More Economics & Oil Market News

MARKET WATCH: NYMEX crude oil prices close above $53/bbl

US light, sweet crude oil prices for March delivery closed above $53/bbl on the New York market Feb. 17 after the market was closed on Feb. 16 for Presidents Day.

BP Energy Outlook projects global energy demand to jump 37% by 2035

Global demand for energy is expected to rise by 37% from 2013 to 2035, or by an average of 1.4%/year, due in large part to ongoing economic expansion in Asia, particularly in China and India, according to the latest BP Energy Outlook 2035.

MARKET WATCH: Brent crude oil reaches above $62/bbl

The April ICE contract for Brent crude oil prices rose modestly in London to settle above $62/bbl on Feb. 16 while the New York Mercantile Exchange was closed for Presidents Day so no settlement prices were available for US energy commodities.

MARKET WATCH: NYMEX crude oil prices near $53/bbl

US light, sweet crude oil prices closed more than $1/bbl higher on the New York market Feb. 13, and Brent crude oil prices settled more than $2/bbl higher on strong economic indicators from Europe where stock markets ended a volatile week at 7-year highs.

Deloitte studies oil supply growth for 2015-16

A Deloitte MarketPoint analysis suggested large-field projects, each producing more than 25,000 b/d, could bring on 1.835 million b/d in oil supply this year, of which 635,000 b/d would be from members of the Organization of Petroleum Exporting Countries and the rest from non-OPEC production.

MARKET WATCH: NYMEX crude oil price jumps more than $2/bbl

Crude oil prices on the New York market jumped by more than $2/bbl Feb. 12 to settle above $51/bbl, which analysts attributed to more oil and gas companies cutting their budgets as well as an announced ceasefire agreement between Russia separatists and Ukrainian forces.

Apache’s 2015 capital budget less than half of last year’s $8.5 billion

Apache Corp., Houston, plans a capital budget of $3.6-4 billion in 2015, with $2.1-2.3 billion directed toward onshore North America and $1.5-1.7 billion for international and offshore.

Total reduces budget by 10% to $23-24 billion

Total SA plans to lower its organic investments to $23-24 billion in 2015 from $26.4 billion in 2014 by reducing spending in brownfield developments and stopping certain projects that it says have become less profitable.

MARKET WATCH: NYMEX crude prices drop back below $50/bbl

The New York Mercantile Exchange March crude oil contract dropped $1.18 on Feb. 11, closing at $48.84/bbl. The April contract dropped $1.15 to $50.93/bbl.

US House vote sends Keystone XL approval bill to Obama’s desk

The US House of Representatives voted by 270 to 152 to pass S. 1, which would deem the proposed Keystone XL crude oil pipeline approved more than 6 years after sponsor TransCanada Corp. applied for its presidential crossborder permit. The Feb. 11 action sends the measure to US President Barack Obama’s desk, where it is likely to be vetoed.

TransCanada challenges EPA’s comments on Keystone XL SEIS

TransCanada Corp. responded to the Feb. 2 comment letter from the US Environmental Protection Agency on the US Department of State’s final supplemental environmental impact statement (SEIS) for the Keystone XL crude oil pipeline.

PNR cuts capital spending nearly in half

Pioneer Natural Resources Co. (PNR), Dallas, plans to spend $1.85 billion in 2015 following a fourth quarter in which the company reported a net income of $431 million. The new budget represents a 45% reduction from 2014 capital spending for continuing operations, a change attributed to low oil prices.

PACE survey finds 69% support for crude exports to trading partners

More than two thirds of registered voters responding in a nationwide telephone survey commissioned by Producers for American Crude Exports (PACE) supported allowing US producers to sell crude to customers in countries that have a trading agreement with the US.

EIA: US gasoline prices to average $1/gal less in 2015 vs. 2014

US regular gasoline retail prices are expected to average $2.33/gal in 2015, down from $3.36/gal in 2014, according to the Energy Information Administration’s (EIA) latest Short Term Energy Outlook (STEO).

MARKET WATCH: NYMEX oil prices rise on revised OPEC forecast

Crude oil prices climbed more than $1/bbl on Feb. 9 to settle above $52/bbl, marking a third consecutive trading session that ended with higher prices. The latest gain came after the Organization of Petroleum Exporting Countries increased its forecast for demand for OPEC crude oil during 2015.

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