Futures Markets
Geopolitical issues send crude oil prices higher
Crude oil prices surged Thursday as the US dollar weakened and as worrying geopolitical issues took center stage.
Russia rattled sabers in response to the announcement that the United States and Poland have signed a deal that will locate part of a missile defense shield in Poland when a Russian general said that putting the defense [...]
US crude oil inventories, prices rise
Crude oil prices were up slightly Wednesday after the US Energy Information Administration issued its weekly inventories report, which showed that while US crude oil and distillates stockpiles were up gasoline inventories declined again last week.
Crude oil stockpiles were 9.4 million barrels higher in the week ending 15 August, much more of a gain than [...]
Crude prices jump on weaker dollar
Crude oil prices were up Tuesday as the US dollar weakened against the euro after gains early in the session, and on the possibility that refiners could up their demand for crude oil, driving prices higher.
Also sending prices higher were comments from a Libyan official that oil prices are likely to rebound, a report that [...]
Crude oil prices down after jump on storm worries
Crude oil prices were up in early trade in New York on Monday on concerns that Tropical Storm Fay would disrupt oil production in the Gulf of Mexico.
However, as later forecasts showed Fay expected to barely reach hurricane status and to travel up Florida and the East Coast of the United States over the next [...]
Crude prices gain on inventories report
Crude oil prices were higher Wednesday after the US Energy Information Administration issued its weekly inventories report, which showed that US gasoline inventories were down much more than expected last week.
The EIA said that gasoline stockpiles in the United States were down 6.4 million barrels in the week ending 8 August, almost three times more [...]
Crude prices lower as IEA cuts demand forecast
Crude oil prices fell again Tuesday after earlier gains on concerns about how the situation in Georgia will affect oil shipments between Asia and Europe.
Russian President Dmitry Medvedev ordered a cease-fire during the day and he and French President Nicolas Sarkozy proposed a cease-fire plan, but Georgia has yet to agree to it.
By the end [...]
WTI, Brent see more price declines
The price of crude oil fell again Monday on a 7 percent decline of imports into China in July, due primarily to high prices, which added to concerns about declining demand in the US and other industrialized economies.
Also sending prices lower was a request from Iran’s top nuclear negotiator for further negotiations with the European [...]
WTI falls below $116 per barrel
Crude oil prices fell significantly Friday as the US dollar gained strength and as investors worried about falling demand.
The situation surrounding a pipeline explosion and fire in Turkey, attributed to sabotage, seems not to have had a lasting impact on prices even though BP (LSE: BP; NYSE: BP; TYO: 5051) and other companies which receive [...]
Crude oil prices volatile on session
Crude oil prices were down in afternoon trade in New York after going as high as $121.78 per barrel earlier on the news that an oil pipeline in Turkey, damaged in a recent explosion, could be closed for as long as two weeks.
Concerns were heightened after a pro-Kurdish news organization said that the Kurdistan Workers’ [...]
Crude falls after EIA inventories numbers
Crude oil prices fell a bit more Wednesday after the US Energy Information Administration said that crude oil and distillates inventories were up last week but gasoline stockpiles were lower again.
Inventories of crude oil added 1.7 million barrels in the week ending 1 August, with gains attributed to more imports and declines in refining as [...]
Crude prices stay lower after Fed rate decision
Crude oil prices were down again on Tuesday, continuing their decline after the US Federal Reserve voted to hold interest rates at 2 percent for the time being.
Declines also came on relief that Tropical Storm Edouard never reached hurricane strength and did not harm offshore oil rigs near its landfall in Texas.
An announcement from Iran [...]
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 [...]
Petrobras starts production at Agbami Field
Brazilian oil producer, Petrobras and partners have produced first oil from Agbami Field in Nigeria on July 29 2008. Petrobras holds a 13% share in the venture, together with StatoilHydro and Chevron, the operator.
The Nigerian companies Nigerian National Petroleum Corporation and Famfa Oil Limited are also partners in Agbami Field as concessionaries.
The FPSO (Floating [...]
Bayou Bend starts production at Eagle’s Nest
Bayou Bend Petroleum Ltd. begins production at its Eagle’s Nest field in Eugene Island Block 6. Bayou Bend and partner Contango has drilled this well as part of the Marsh Island project in the second quarter of this year.
The well commenced production on July 24, 2008 and is currently flowing at 35.1 MMCF/D and [...]
Frontera Resources updates Taribani Field
Frontera Resources Corporation, an independent oil and gas exploration and production company, provides an update of its operations at the Taribani Field Unit within Block 12, Georgia.
The Taribani Field is a large, undeveloped oil field covering an area of approximately 80 square kilometres with productive horizons situated in Miocene and Pliocene age reservoirs, which are [...]
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 [...]
Mart begins production from UMU-3 well
Mart Resources, Inc., an independent oil & gas company focusing on bringing African oil fields into production that are proven but have not yet been developed, commences initial oil production from the UMU-3 well located in the Umusadege field, onshore Nigeria.
Other partners in the field are Midwestern Oil and Gas Company PLC (Operator) and Suntrust [...]
Brigham provides updates on Bakken well
Brigham Exploration Company, an independent exploration, development and production company, has completed the high rate of its Carkuff 22 #1H Bakken well in its Ross Area at an early flowing rate of 1,110 barrels of oil per day.
The company’s Williston Basin oil production has grown to an estimated current net rate of approximately 1,500 barrels [...]
Tullow updates drilling operations in India
Tullow Oil Plc, a UK registered oil company operating in India, Africa, and in Europe, has failed to encounter hydrocarbons at the C1 well, located in Block CB-ON-1 in the Cambay Rift Basin of India
The well, which was spudded on 27 June reached its total depth of 1,916m on 19 July. The company announced that [...]