More Economics & Oil Market News

Market watch, June 19

Energy futures prices fell in trading on the New York Mercantile Exchange (NYMEX) Friday. Profit-taking ahead of the weekend caused the market to slip. Traders were reluctant to hold positions over the weekend after the market's significant gains during the week. Uncertainty about the OPEC meeting on Wednesday was also a factor.

Latest oil price cycle offers lessons, insights

The peaks and valleys seen in oil prices the past 4 years offer insight into lessons learned in the oil price downturn of 1997-98 and future demand trends in the US market, says a senior economist with the Federal Reserve Bank in Dallas.

Market watch, June 20

Oil prices dropped Monday, with traders still torn between growing demand and fear of an imminent increase in supplies. The July contract for the benchmark blend of light, sweet crudes closed at $31.69/bbl, down 64� for the day after falling as much as $1.43/bbl at one point on the New York Mercantile Exchange (NYMEX).

Market watch, June 21

Unconfirmed rumors that OPEC ministers might increase production only half as much as previously speculated triggered a strong rebound in world oil futures prices Tuesday.

High power prices hit Avista earnings

Avista Corp. Chairman Tom Matthews said Wednesday the company will break even in the second quarter and earnings for the year are projected to be flat, because of unexpectedly high power prices and unauthorized trading at its regulated utility. First Call had been expecting the Spokane, Wash.-based company to earn 19 cents per share in the second quarter and $1.01 per share for the year.

BP review: Energy consumption stagnates in 1999

Global energy consumption stagnated for the second consecutive year, growing a mere 0.2% in 1999 in the aftermath of the Asian economic crisis and changing patterns of fuel use in China, BP Amoco PLC reported today in its annual statistical review of world energy. That's well below the average growth rate of 0.9% over the past 10 years. But world oil consumption grew 1.6% last year, slightly faster than the 1989-99 average. And global gas use shot up 2.4%, the highest growth rate since 1996.

USGS ups estimates of potential reserves growth, undiscovered resources

A new assessment by the US Geological Survey concludes that expected volumes of undiscovered resources outside the US are 649 billion bbl of oil, 4.67 tcf of gas, and 207 billion bbl of gas liquids, while projected additions to reserves from discovered fields are 612 billion bbl, 3.305 tcf of gas, and 42 billion bbl of gas liquids. Compared with assessments done in 1994 and 1997, world undiscovered volumes are 20% greater for oil, 14% smaller for gas, and 130% greater for gas liquids.

Market watch, June 22

A proposed production hike of 708,000 b/d by the Organization of Petroleum Exporting Countries (OPEC) failed to curb oil futures prices on world markets Wednesday, where traders had already factored in an increase of 500,000 b/d to cover current overproduction by members of the cartel.

Sec. Richardson praises OPEC action

US Energy Sec. Bill Richardson said the Organization of Petroleum Exporting Countries decision to raise production more than 700,000 b/d was 'a positive, though modest, step that we hope will lead to more stable oil markets and lower [fuel] prices at the pump.'

Shell, PetroChina to drill gas wells

PetroChina Co.�s subsidiary Changqing Petroleum Exploration Bureau has reached an agreement with Shell Exploration (China) Ltd. under which Shell will drill and test two gas wells on Changbei block in the Ordos basin. Drilling will start in July.

Energy stocks hold upside potential, says analyst

The bullish US economy is beginning to slow, but at the Banc of America Securities (BAS) energy conference Wednesday in Houston, an official touted the upside potential for energy company stocks.

Market watch, June 23

Oil futures prices continued to climb Thursday, with international markets undaunted by the Organization of Petroleum Exporting Countries' decision to hike production by 708,000 b/d in July.

BP Amoco invests in Spanish gas and power project

BP Amoco PLC Friday said it will make an undisclosed multimillion-dollar investment in the Atlantic basin's first fully integrated LNG-based power project in northern Spain. The project consists of an 800 Mw combined-cycle gas turbine power plant, a 2.75 bcm/year regasification facility, LNG import terminal, and a total of 300,000 cu m storage capacity.

Congressional Republicans attack Clinton administration on energy

Republicans in Congress Friday increased the pressure on the Clinton administration over rising gasoline prices. They have scheduled five oversight hearings next week on issues related to higher gasoline prices.

OPEC's compromise deal: Will it work?

OPEC has effected a compromise between its price hawks and doves that won't put that much more crude oil into the market in the near term but probably will take some heat out of oil prices eventually.

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