More Economics & Oil Market News

EIA conference speakers warn of US light crude oil’s ‘day of reckoning’

The US could find its light crude oil production growth stymied if it doesn’t allow more of it to be exported, speakers warned during the US Energy Information Administration’s 2014 energy conference’s first day.

MARKET WATCH: Crude oil futures fall on mixed geopolitical signals

Crude oil prices settled lower on the New York and London markets July 14 after weekend reports that Iraq’s parliament was unable to agree on a new speaker, which could delay attempts to remedy insurgency in Iraq.

OGUK welcomes ‘urgently needed’ tax consultation

Oil & Gas UK said it welcomes “urgently needed” formal consultation announced July 14 by HM Treasury into the future of the UK offshore oil and gas tax regime.

MARKET WATCH: Crude oil markets close week lower in New York, London

Crude oil markets closed out the week ended July 11 lower in both New York and London.

IEA: Oil prices pulling back on eased supply concerns, softening demand

On the back of rapid territorial gains by militants of the Islamic State of Iraq and Syria (ISIS) in northern Iraq, ICE Brent oil futures surged in mid-June to a 9-month high of more than $115/bbl.

MARKET WATCH: Crude oil prices climb, ending long slide

Crude oil prices in New York and London markets performed an about-face July 10, recovering finally from a long downward slide.

Middle class key to MENA energy subsidy reforms, speakers say

Countries in the Middle East and North Africa (MENA) are talking more openly about energy subsidy reforms, but governments need to pay closer attention to middle-class consumers’ concerns if they expect to make more progress, speakers said during a July 10 forum at the Atlantic Council.

MARKET WATCH: Crude oil futures drop with rising Libyan production

Crude oil prices fell by more than $1/bbl on the New York market July 9 on reports that Libya’s largest oil field had resumed production following the lifting of a force majeure on two ports, Ras Lanuf and Es Sider, which together account for about half of Libya’s oil exports.

MARKET WATCH: Oil prices continue down on London, New York markets

Crude oil prices on the New York market dropped modestly on July 8, settling down for the seventh consecutive session while oil prices on the London market dropped by more than $1/bbl, marking Brent’s sixth consecutive trading session that ended with a decline.

EIA expects higher gasoline prices for driving season, full year

During the April-September summer driving season this year in the US, regular gasoline retail prices will average $3.66/gal, 8¢/gal higher than last year and 4¢ higher than projected last month, according to a forecast from the US Energy Information Administration in its July Short-Term Energy Outlook (STEO).

Mongolian petroleum law passage aims to boost foreign investment

Wolf Petroleum Ltd., Perth, reported the passing of a new petroleum law in Mongolia designed to boost foreign investment in the country.

MARKET WATCH: NYMEX crude, gas futures settle lower

Crude oil prices on the New York market declined in trading July 7 as did natural gas futures prices on forecasts for cooler temperatures in the US Midwest and Northeast for 6-10 days.

US industrial gas use seen up 19% by 2020

New projects will boost industrial use of natural gas in the US during 2012-20 by 19%, according to the Center for Energy Economics (CEE), part of the Bureau of Economic Geology at the University of Texas at Austin.

MARKET WATCH: Crude oil futures end shortened week trading lower

The New York Mercantile Exchange August crude oil contract lost 42¢ on July 3, closing at $104.06/bbl. The September contract declined 40¢ to $103.51/bbl. Markets were closed on July 4 for a holiday in the US.

MARKET WATCH: Libyan news contributes to lower crude oil futures prices

An agreement between the Libyan government and rebels to reopen two oil ports in eastern Libya contributed to a slip in crude oil prices in July 2 trading in both New York and London markets although analysts noted that similar agreements have fallen through in recent months.

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Offshore Middle East Conference & Exhibition

January 26, 2015
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