More Economics & Oil Market News

API: US petroleum demand hits 4-year high in April

Total US petroleum deliveries, a measure of demand, increased 2.3% from April 2013 to average 19 million b/d this April, the highest April deliveries in 4 years, the American Petroleum Institute said in its monthly statistical report.

MARKET WATCH: NYMEX oil prices boosted by crude inventory drop

Crude oil futures prices climbed more than $1/bbl on the New York market during May 21 trading after a weekly government report showed an unexpected drop in US oil inventories.

Gazprom, CNPC sign 30-year natural gas supply contract

OAO Gazprom and China National Petroleum Corp. signed a 30-year natural gas supply contract reportedly worth $400 billion that earlier this year the two firms announced they were preparing to sign.

MARKET WATCH: NYMEX oil prices drop awaiting inventory report

Crude oil futures prices declined modestly on the New York market May 20 in anticipation of a weekly government report that unexpectedly showed a significant drop in US oil inventories, which analysts attributed to increased refinery runs and reduced crude oil imports.

Gazprom says Ukraine’s debt at $3.508 billion for gas supplies

OAO Gazprom says Ukraine’s debt for Russian natural gas supplies amounts to $3.508 billion, including unpaid deliveries for March and April.

MARKET WATCH: Crude oil prices mixed on global geopolitical concerns

Crude oil futures prices rose on the New York market May 19 while benchmark Brent crude oil prices declined on the London market. Analysts said the market was getting mixed signals based on robust US oil supplies and also on geopolitical uncertainty in Ukraine and Libya.

MARKET WATCH: Crude oil futures end week higher

The New York Mercantile Exchange June crude oil contract price was up 52¢ on May 16, closing at $102.02/bbl. The July contract increased 45¢ to $101.58/bbl.

MARKET WATCH: Crude oil futures prices maintain buoyancy above $101/bbl

The New York Mercantile Exchange June crude oil contract price dropped 87¢ on May 15, closing at $101.50/bbl. The July contract fell 61¢ to $101.13/bbl.

EIA: Norway supplied 21% of Europe’s natural gas in 2013

Norway, the world's third-largest natural gas exporter after Russia and Qatar, supplied 21% of total European gas needs in 2013, according to data from the US Energy Information Administration.

IEA: Downside risk presents on non-OPEC oil production outlook

In April, continued tensions between Russia and Ukraine, supply outages in Libya and northern Iraq, and increased crude buying as refiners come out of maintenance turnarounds combined to offset the impact of seasonally weaker demand and pushed up oil prices marginally, the International Energy Agency said in its most recent Oil Market Report.

Ramnarine: Easing of tight gas supplies in Trinidad and Tobago might take years

Trinidad and Tobago’s Energy Minister Kevin Ramnarine is now saying that it could take as long as 2 years before there is any easing in the tight supply-demand relationship of natural gas in the Caribbean twin-island nation.

MARKET WATCH: Crude oil futures continue gains

Crude oil futures prices settled above $102/bbl May 14 on the New York market on another reported gain in US oil inventories, and analysts attributed the strong crude price to momentum created when US Sec. of Energy Ernest Moniz said he was contemplating whether to overturn a ban on oil exports.

Oil and gas midstream ripe for investment, Deloitte specialists say

Surging US production has made oil and gas midstream operations attractive investment prospects, three Deloitte specialists said during the final day of the financial services company’s 2014 Washington Energy Conference.

GlobalData: Kenya’s first commercial oil find could generate $10 billion

Kenya’s first commercial oil discovery in South Lokichar basin’s Block 10BB/13T could generate $10 billion in revenue over a 30-year production period based on regional geological characteristics and well test results, according to an analyst with research and consulting firm GlobalData.

MARKET WATCH: NYMEX crude oil prices top $101/bbl as US reconsiders crude exports

Crude oil futures prices climbed by more than $1 to reach a May 13 settlement of more than $101/bbl for the June contract on the New York market after reports that the US government is contemplating lifting a ban on crude oil exports given robust oil production levels.

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