More Economics & Oil Market News

EIA: Higher gas prices drive down gas-fired power generation

Natural gas use for electric power generation in the US slipped 14% during the first 7 months of 2013 compared with the same period last year, mainly because of higher gas prices relative to coal prices, according to the US Energy Information Administration.

MARKET WATCH: NYMEX oil prices drop for fifth consecutive trading session

Oil prices continued their downward trend Sept. 25 following an unexpected increase in US oil inventories and on the possibility that some international sanctions against Iran might be reduced pending ongoing talks at the United Nation. 

Indian minister requests long-term crude supply from Venezuela

Citing the “increasing appetite” for crude at Indian refineries, India’s minister for petroleum and natural gas has requested long-term supplies from Venezuela.

MARKET WATCH: NYMEX crude oil futures settle lowest since July 30

Crude oil prices fell Sept. 24 with the November contract for light, sweet crude settling at $103.13/bbl, which marked an 8-week low on the New York Mercantile Exchange amid diplomatic maneuvering at the United Nations where Iran seeks improved relations with the West.

EIA explains steep backwardation of WTI futures curve

Over the past 6 months, the front month price of West Texas Intermediate oil futures has been pushed up relative to later months, leading to a steepened backwardation of the WTI futures curve.

MARKET WATCH: Crude prices continue down, natural gas dips

Crude oil prices fell Sept. 23 on New York and London markets while analysts and traders awaited speeches at the United Nations, where Iran seeks improved relations with the West in hopes of ending an international embargo on Iranian oil sales and loosening other sanctions.

MARKET WATCH: Crude prices end week down, natural gas flat

Crude oil prices fell on the week “after military operations in Syria by the West never materialized,” observed analysts with Raymond James & Associates Inc.

Global action urged on Nigerian oil theft

Oil theft in Nigeria, a large but murky problem, needs a nuanced, international response, argues a new report by Chatham House, London.

MARKET WATCH: Oil prices ease as market anxieties recede

Global oil prices continued to decline Sept. 19 as market anxiety about turmoil in the Middle East continued to subside, according to analysts at Barclays Capital Inc.

API: US oil production reaches 25-year August high

US crude oil production reached a 25-year high for August of nearly 7.6 million b/d, according to the American Petroleum Institute’s monthly statistics for August.

MARKET WATCH: Oil prices climb after Fed’s announcement

Crude oil futures rose on Sept. 18 after the US Federal Reserve announced plans to continue an economic stimulus program in a move that surprised oil traders and investors.

Lease accounting proposals worry operators, contractors

Oil and gas operators, drilling contractors, and their trade associations have voiced concern about proposed accounting changes they fear would complicate contractual relationships, confuse investors, and raise administrative costs.

MARKET WATCH: Oil prices drop again awaiting inventory reports

Crude oil prices fell on New York and London markets Sept. 17 as concerns about a military strike on Syria eased and Libyan oil production started coming back onto the international market following labor strikes at export terminals.

MARKET WATCH: Oil prices continue falling as Syria risk apparently lessens

Oil futures prices reached their lowest level in 3 weeks with the Sept. 16 closing while the US and Russia agreed to terms under which Syria is expected to submit chemical weapons to international officials, reducing the likelihood of a military strike and possible disruption to Middle Eastern crude supplies.

MARKET WATCH: Oil prices end week slightly down

The October contract for benchmark US light, sweet crudes on the New York Mercantile Exchange fell 39¢ on Sept. 13, settling at $108.21/bbl.

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