More Economics & Oil Market News

MARKET WATCH: NYMEX crude oil price slides below $61/bbl

Crude oil prices fell below $61/bbl for January delivery on the New York market Dec. 10 after the Organization of Petroleum Exporting Countries lowered its 2015 world oil demand growth forecast and after a weekly US government report showed a build in crude oil supplies.

MARKET WATCH: US crude oil prices rebound modestly awaiting inventory report

Crude oil prices rose modestly on the New York market Dec. 9 while analysts awaited the US government weekly inventory report on crude oil and product supplies, which showed an increase despite some expectations that the crude oil level would decline.

ExxonMobil forecasts 35% higher world energy demand by 2040

A significantly bigger global middle class, expanded emerging economies, and 2 billion more people will contribute to 35% higher world energy demand by 2040, ExxonMobil Corp. forecasts in its 2015 energy outlook.

MARKET WATCH: Crude oil prices briefly dip to 5-year lows

Oil prices on the New York and London markets remained volatile, briefly trading around lows not seen since 2009 although prices were attempting to rebound in early Dec. 9 trading.

ConocoPhillips slashes 2015 capital budget

ConocoPhillips has elected to reduce its 2015 capital budget to $13.5 billion, down 20% compared with this year’s budget. The news comes on the heels of crude oil prices hitting 5-year lows.

MARKET WATCH: NYMEX, Brent crude oil prices plummeting on stronger US dollar

Oil prices plummeted on the New York and London markets Dec. 5 and continued downward in early Dec. 8 trading. Analysts noted both US light, sweet crude oil prices and Brent crude oil prices appeared headed toward 5-year lows as the US dollar strengthened.

MARKET WATCH: News of ample supply again force down crude prices

Crude prices were down again Dec. 4 on news of abundant supply.

UK outlines more oil and gas incentives

The UK government will enact incentives for oil and gas development beyond what Chancellor George Osborne announced in a fiscal speech to Parliament on Dec. 3.

MARKET WATCH: NYMEX crude oil prices rise slightly on inventory drop

Oil prices rose modestly on the New York market Dec. 3 after a weekly US petroleum inventory showed crude inventories fell by a surprising 3.7 million bbl, which analysts attributed to higher refinery processing rates.

UK government trims tax rate on oil, gas

The UK government has responded to calls for tax relief from the oil and gas industry by trimming the “supplemental charge” applicable to most production.

MARKET WATCH: NYMEX, Brent crude oil prices fall on jittery markets

Oil prices dropped more than $2/bbl on jittery New York and London markets Dec. 2 as analysts awaited the weekly US crude oil inventory report and any indicators of potential changes in ample world oil supplies.

Falling prices may pose new test for China oil policies, speakers say

China, which successfully revised its oil strategy in response to new technologies since 2008, could face fresh tests if prices stay low for a prolonged period, speakers at a Carnegie Endowment for International Peace forum suggested.

Proposed rail tank car rule could cost economy billions, report says

The US Pipeline & Hazardous Materials Administration’s proposed rail tank car rule could cost the US economy as much as $60 billion, a report commissioned by the Railway Supply Institute found.

After scuttling South Stream, Russia plans line to Turkey instead

Russia has decided against the construction of the 930-km South Stream natural gas pipeline across the Black Sea from Russia to Bulgaria, citing delays on the part of the European Union in taking the steps necessary to move forward.

MARKET WATCH: NYMEX crude oil prices rebound

Oil prices rebounded by nearly $3 on the New York market Dec. 1 to settle at $69/bbl after plunging more than $7/bbl in a single trading session last week in reaction to a decision by members of the Organization of Petroleum Exporting Countries to keep their current production quota.

Market Connections

Texas A&M University at Qatar (TAMUQ) (http://www.qatar.tamu.edu/) invites applications for the position of Chair of the Petroleum Engineering Program at the rank of associate or full professor, with an anticipated starting date of July 1, 2015. Texas A&M at Qatar is a partnership with Qatar Foundation, and it is based in a state-of-the-art, 595,000 square foot building that was completed in 2007.

Chair of the Petroleum Engineering Program

Texas A&M University at Qatar (TAMUQ) (http://www.qatar.tamu.edu/) invites applications for the position of Chair of the Petroleum Engineering ...
Novus International, Inc., a $1B+ privately held company, is a global leader in developing animal health and nutrition solutions. The Novus corporate mission is to help feed the world affordable, wholesome food by supplying superior goods and services to the leading commercial food producers worldwide. The company owns the world's largest methionine plant located at Chocolate Bayou, Texas and is in the early stages of building another plant at a site on the gulf coast of Texas or Louisiana.

Sr. Process Engineers

Novus International, Inc., a $1B+ privately held company, is a global leader in developing animal health and nutrition solutions. The Novus corpora...
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