More Economics & Oil Market News

MARKET WATCH: Oil, gas prices end March on strong note

Crude oil futures on the New York and London markets were down slightly Mar. 31 after weekend talks between US Sec. of State John Kerry and Russian Foreign Minister Sergei Lavrov seemingly yielded little progress toward resolving the Ukraine conflict.

MARKET WATCH: Crude oil futures end week above $100/bbl mark

The New York Mercantile Exchange May crude oil contract was up 39¢ on Mar. 28, closing at $101.67/bbl. The June contract increased 36¢ to settle at $100.89/bbl.

API report unveils economic gains from US crude exports

A recent study details significant US jobs gains, reduced consumer fuel costs, and robust economic growth associated with future crude oil exports, according to Kyle Isakower, vice-president for regulatory and economic policy for the American Petroleum Institute. The new study, by ICF International and EnSys Energy, was released Mar. 31 during an API conference call.

MARKET WATCH: Crude oil futures sustain $100/bbl price level

Crude oil futures prices on the New York Mercantile Exchange sustained levels above $100/bbl during trading on Mar. 27 after breaching that threshold earlier in the week. 

IHS: Western sanctions indirectly could hinder Russian oil, gas revenues

Western sanctions imposed against Russian government officials and business executives regarding Russia’s conflict with Ukraine could slow the availability of capital for Russian oil and gas companies trying to launch major new projects, IHS said.

EIA: Cushing inventories down 32% over the last 2 months

According to the US Energy Information Administration, crude oil inventories at Cushing, Okla., the primary crude oil storage location in the US, decreased 13 million bbl (-32%) over the last 2 months.

MARKET WATCH: NYMEX oil climbs back above $100/bbl

Crude oil futures on the New York market climbed above $100/bbl for the first time in a week on Mar. 26. The momentum continued in early Mar. 27 trading as two US government agencies issued positive economic indicators that could mean higher oil demand, analysts said.

EIA: China exceeds US as the largest net petroleum importer

In September 2013, China’s net imports of petroleum and other liquids exceeded those of the US on a monthly basis, making it the world’s largest net importer of crude oil and other liquids, according to the US Energy Information Administration.

MARKET WATCH: NYMEX oil futures drop with HSC partially reopened

Crude oil prices fluctuated but ended the New York trading session down modestly Mar. 25 after the US Coast Guard reopened the Houston Ship Channel to limited traffic during daylight hours while cleanup efforts continue on an oil spill off Texas City, Tex.

WoodMac: US tight-oil market ‘too robust to bust’

A drop in global oil price levels or a significant widening of the differential between global oil prices and inland realizations are just two of the ways the North American tight-oil boom could go bust, according to a recent analysis from Wood Mackenzie.

MARKET WATCH: Oil futures climb on Texas oil spill, Ukraine concerns

Oil prices climbed on the New York market Mar. 24, which analysts attributed to concerns about a temporary closure of the Houston Ship Channel and worries about tensions between Russia and Ukraine.

Financial questions seen for US shale gas, tight-oil plays

Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the author of a March comment published by the Oxford Institute for Energy Studies (OIES).

MARKET WATCH: Front-month crude oil contract closes up, gas down on week

The front-month crude oil contract ended the week higher Mar. 21 while natural gas futures prices edged slightly lower.

Industry group welcomes most UK budget moves

Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annual budget speech.

MARKET WATCH: Crude oil, gas futures prices slide entering spring

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

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