Investors continued to move their money out of equities and put it in commodities, as oil was a beneficiary of the recent economic bad news which has hammered the financial companies. AIG was the main culprit today in moving commodities up.
October delivery for light sweet crude in New York surged by $6.01 dollars to finish the session at $97.16.
Across the pond Brent North Sea crude also moved upward by $5.62 to end at $94.84.
The U.S Department of Energy says that over the last month oil-based product use has fallen by 4.4 percent over the same time last year.
Recent bad weather has also caused a drop of 6.3 million barrels in the U.S reserves.
Even with the gain today, prices have dropped by $55 a barrel since the July 11 high of $147 a barrel.
Showing posts with label Inventory. Show all posts
Showing posts with label Inventory. Show all posts
Wednesday, September 17, 2008
Friday, April 11, 2008
Weekend Oil News Roundup
Energy Sector Roundup: Oil Out of Gas
Oil ended the day flat, keeping its distance from that $112.21 a barrel record set earlier in the week. Light, sweet crude for May delivery fell 70 cents to $109.41 on the New York Mercantile Exchange. But retail gas and diesel prices jumped to new records.
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Mexico leftists camp in Congress to stop oil plan
Leftist lawmakers blocked both houses of Mexico's Congress on Friday after an all-night sleepover protest against an oil reform plan that could open the state-run sector to more foreign investment.
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Oil Rises Above $110 a Barrel
Oil prices rose above $110 a barrel Friday after slipping from a record high at midweek as investors locked in profits from a stronger U.S. dollar.
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Pemex and Mexican Peak Oil Mean Expensive Oil
Pemex better start exploring for more oil in the Gulf of Mexico or its going to pump out all its reserves in less than ten years. Mexican President Felipe Calderon went on national television last night in Mexico and told his countrymen (in Spanish, we presume), "We have to act now because we're running out of time and out of oil."
What's he talking about?
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Oil steadies on weak dollar, demand revisions
Oil prices steadied on Friday as supply concerns and the weak dollar countered expectations that growing economic problems will slow global demand this year.
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Bakken Shale in US may hold 3.7 bln bbl oil - USGS
A shale rock formation that stretches across Montana and North Dakota could hold about 3.7 billion barrels of oil, the biggest single deposit in the United States except for Alaska, the U.S. Geological Survey said this week.
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Oil ended the day flat, keeping its distance from that $112.21 a barrel record set earlier in the week. Light, sweet crude for May delivery fell 70 cents to $109.41 on the New York Mercantile Exchange. But retail gas and diesel prices jumped to new records.
=====
Mexico leftists camp in Congress to stop oil plan
Leftist lawmakers blocked both houses of Mexico's Congress on Friday after an all-night sleepover protest against an oil reform plan that could open the state-run sector to more foreign investment.
=====
Oil Rises Above $110 a Barrel
Oil prices rose above $110 a barrel Friday after slipping from a record high at midweek as investors locked in profits from a stronger U.S. dollar.
=====
Pemex and Mexican Peak Oil Mean Expensive Oil
Pemex better start exploring for more oil in the Gulf of Mexico or its going to pump out all its reserves in less than ten years. Mexican President Felipe Calderon went on national television last night in Mexico and told his countrymen (in Spanish, we presume), "We have to act now because we're running out of time and out of oil."
What's he talking about?
=====
Oil steadies on weak dollar, demand revisions
Oil prices steadied on Friday as supply concerns and the weak dollar countered expectations that growing economic problems will slow global demand this year.
=====
Bakken Shale in US may hold 3.7 bln bbl oil - USGS
A shale rock formation that stretches across Montana and North Dakota could hold about 3.7 billion barrels of oil, the biggest single deposit in the United States except for Alaska, the U.S. Geological Survey said this week.
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Wednesday, April 9, 2008
Oil Futures Break another Record: Close over $110 a Barrel
Crude oil futures broke another record today, as they surged to a new intraday high of $112.21, and broke another record when it closed at $110.87 a barrel.
While the increase was connected to news from the Energy Information Administration that oil inventories in the U.S. had fallen by 3.2 million barrels last week, speculators continue to play a big role in the price of oil futures. According to the Energy Information Administration, gasoline inventory also slid, falling by 3.4 million barrels last week.
"Fundamentally, there's no reason we should be at these levels. Speculation has definitely taken over this market," GRZ Energy trader Anthony Grisanti told FOX Business this morning. "I think $120 is right around the corner. There is nothing that can turn this market around at this point."
Oil inventory in the U.S. stands at 316 million barrels as of April 4.
While the increase was connected to news from the Energy Information Administration that oil inventories in the U.S. had fallen by 3.2 million barrels last week, speculators continue to play a big role in the price of oil futures. According to the Energy Information Administration, gasoline inventory also slid, falling by 3.4 million barrels last week.
"Fundamentally, there's no reason we should be at these levels. Speculation has definitely taken over this market," GRZ Energy trader Anthony Grisanti told FOX Business this morning. "I think $120 is right around the corner. There is nothing that can turn this market around at this point."
Oil inventory in the U.S. stands at 316 million barrels as of April 4.
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