More Economics & Oil Market News

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.

Senators ask EIA to study crude exports’ gasoline price effect

US Sens. Maria E. Cantwell (D-Wash.) and Ronald L. Wyden (D-Ore.) asked the US Energy Information Administration for more information on possible domestic gasoline price impacts from allowing more US crude oil to be exported.

MARKET WATCH: NYMEX natural gas prices dip on warmer forecasts

Natural gas prices for March delivery were volatile during Feb. 5 trading on the New York market, briefly reaching a 4-year high before closing for the day down by 3.45¢/MMbtu from the Feb. 4 settlement, and analysts attributed the closing decline to forecasts calling for warming temperatures.

MARKET WATCH: Natural gas, oil futures price climbs on US heating demand

Natural gas prices surged on the New York market on Feb. 4 as parts of the US experienced more winter weather while oil prices climbed awaiting the weekly government oil and product inventory numbers.

MARKET WATCH: Crude oil prices fall on economic indicators, Libyan news

Crude oil prices dropped on New York and London markets in Feb. 3 trading, and analysts said traders focused on weaker-than-expected US and Chinese economic indicators along with the possibility of Libya boosting its oil exports toward more normal levels.

MARKET WATCH: Oil futures price ends month about $2 higher than start of year

The March crude oil contract ended the month lower than the prior day’s closing price but was still nearly $2 higher than the start of January.

MARKET WATCH: Crude oil futures price up, natural gas down

The New York Mercantile Exchange March crude contract jumped 87¢ on Jan. 30, closing at $98.23/bbl. The April contract climbed 78¢ to settle at $97.66/bbl.

Senate panel hears arguments for, against US crude oil exports

Witnesses on both sides of the debate over whether to expand US crude oil exports used improved energy security and creation of more domestic jobs to support their viewpoints during a US Senate Energy and Natural Resources Committee hearing on the subject.

Index reveals record year for Texas oil, gas production

The Texas Petro Index, a composite index based on a comprehensive group of upstream economic indicators, showed that crude oil production in the Lone Star State increased 21% in 2013 compared with 2012, reaching volumes not seen since 1985.

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