More Economics & Oil Market News

MARKET WATCH: NYMEX prices edge higher after Strait of Hormuz incident

Light, sweet oil prices settled moderately higher on the New York market Apr. 28 after briefly spiking to $57.73/bbl on news that the Iranian Revolutionary Guards Corp navy seized a western cargo ship in the Strait of Hormuz. Meanwhile, Brent crude oil fell modestly on the London market.

Eni sees 1Q profit decline 55% year-over-year

Eni SPA reported a first-quarter consolidated adjusted operating profit of €1.57 billion, down 55% from first-quarter 2014. The company says the decline was driven by lower crude oil prices, and only partly offset by a better performance recorded in upstream activity and in all other business segments.

Total’s 1Q profit down 22%

Total SA reported a first-quarter adjusted net income of $2.6 billion, down 22% from $3.3 billion during first-quarter 2014, citing a 50% decrease in Brent crude oil prices since last year.

BP reports 20% lower profits in 1Q, continues divestment program

BP PLC reported that its underlying replacement cost profit for the first quarter was $2.6 billion, down from $3.2 billion for first-quarter 2014 but up from $2.2 billion for fourth-quarter 2014.

MARKET WATCH: Crude prices slide, then climb on international news

Crude oil prices on the New York and London markets dropped on Apr. 27, settling down after a weeks-long rally. However, prices crept up again early on Apr. 28 following reports that the Iranian navy seized a Marshall Islands-flagged commercial cargo vessel that was initially reported as belonging to the US.

MARKET WATCH: NYMEX oil prices retreat; Brent sets high for 2015

Crude oil futures settled moderately lower Apr. 24 on the New York market while Brent crude futures on the London market set a fresh high for the year with the Apr. 24 settlement.

MARKET WATCH: NYMEX, Brent crude oil prices reach 2015 highs on Yemen strife

Crude oil futures found support on both New York and London markets in Apr. 23 trading on news of more airstrikes against rebels in Yemen by Saudi Arabia, renewing concerns about a possible disruption in Middle Eastern oil shipments.

Gazprom: EC’s antitrust allegations ‘unsubstantiated’

OAO Gazprom says antitrust allegations by the European Commission regarding territorial restrictions and an unfair pricing policy are “unsubstantiated.”

Upper East Coast US Senate, House members oppose Atlantic leasing

Observing both Earth Day and the fifth anniversary of the Macondo deepwater well accident and crude oil spill, US Senate and House members—largely Democrats from Northeastern and Mid-Atlantic states—introduced bills to stop federal offshore oil and gas leasing off the Atlantic coast.

MARKET WATCH: NYMEX crude oil price drops on inventory build

Crude oil prices for June delivery dropped modestly on the New York market on Apr. 22 to remain above $56/bbl for June delivery following another reported increase in US oil and product inventories. Meanwhile, statistics indicated slower manufacturing activity in China, a major oil consumer, last month than in March although the final April statistics have yet to be tabulated.

CERAWeek: Company, industry have transformed since Macondo, BP CEO says

This week marked the 5-year anniversary of the Deepwater Horizon explosion in the deepwater Gulf of Mexico that took 11 lives and resulted in the costliest oil spill in US history, a somber occasion of which Bob Dudley, BP PLC chief executive officer since the aftermath of the incident, took a moment to remember during an Apr. 21 IHS CERAweek luncheon.

CERAWeek: Regulatory hurdles still threaten US shale, CEOs say

Leaders of prominent US shale producers came together on Apr. 21 to drive home a point that’s emerged as a primary theme during this year’s IHS CERAWeek in Houston: The urgent need to lift the export ban on US crude oil.

MARKET WATCH: NYMEX crude oil drops pending weekly inventory report

Crude oil prices for May delivery dropped more than $1/bbl on the New York market Apr. 21 upon reports that Saudi Arabia was halting air strikes against rebels in Yemen and also as traders awaited the weekly US government oil and product inventory report.

First QER proposals include local gas system improvement assistance

The White House recommended that the US Department of Energy concentrate on modernizing the nation’s energy transportation, storage, and distribution (TS&D) systems in its initial proposals under the recently established Quadrennial Energy Review. The Apr. 21 report also posed that DOE financially assist states in providing incentives for natural gas utilities to replace and improve local distribution systems (LDS).

LNG export limits violate US free trade tradition, ExxonMobil executive says

The US should remove the national interest demonstration requirement for LNG exports to countries with which it does not have a free-trade agreement before it loses one of its biggest energy and economic opportunities in its history, an ExxonMobil Corp. executive said.

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