More Economics & Oil Market News

MARKET WATCH: Brent crude oil futures snap losing streak

Oil prices rose modestly on the New York market Aug. 13 while oil prices ended a 3-day losing streak on the London market by rallying more than $1/bbl.

Investors watch, wait as Mexico finalizes details of energy reform

For Mexico, constitutional reform was just the first step in the long process of opening up its energy industry to outside investment.

EIA: July Brent prices drop on reduced market risk

In the August issue of its Short-Term Energy Outlook (STEO), the US Energy Information Administration maintains its 2014 US liquid fuels consumption forecast at 18.88 million b/d as projected in July compared with 18.89 million b/d in 2013. The 2015 consumption is set at 18.98 million b/d, 30,000 b/d higher than projected in last month’s STEO.

MARKET WATCH: Brent crude oil futures down on lower IEA oil demand forecast

Oil prices settled about 70¢ lower on the New York market Aug. 12 while oil prices on the London market plunged more than $1 to their lowest level since early July 2013 following a report from the International Energy Agency, which lowered its oil demand forecast.

IEA: Oil demand growth forecast lowered on downgraded economic outlook

The global oil demand growth forecast for 2014 has been curtailed since last month’s report to a more modest 1 million b/d, according to the International Energy Agency’s most recent Oil Market Report.

INGAA Foundation, ICF jointly release infrastructure study data

Data are now available that underpin a major natural gas infrastructure study the INGAA Foundation Inc. released in March, the foundation and ICF International, which prepared the study, jointly announced on Aug. 11.

MARKET WATCH: NYMEX crude oil futures rise modestly awaiting IEA report

Oil prices rose modestly on the New York market Aug. 11 while analysts awaited the Aug. 12 release of monthly reports from the International Energy Agency and US Energy Information Administration.

MARKET WATCH: Crude futures prices continue gains in New York

Crude oil futures prices ended last week on an upswing, continuing to make gains on geopolitical news of ongoing conflict in Iraq and elsewhere.

Study highlights Pennsylvania’s shale gas development boom

The rapid shale gas development in Pennsylvania’s Marcellus shale formation has presented both challenges and opportunities to local governments and communities. In particular, concerns that local governments might be entering a “boom and bust” cycle—similar to previous resource extraction experiences in Pennsylvania’s history—are on the rise.

MARKET WATCH: Crude oil futures prices gain traction amid Iraqi strife

Crude oil futures prices gained traction Aug. 7 just as news of rebels belonging to the Islamic State in Iraq and Syria, or ISIS, were seizing more land in the vicinity of Kurdistan, “coming unsettlingly close to a number of oil projects and prompting some international companies to evacuate,” said analysts with Raymond James & Associates Inc.

Aramco’s August price differentials drop for destinations outside the US

Saudi Aramco has reduced its August price differentials for destinations outside the US, especially Europe. These reductions reflect the anticipated reopening of the Ras Lanuf and Es Sider terminals in Libya, which could increase that country’s crude exports by 500,000 b/d. They also reflect the intention for Saudi oil to remain competitive in southern European markets, according to the US Energy Information Administration after data from Arab Oil & Gas.

Mexico’s senate passes oil, gas reform legislation

Mexico’s senate approved legislation on Aug. 6 that will begin to open the country’s oil and gas industry to outside investment since it was nationalized in 1937. The measure headed for President Enrique Pena Nieto’s desk, where it was expected to be signed.

WEA launches new greater sage grouse public information campaign

Listing the greater sage grouse as an endangered species under the federal Endangered Species Act would discourage effective local and state conservation efforts while stifling economic growth and job creation, the Western Energy Alliance said in a new public education campaign.

MARKET WATCH: Energy futures mixed upon lingering international conflicts

Oil prices fell modestly on the New York market Aug. 6 while heating oil, gasoline, and natural gas futures prices all rose. Analysts expect strong oil demand through Dec. 31, acknowledging lingering concerns about international conflicts and potential oil supply disruptions.

OGUK: Optimism still waning in UK’s offshore oil, gas industry

Optimism in the UK’s offshore oil and gas industry continues to wane, according the second-quarter Oil & Gas UK (OGUK) Business Sentiment Index (BSI), released Aug. 6.

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Offshore Middle East Conference & Exhibition

January 26, 2015
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