More Economics & Oil Market News

MARKET WATCH: NYMEX oil prices jump pending Fed decision, inventory report

Crude oil futures prices jumped on New York and London markets in Jan. 28 trading, and analysts said the US market fluctuated awaiting a decision from Federal Reserve officials regarding whether they would accelerate the tapering of an economic stimulus program.

SOTU: Obama to stick with ‘all-of-the-above’ energy strategy

US President Barack Obama quickly cited the US oil and gas renaissance for helping the nation’s economy recover in the last 5 years, and said in his fifth State of the Union address that natural gas will need to play an even bigger part in the future.

MARKET WATCH: Oil futures prices waffle awaiting Fed’s stimulus decision

Crude oil futures prices fell on the New York market Jan. 27, which analysts attributed to the possibility that Federal Reserve policy officials might decide to increase the pace of tapering the central bank’s economic stimulus.

MARKET WATCH: Oil prices end week lower, while gas prices rise

Crude oil futures prices ended the week lower, but natural gas futures prices continued to climb.

MARKET WATCH: Freezing weather continues to drive natural gas futures

Natural gas futures prices continued to rise as freezing weather continued to envelope much of the US. Most other energy contracts also ended the Jan. 23 trading session higher.

Russian refineries get export-duty reprieve

The Russian government earlier this month gave refineries a temporary reprieve from an export-duty increase aimed at discouraging output of heavy fuel oil in favor of middle distillates.

API: Petroleum demand up in December, fourth-quarter 2013

Total US petroleum deliveries in December 2013—which averaged 19.2 million b/d—and in the fourth quarter increased 5.8% and 4.6%, respectively, compared with the corresponding periods of 2012, the American Petroleum Institute said in its latest monthly statistics report.

MARKET WATCH: NYMEX natural gas prices climb on winter weather

Natural gas prices escalated Jan. 22 on the New York futures market and also on spot markets with the return of cold weather in the Eastern US and forecasts of freezing temperatures and sleet reaching into deep Texas by Jan. 24. Crude oil prices also jumped by more than $1/bbl.

Operators await details as Mexico implements energy reforms

International oil and gas companies keenly await more details as Mexico’s Congress drafts and debates secondary laws to implement its recently passed energy reforms. Opinions vary on whether Mexico can meet the deadlines it scheduled for secondary laws and the creation of various regulatory groups.

EIA: Major economies, except the US, to import more oil, gas

US net imports of liquid fuels as a share of consumption will diminish to about 25% by 2016 from 40% in 2012 and 60% in 2005, according to the US Energy Information Administration’s 2014 Annual Energy Outlook (AEO). The US will become a net exporter of natural gas by 2018, EIA’s data show.

EU axes national renewable-energy goals

The European Union will abandon national mandates for renewable-energy use after 2020 under a framework on climate and energy for 2030 proposed Jan. 22 by the European Commission.

MARKET WATCH: NYMEX natural gas prices soar, oil climbs

The return of winter weather to the US East Coast sent natural gas prices upward on the New York market Jan. 21, and analysts said benchmark US light, sweet crude prices drew support from an international oil demand report describing how the US might face a crude oil production wall.

IEA: Global oil demand for fourth-quarter 2013 revised upward

Global oil consumption during fourth-quarter 2013 was adjusted to 92.1 million b/d, according to the International Energy Agency’s most recent Oil Market Report.

MARKET WATCH: Brent crude oil for March drops slightly

The March ICE contract for Brent crude delivery fell 13¢ to close at $106.35/bbl in Jan. 20 trading on the London market while the New York Mercantile Exchange in New York was closed for the Martin Luther King Jr. holiday.

OGUK: Change needed to address UK exploration crisis

Malcolm Webb, chief executive officer of trade group Oil & Gas UK, said the UK has an exploration crisis and that change is urgently needed to address it.

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January 26, 2015
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