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The US Department of Energy plans to take advantage of the recent crude oil price decline and resume filling the Strategic Petroleum Reserve, it announced on Jan. 2. It said that it issued a solicitation to
today [Aug. 29]. Some support for crude has crept in from a marginally weaker dollar this morning, although the crude oil price is still struggling to regain the $112/bbl mark.” As far as the oil industry is concerned, Raymond James analysts
The front-month crude contract increased 0.3% July 15 in the New York futures market, accompanying gains in the equity market as “better-than-feared” Chinese growth data outweighed subpar US retail sales, said analysts in the Houston office of Raymond James & Associates Inc.
The front-month crude oil contract regained a modest 0.5% while natural gas continued climbing, up 1.9% July 24 in the New York Mercantile Exchange as commodity traders generally ignored dismal economic indicators.
The front-month crude contract price dipped slightly Sept. 12 in the New York futures market, ending a seven-session rally. Natural gas continued climbing, however, with the front-month contract closing above $3/MMbtu.
Crude oil prices continued falling for the fifth consecutive session, with the front-month contract down 1% May 8 in a mixed New York futures market amid suggestions Saudi Arabia may release more oil to help reduce prices.
Crude oil prices declined at a steeper rate July 31 with crude down 1.9% in the New York market amid traders’ concerns about results from the 2-day meeting of the Federal Open Market Committee, the policy-making arm of the Federal Reserve Bank, which concludes Aug. 1.
Crude oil prices continued falling Aug. 30 in the New York market as Hurricane Isaac weakened into a tropical storm and moved inland, apparently leaving coastal oil and gas infrastructure intact, but natural gas climbed higher despite a bearish inventory report.
Crude oil prices continued declining Sept. 25 in a mixed New York market after Charles Plosser, president of the Philadelphia Federal Reserve Bank, said the system’s latest stimulus program is “unlikely” to contribute much to US employment or economic growth.
Crude oil prices continued to tumble July 1 in the New York market amid more signs of a slowdown in the economic recovery, but natural gas was up following a smaller-than-expected injection into US underground storage.