More Economics & Oil Market News

MARKET WATCH: Oil futures climb on Western tensions about Russia, Ukraine

Oil futures climbed on both New York and London markets Apr. 29 upon continuing uncertainty regarding futures steps that the West might take against Russia because of the Russia-Ukraine conflict.

MARKET WATCH: Brent crude prices fall as market shrugs off Russia sanctions

Crude oil prices fell by more than $1/bbl on the London market during Apr. 28 trading in a lukewarm response to additional international sanctions against Russian officials and companies regarding its conflict with Ukraine. Analysts noted the sanctions were less severe than expected.

MARKET WATCH: Crude futures price ends week above $100/bbl

The New York Mercantile Exchange June crude oil contract price lost 1.34¢, closing at $100.60/bbl on Apr. 25. The July contract relinquished $1.32 to $100.03/bbl.

EIA: Marcellus gas production continues to outpace takeaway capacity

Rising production of natural gas in the Marcellus shale play in the Appalachian basin continues to outpace the growth in the region’s pipeline takeaway capacity, which has led to supply backups in the region, the US Energy Information Administration reported in a weekly gas report.

MARKET WATCH: Brent crude prices top $110/bbl on geopolitical tensions

In London, ICE Brent crude oil prices moved up this week, topping $110/bbl on Apr. 24 “amid rising geopolitical tensions between Russia and Ukraine, declining refinery turnarounds, and North Sea field maintenance,” said Barclays analysts in an Apr. 25 Energy Market Outlook.

EIA: Companies’ global upstream spending flat in 2013

According to annual reports from 42 international oil and natural gas companies that have reported data on upstream expenditures since 2000, total upstream spending by these companies increased 0.4% in 2013, relatively flat compared with an average increase of 11%/year during 2000-12.

MARKET WATCH: NYMEX crude oil prices drop on high inventory numbers

Crude oil futures prices dropped modestly on the New York market on Apr. 23 following the release of a government report showing the highest oil inventory since the US Energy Information Administration began issuing weekly reports in August 1982.

MARKET WATCH: US oil futures fall more than $2/bbl awaiting inventory report

Crude oil futures fell more than $2/bbl on the New York market during Apr. 22 trading while analysts awaited the Apr. 23 release of a weekly US government inventory report, which showed another rise in oil supply as they had anticipated.

E&Y: North American oil, gas industry staves off geopolitical strife in 1Q

The North American oil and gas market started the year on a good note during the first quarter as a cold winter brought relief to producers and refiners, and Mexico progressed on energy reform, Ernst & Young said in its US quarterly report on the industry.

EIA: US petroleum product exports increased in 2013

US petroleum product exports in 2013 averaged 3.5 million b/d, up 10% from levels in 2012, according to the US Energy Information Administration. In December 2013, US exports of petroleum products reached 4.3 million b/d, the first time to exceed 4 million b/d in a single month.

MARKET WATCH: Oil futures gain on positive US economy, delays in Libya oil exports

Oil futures on the New York market gained slightly in Apr. 21 trading, which analysts attributed to positive indicators for the US economy and news that Libya would not resume its exports as fast as had been suggested.

MARKET WATCH: Crude oil futures price ticks up before Easter holiday

The New York Mercantile Exchange May crude oil contract price increased 54¢ to close at $104.30/bbl on Apr. 17. Markets were closed Apr. 18 in observance of the Good Friday holiday. The June contract, meanwhile, gained 34¢ to $103.37/bbl.

EIA: Gulf Coast crude oil inventories reach record level

Crude oil inventories on the US Gulf Coast reached a record high of 207.2 million bbl on Apr. 11, as a result of the continuing strong crude oil production growth, the opening of TransCanada’s Marketlink Pipeline, and a drop in crude oil inputs at Gulf Coast refineries due to seasonal maintenance, according to the US Energy Information Administration.

MARKET WATCH: Crude oil prices mixed on likely Libyan exports, Ukraine talks

Brent crude oil prices climbed above $109/bbl on the London market Apr. 16 while crude oil prices gained only marginally on the New York market as world oil markets received mixed signals from international political news, analysts noted.

US gas reserve growth in 2013 was robust, AGA estimates

US natural gas producers added more than 35 tcf of reserves in 2013, the American Gas Association said in its latest annual preliminary estimate based on reported results by the 30 largest companies representing more than half of the total US production and reserves.

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