Oil prices rallied on Nov. 6 while US voters went to the polls to elect a president, and US gasoline futures climbed following an announcement from Phillips 66 that its 238,000-b/d Bayway refinery in Linden, NJ, will take 2-3 weeks to resume operations.

Leading US oil and natural gas trade associations said they were looking forward to working with a second Barack Obama administration after the president won reelection on Nov. 6. Several leaders of the groups suggested growing public awareness of the nation’s improved oil and gas outlook will influence policy decisions in the next 4 years.

The US Energy Information Administration lowered its projected average price for West Texas Intermediate crude oil during 2012’s final 3 months to $89/bbl in its latest Short-Term Energy Outlook. The estimate was about $4/bbl less than the one in its October STEO, it noted.

US upstream master limited partnerships (MLP) participated in a growing percentage of oil and gas asset transactions during the last 2 years, PwC US reported as part of its latest quarterly analysis of oil and gas asset transactions.

Crude oil prices rose modestly on markets in New York and London Nov. 5 in anticipation of the Nov. 6 US presidential elections and also while analysts awaited more news on oil and product demand following Hurricane Sandy.

Energy markets lost more momentum last week as Hurricane Sandy took its toll on investors' appetite, said analysts at Raymond James & Associates Inc. “The S&P 500 closed down 1% after three trading sessions as the market's focus shifted to domestic shores and corporate earnings,” they said.

The front-month crude contract continued climbing, up 0.9% Nov. 1 following an unexpected draw from US inventories, as the recovering transportation network enabled more traders to reach the floors of New York markets.

With resumption of floor trading in New York markets, energy prices rose moderately amid worries about US Northeast supply and demand following the combination Hurricane Sandy and winter storms.

Crude oil prices rose slightly in electronic trading Oct. 30 in the New York market, but the front-month natural gas futures contract fell 3% on fear of extended power outages in the wake of Superstorm Sandy.

The front-month crude price dropped in truncated trading Oct. 29 in the New York market, wiping out gains from two earlier sessions, while natural gas recovered more than its previous loss before Hurricane Sandy struck New Jersey.

Oil prices continued to advance modestly and natural gas prices continued to slip Oct. 26, but markets are now focused on Hurricane Sandy that was already knocking out power and flooding some East Coast and Northwest areas early Oct. 29.

Oil prices rebound modestly Oct. 25 with front-month crude up 0.4% in the New York market, but natural gas traded down 0.5% on indications Hurricane Sandy will make landfall in the US Northeast early next week, posing no threat to Gulf of Mexico production.

Front-month oil and gas futures prices declined Oct. 24 with crude dropping 1% following a bearish report of increased inventory while natural gas fell 2% in the New York market among mixed economic indicators.

Trinidad and Tobago, a major LNG exporter in the Western Hemisphere, is changing its emphasis from spot sales to large Atlantic Basin customers to contracts with Caribbean and South American nations eager to move to gas from imported diesel and fuel oil for electricity generation, the country’s energy minister said.