More Economics & Oil Market News

MARKET WATCH: Natural gas prices stay above $6/MMbtu

Natural gas futures prices settled lower Feb. 20 but still remained above $6/MMbtu on the New York market after a weekly government report showed underground gas storage volumes stayed slightly higher than analysts had expected given this winter’s snowstorms and freezing temperatures.

Potential chemical investment due to low gas prices tops $100 billion

Potential US chemical industry investment linked to plentiful and affordable natural gas and natural gas liquids from domestic shale formations has topped $100 billion, the American Chemistry Council announced.

Noble Energy to sell Tamar gas in Jordan

Noble Energy Inc. has signed an agreement to sell natural gas from Tamar gas field offshore Israel to businesses in Jordan.

Study notes boosts from US drilling boom

The US oil and gas drilling boom is creating jobs far faster than the general economy and generating enough wealth to prevent a lapse back into recession, according to a report published this month by the conservative Manhattan Institute.

MARKET WATCH: NYMEX oil prices climb above $103/bbl, natural gas soars

Natural gas prices soared on the New York market Feb. 19 while crude oil prices also climbed upon forecasts for more cold temperatures, which continue driving strong demand for natural gas and heating oil for heating. Natural gas and distillate inventories have declined this winter.

Crude exports would reduce US gasoline prices, RFF paper suggests

US crude oil exports would lead to more efficient use of the country’s refineries, resulting in more gasoline and lower prices, a Resources for the Future issue brief concluded.

EIA: Syria’s oil production unlikely to recover for months, maybe years

Syria’s oil and gas production is unlikely to recover in the near term because of ongoing hostilities between the Syrian government and opposition forces, the US Energy Information Administration said in an update to its country report on Syria.

CSIS speaker: Community benefits are key to next US gas phase

Communities should be able to continuously share economic benefits from increasing US tight oil and shale gas production, experts said.

MARKET WATCH: NYMEX crude oil prices climb on winter weather, storage

Crude oil futures prices on the New York and London markets reached their highest levels so far this year during Feb. 18 trading, driven in part by winter weather and in part by a private inventory assessment showing a larger-than-expected drop in crude supplies at Cushing.

MARKET WATCH: Brent crude oil futures down slightly with NYMEX closed on Presidents’ Day

Crude oil prices declined modestly in Feb. 17 trading while the New York futures commodities trading floor was closed for the US Presidents’ Day holiday.

MARKET WATCH: NYMEX crude oil futures ended week above $100/bbl

US crude oil futures prices on the New York market continued to hover near $100/bbl on Feb. 14 as they had all week, and analysts said March heating oil prices and cash natural gas prices climbed on expectations of an East Coast snowstorm that would keep heating demand high.

MARKET WATCH: Crude oil futures remain above $100/bbl benchmark

The New York Mercantile Exchange March crude contract edged down 2¢ on Feb. 13, closing at $100.35/bbl. The April contract gained 13¢ to settle at $100.05/bbl.

MARKET WATCH: NYMEX March crude oil rebounds to top $100/bbl

Crude oil futures prices on the New York Mercantile Exchange topped $100/bbl on Feb. 12 after a weekly US government inventory report showed a reduction in oil volumes stored in Oklahoma, and analysts attributed the draw to the recent opening of a pipeline.

EIA: Short-term global oil supplies face uncertainties

Global consumption of petroleum and other liquids will rise an average of 1.3 million b/d in 2014 and 1.4 million b/d in 2015, exceeding 93 billion b/d by second-half 2015, according to the most recent Short-Term Energy Outlook released by the US Energy Information Administration.

MARKET WATCH: NYMEX crude prices drop awaiting inventory report

Oil futures fell modestly on the New York market on Feb. 11 awaiting a weekly government inventory report of crude oil and products, and oil futures prices edged upward on the London market.

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