More Economics & Oil Market News

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.

IHS: Canada’s oil sands an economic boon for jobs

Oil sands production is responsible for significantly boosting Canada’s jobs, economic growth, and government revenue, according to IHS CERA Oil Sands Dialogue study, “Oil Sands Economic Benefits: Today and in the Future.”

MARKET WATCH: NYMEX crude oil climbs above $100/bbl on heating demand

Crude oil futures prices on the New York market reached above $100/bbl on Feb. 11, settling at a high for the year, which analysts attributed to anticipated weekly reports showing sharp drops in US oil and product inventories because of high heating demand this winter.

MARKET WATCH: Crude oil futures finish week higher

The New York Mercantile Exchange March crude contract jumped $2.04 on Feb. 7, closing at $99.88/bbl. The April contract climbed $2.03 to settle at $99.35/bbl.

Energy exports could help national security, new report suggests

The US should encourage oil and gas exports as part of a broader strategy that also includes accepting the reality of energy interdependence, taking steps to reduce domestic consumption and diversify supplies, and integrating energy security into strategic policy and military planning, a recent report recommended.

MARKET WATCH: Oil futures price up; spot gas price continues to climb

The New York Mercantile Exchange March crude contract gained 46¢ on Feb. 6, closing at $97.84/bbl. The April contract added 56¢ to settle at $97.32/bbl.

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