel. The increasing price of oil has the potential to cripple […]
WTI closes above $70 per barrel
Prices for crude oil, gasoline and heating oil were higher on Friday on supply concerns. Brent crude for July delivery added 66 cents to $71.18 per barrel to end at the same place it began the week. August contracts for West Texas Intermediate crude, meanwhile, ended the session at $1.11 to $70.68 per […]
Crude oil prices mixed on mixed news
Oil prices were mixed on Monday. July contracts for Brent crude were 98 cents lower on the Intercontinental Exchange in London, to $70.20 per barrel. Meanwhile, the price for West Texas Intermediate Crude for August delivery was down by $1.24 per barrel at one point in the day but by mid-afternoon trade on […]
Analysts predict second half spike in oil prices
Crude oil prices were lower on Tuesday even as analysts predicted that prices will spike again later in the year as supplies tighten. The International Energy Agency increased its prediction for global oil demand and called again on the Organization of Petroleum Exporting Countries to raise production quotas. The IEA said that demand […]
New tensions send crude oil prices higher
Crude oil prices were higher on Thursday. Brent crude for July delivery added 56 cents to $71.58 per barrel on the Intercontinental Exchange, while July contracts for West Texas Intermediate crude gained $1.10 to $67.06 per barrel. The gains came after North Korea conducted a missile test and after a report that Turkey […]
Crude oil prices up despite inventories gains
Crude oil prices were higher on Wednesday despite US inventories figures that showed oil, gasoline, and distillate stockpiles were all higher during the week ending June 1. July contracts for Brent crude were 68 cents higher to $71.13 per barrel on the Intercontinental Exchange. West Texas Intermediate crude for July delivery gained 50 […]
Natural gas inventories rise, but so do prices
The US Energy Information Administration reported Thursday that US natural gas inventories grew by 35 billion cubic feet in the week ending May 11. This brought the amount of natural gas in storage to 1.84 trillion cubic feet in the lower 48 states, almost 21 percent above the five-year average. Still, it remains […]
New Nigeria closure sends crude prices higher
Crude oil prices were higher on Tuesday after Nigerians occupied a Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B) pipeline hub, cutting 170,000 barrels per day of production. Around one-fifth of Nigeria’s oil output is now shut down due to continuing unrest there. In addition, the Organization of Petroleum Exporting Countries issued […]
WTI slightly lower at mid-afternoon in New York
Oil prices were up early on Monday after the Organization of Petroleum Exporting Countries said it will leave current production quotas in place at least through June. The decision came even though the International Energy Agency said on Friday that the lower quotas could mean that supply will not keep up with demand through […]
IEA questions OPEC’s statements on production
Oil prices were up slightly on Friday after the International Energy Agency issued a report that questioned the market’s ability to keep up with demand for oil products. In the report, the IEA said that the Organization of Petroleum Exporting Countries must increase output soon and criticized comments from OPEC officials that they do […]
Bodman warns of record US gasoline prices to come
Crude oil prices were down on the session and over the week despite worries about supply during the summer driving season in the United States. US Energy Secretary Sam Bodman warned that gasoline prices are likely to reach record territory over the summer as gasoline stockpiles have dropped significantly and consistently over the past […]