More Economics & Oil Market News

MARKET WATCH: Brent prices climb on Ukraine, Libya news; NYMEX oil follows

Ongoing political instability in Ukraine and Libya continued to drive up crude oil futures prices on New York and London markets Apr. 14 to their highest levels in more than a month.

MARKET WATCH: Crude oil futures price trends higher at week’s end

The crude oil futures contract trended higher at the close of the week ended Apr. 11.

EIA: LNG shows potential as a railroad fuel

Continued growth in US natural gas production and substantially lower gas prices compared with crude oil prices lead to strong potential for fueling freight locomotives with LNG, according to the US Energy Information Administration’s Annual Energy Outlook 2014 (AEO2014).

Senate leaders ask EIA for detailed look at crude export impacts

US Senate Energy and Natural Resources Committee leaders asked the Energy Information Administration to conduct a more extensive analysis of possible consequences from lifting or easing the ban on exporting domestically produced crude oil.

IEA: Global oil supplies plunge in March on lower OPEC output

Global crude oil supplies fell month-on-month in March by a steep 1.2 million b/d to 91.75 million b/d, with a decline in output from members of the Organization of the Petroleum Exporting Countries accounting for near 75% of the loss, according to the International Energy Agency’s most recent Oil Market Report.

MARKET WATCH: Crude oil futures prices slide in week’s see-saw market

The New York Mercantile Exchange May crude oil contract price was down 20¢ on Apr. 10, closing at $103.40/bbl. The June contract fell 27¢ to $102.38/bbl.

MARKET WATCH: Crude oil futures rise on Libya, Ukraine concerns

Crude oil futures prices reached a 5-week high on the New York market Apr. 9 amid continued uncertainty about apparent delays in an anticipated resumption of Libyan oil exports and continued political uncertainty regarding Ukraine, analysts said.

FRA to propose requiring two-member crews on trains carrying crude

The Federal Railroad Administration (FRA) plans to propose requiring trains transporting crude oil to have at least two crew members, the US Department of Transportation agency announced. It said it also intends to propose a train securement rule and recommend a rulemaking on hazardous materials movement.

MARKET WATCH: NYMEX oil price jumps on EIA’s reduced oil production forecast

The benchmark US crude oil futures price jumped more than $2/bbl on Apr. 8 after the US Energy Information Administration released a report saying government analysts reduced their earlier oil production forecast for this year and next.

Russia falls to last place in SAFE’s latest Oil Security Index

Russia, which ranked as high as No. 9 in 2005, fell to last place in the most recent quarterly update of the global Oil Security Index (OSI), released by Securing America’s Future Energy (SAFE), the nonpartisan organization dedicated to the reduction of US dependence on foreign oil.

MARKET WATCH: Oil futures drop on expected resumption in Libyan supply

Crude oil futures prices fell on New York and London markets Apr. 7 on expectations that two eastern Libyan ports that export oil would be reopened soon, increasing world oil supplies.

Moody’s: Global refining, marketing industry to see earnings rise this year

The global refining and marketing industry will continue to see pockets of earnings growth over the next year, but flat conditions overall, with product demand expected to increase modestly this year by 1.2 million b/d, according to a recent report from Moody’s. That demand increase will be roughly in line with net global capacity additions, Moody’s said.

MARKET WATCH: Crude oil futures end week higher

The New York Mercantile Exchange May crude oil contract rose 85¢ on Apr. 4, closing at $101.14/bbl. The June contract gained 83¢ to $100.46/bbl.

Move carefully on crude exports, refiner urges House subcommittee

Tight oil formations have helped the US increase its crude production dramatically, an independent refiner conceded. But the nation should proceed cautiously as it considers authorizing more crude exports, he told a US House Foreign Affairs Committee subcommittee.

EIA: Ethanol spot prices rise on rail congestion, cold weather

Spot prices for ethanol have increased steadily since early February, driven by logistical problems and harsh weather conditions, according to the US Energy Information Administration.

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