More Economics & Oil Market News

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.

MARKET WATCH: Crude oil futures price climbs modestly

Crude oil futures prices climbed modestly on both London and New York markets on Jan. 17 in advance of the Jan. 20 Martin Luther King Jr. holiday when US markets were closed.

MARKET WATCH: Crude oil futures price dips, gas price rises

The New York Mercantile Exchange February crude contract declined 21¢ on Jan. 16, closing at $93.96/bbl. The March contract fell 25¢ to settle at $94.10/bbl.

SAFE: More oil production doesn’t guarantee US security

More US oil production potentially could provide real security benefits, but the nation will continue to be affected by global events, Securing America’s Future Energy (SAFE) said in a recent report.

MARKET WATCH: NYMEX oil prices jump on big crude inventory draw

Crude oil futures prices on the New York market settled Jan. 15 more than $1.50/bbl higher than the previous day after a weekly government report showed a larger-than-expected draw in US crude oil supplies.

BP energy outlook sees 41% rise in world energy use to 2035

BP PLC’s Energy Outlook 2035, released Jan. 15, forecasts that world energy consumption will increase 41% between 2012 and 2035. Countries outside of the Organization for Economic Cooperation and Development, especially China and India, are believed to contribute to virtually all of this growth.

MARKET WATCH: NYMEX crude oil futures climb on anticipated inventory decline

Crude oil futures prices rose modestly Jan. 15 on the New York market, which analysts attributed to anticipation of another decline in US crude oil stocks.

EIA: Gas production, consumption up in US, down in OECD Europe

During a decade before 2005, natural gas production remained relatively flat in both US and European member countries of the Organization for Economic Cooperation and Development. OECD Europe gas consumption rose steadily over the period, outpacing production growth by 2%/year, but it was flat in US. This situation has been changed after 2005, according to a recent analysis from the US Energy Information Administration.

MARKET WATCH: Crude prices drop on Iran’s plans to follow nuclear accord

Crude oil prices dropped modestly on the New York and London markets on Jan. 13 following reports that Iran plans this month to begin ending its nuclear program, which analysts said triggered concerns that Iran potentially could add more crude oil to already well-supplied world oil markets.

MARKET WATCH: Crude oil futures end week lower

Although there was an uptick in crude prices Jan. 10 in New York markets, futures prices ended last week lower.

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January 26, 2015
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