More Economics & Oil Market News

Market Watch, June 8

Oil futures prices rose on international markets Wednesday, again approaching the seemingly magical level of $30/bbl. Natural gas prices declined.

Is $5/MMbtu natural gas possible before summer's end?

Is $5/MMbtu out of the realm of possibility even before the summer is out? You bet it is.

Moody's says oil and gas debt ratings outlook stable to positive

The ratings outlook for most issuers of debt in the high-yield oil and natural gas sector is stable to positive, Moody's Investors Service, New York, says in a new report. Analyst Andy Oram says he sees the potential for a range of high-yield upgrades, although ratings changes will also take into consideration cyclical commodity, financial, and asset markets.

Market Watch: June 9

Unconfirmed speculation that Saudi Arabia may favor a production increase triggered a retreat in oil futures prices on international markets Thursday.

Natural gas injections rise, but storage outlook grim

Analyst and investment firm Salomon Smith Barney Inc. says it expects natural gas prices to remain strong and that its earlier estimates could prove conservative as the US storage outlook remains grim, according to a recent company report.

Market Watch, June 12

Oil futures prices are expected to rise again on the New York Mercantile Exchange (NYMEX) Monday after reports that the Organization of Petroleum Exporting Countries (OPEC) wouldn't decide whether to release more supply until its June 21 meeting in Vienna.

Market Watch, June 13

Energy futures prices shot up in trading on the New York Mercantile Exchange (NYMEX) Monday as it looked less likely that oil producers will boost output later this month. Traders noted that prices were again rising on a wide range of news reports suggesting that the Organization of Petroleum Exporting Countries (OPEC) would be carefully reviewing world oil demand at its June 21 meeting in Vienna.

NSTAR seeks New England power price cap

In a move that could heighten market uncertainty, New England's NSTAR Tuesday asked the US Federal Energy Regulatory Commission to impose a $1,000/Mw-hr electricity price cap between July 1 and Apr. 1, 2001. NSTAR is the parent company of Boston Edison, Commonwealth Electric, Cambridge Electric, and Commonwealth Gas.

Market Watch, June 14

Energy futures prices continued their strong rise in trading Tuesday on the New York Mercantile Exchange, amid speculation about what action, if any, the Organization of Petroleum Exporting Countries will take at its June 21 meeting.

Market Watch, June 15

Energy prices continued to move up in trading on the New York Mercantile Exchange Wednesday, with gasoline prices closing at a 9-year high on a report of a steep decline in reformulated gasoline inventories.

Technology to help US, Canada producers increase natural gas supply

Technology advances are expected to increase the economic gas resources base of the US Lower 48 and Canada by 250 tcf and 125 tcf, respectively, according to a new report by the Gas Technology Institute (GTI). The report, titled Natural Gas Supply Sector Summary (GRI-00/0012), outlines several elements that will enable the US and Canada to expand gas supply despite recent market turbulence.

Alberta electricity exchange on launch pad

The Alberta electricity forwards market is scheduled to be launched in the fourth quarter of this year, AgraLink Exchange Ltd., Calgary, and the Industrial Power Consumers & Cogenerators Association of Alberta reported Thursday.

WPC: Executives discuss benefits of gas-sector globalization

Globalization of the natural gas industry is a positive force that can help bridge the economic chasm between the world�s affluent and poor, says Texaco Inc. Chairman and CEO Peter I. Bijur. Bijur was one of several speakers at a World Petroleum Congress session in Calgary Thursday who predicted rapid globalization of the industry and world economy.

Market watch, June 16

Energy futures prices closed mixed in trading on the New York Mercantile Exchange (NYMEX) Thursday. Unleaded gasoline prices continued their upward march. Complex factors are contributing to high gasoline pump prices, says Texaco Inc. CEO Peter I. Bijur.

US FTC to investigate Midwest gasoline prices

President Clinton said Friday that the US Federal Trade Commission is looking to see whether oil company collusion is behind the recent gasoline price rise in the US Midwest. Oil industry experts have said the regional price increase is a result of short gasoline supplies, a pipeline rupture, and the Phase II federal reformulated gasoline requirements that took effect June 1. But other groups disagree about the causes.

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