Oil prices rebounded Nov. 29, pulled up by the broader market, with crude increasing 1.9% to end a 3-day decline in the New York market. Report of an increase in US natural gas inventory drove the new front-month gas contract down 4%.

Oil prices continued falling Nov. 28, with front-month crude down 0.8% on demand concerns, its third decline in as many sessions on the New York market, despite upbeat statements by US House Speaker John Boehner and President Barack Obama of a possible budget agreement in the near future.

Oil prices declined Nov. 27 in markets worried about the world economy although President Barack Obama says he expects Congress can agree on a framework for reducing US debt before Christmas.

Oil and stock prices were down Nov. 26 with markets pessimistic over the apparent lack of progress on a fiscal budget in Washington, DC. Natural gas fell 4% on milder weather forecasts.

Crude futures prices “jumped rather dramatically” late in an otherwise lackluster session Nov. 23 in New York on reports of a shooting on the Gaza-Israel border that traders feared might endanger last week’s ceasefire agreement.

Oil prices dropped Nov. 20, with crude wiping out the previous session’s gains in the New York futures market, but natural gas bounced back, eliminating its loss.

The author of a study projecting a 17 million b/d increase in global oil production by 2020 has criticized a recent forecast by the International Energy Agency that the US will become the world’s top oil producer by 2020 (OGJ Online, Nov. 13, 2012).

Oil prices jumped Nov. 19 with crude climbing 2.7% in the New York futures market amid continued fighting between Israel and Hamas militants. However, the natural gas price dropped 1.9% on warmer-than-normal weather forecasts.

Wintershall Holding GMBH will take delivery in Germany and elsewhere in Northwest Europe of as much as 45 billion cu m of natural gas over 10 years under new agreements with Statoil.

State-owned China National Petroleum Corp. and the Autonomous Regional Government of Tibet have signed a framework agreement on the supply of natural gas by CNPC to Tibet, with which the Chinese government’s relations have long been strained.

Crude oil prices climbed Nov. 16 as conflict continued between Israel and Palestinian militants in the Gaza Strip while the price of natural gas jumped 8% to a 12-month high in the New York market on expectations of a colder winter despite a bearish inventory report earlier.

Escalating conflict in the Middle East boosted crude oil prices in world markets Nov. 15, but indications of weakening demand triggered a selloff of US oil in late trading in the New York market.

A recent projection that the US will become the world’s leading oil producer after 2020 has drawn a challenge from analysts at Deutsche Bank (OGJ Online, Nov. 13, 2012).

Oil prices increased Nov. 14, ending a 2-day decline, following Israeli airstrikes in Gaza that killed a Hamas military leader in response to earlier rocket attacks on Israel.