More Economics & Oil Market News

MARKET WATCH: Crude oil futures end week slightly higher

The New York Mercantile Exchange July crude oil contract price was up 18¢, closing at $102.66/bbl on June 6. The August contract gained 13¢ to $101.94/bbl.

EIA: Light, sweet crude from tight formations source of US oil production increases

About 96% of the 1.8-million b/d growth in US production during 2011-13 consisted of light, sweet crude grades with API gravity of 40° or higher and sulfur content of 0.3% or less, the US Energy Information Administration reported on June 6.

MARKET WATCH: Crude, gas futures prices waffle in mixed market

The New York Mercantile Exchange July crude oil contract price declined 16¢ closing at $102.48/bbl on June 5. The August contract dropped 12¢ to settle at $101.81/bbl.

NGSA: US gas prices to feel slight upward pressure this summer

US natural gas likely will feel modest upward pressure this summer from levels a year earlier when Henry Hub prices averaged $3.77/MMbtu, the Natural Gas Supply Association said in its 2014 Outlook for Summer Gas, released June 4.

Akin Gump: Mozambique, Tanzania are updating petroleum laws

The governments of Mozambique and Tanzania are developing laws and regulations so those nations can tap into revenues from potential natural gas export projects, a partner with Akin Gump Strauss Hauer & Field LLP said during a midyear energy briefing on June 4.

IHS: India needs to reform gas prices

Uncertain reform of natural-gas pricing in India, if allowed to move forward, would revive oil and gas investment and help the government balance its accounts, according to a new study by IHS.

MARKET WATCH: NYMEX oil prices drop on high product supplies

Crude oil futures settled lower June 4 on the New York market where the settlement has been lower than the previous day for five of seven trading sessions while crude oil futures on the London market also dropped, marking a fourth consecutive decline.

MARKET WATCH: NYMEX oil futures up slightly awaiting inventory report

Oil futures prices rose modestly on the New York market on June 3 as analysts correctly anticipated a drop in US oil inventories.

CNPC called ‘winner’ in Gazprom gas deal

The $400 billion natural gas deal Gazprom signed with China National Petroleum Corp. last month strongly favors the Chinese company and its country, writes an analyst with Chatham House, the Royal Institute of International Affairs, London.

MARKET WATCH: NYMEX oil prices fall on mixed signals from international news

Oil prices fell on the US and London markets June 2 upon mixed signals, and some analysts said downside price risks appeared to be increasing from growing oil exports from Iraq and anticipated new production from Angola.

Market dynamics key to US LNG exports to Asia, witnesses say

US exports of LNG to Asia are more likely to be determined by overseas market dynamics than by US government policies, witnesses told a US House Foreign Affairs Committee subcommittee on May 29.

EIA: Domestic production satisfies 84% of US energy demand in 2013

Total US energy production in 2013 reached 81.7 quadrillion British thermal units (quads), and US domestic energy production as a share of consumption reached 84%, according to data from the US Energy Information Administration.

MARKET WATCH: Futures prices end week down across the board

The New York Mercantile Exchange July crude oil contract price fell 87¢, closing at $102.71/bbl to end the month of May. The August contract declined 80¢ to settle at $101.98/bbl.

CEDIGAZ: Europe faces crisis in electric power reliability

Europe faces “a major structural crisis” of electric power reliability as thermal generation capacity needed to back up electricity from renewable energy falls, according to a report by CEDIGAZ (International Center for Natural Gas Information).

MARKET WATCH: Crude oil futures price up, gas price falls

The New York Mercantile Exchange July crude oil contract price gained 86¢, closing at $103.58/bbl on May 29. The August contract rose 79¢ to $102.78/bbl.

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