Archive for October 2009
EIA information gives market a boost
16/10/2009
London Brent crude oil prices for December delivery were at $76.45 this Friday (October 16th) on the ICE Futures exchange, an increase of 22 cents, reports the Associated Press.
Heating oil prices were reported to have held steady at $2.02 a gallon.
Weekly data from the Energy Information Administration on Thursday may have provided oil traders with a boost, reporting a 400,000 barrel increase in...
Crude oil prices increase further
16/10/2009
Crude oil prices increased to more than $78 per barrel in Tokyo this Friday (October 16th), an increase of more than 11 per cent since closing prices on October 7th, reports Marketwatch.
Crude oil for November delivery was trading at $78.17 per barrel on Globex this Friday afternoon in Tokyo, the highest level of settled prices since this time last year.
Doubts still remain about whether the prices increases and seemingly improving outlook can be maintained.
Analysts ...
London Brent crude oil prices increase
15/10/2009
London Brent crude oil prices were $73.63 this Thursday (October 15th) on the ICE Futures exchange, an increase of 54 cents, reports the Associated Press.
Oil traders have received more positive news since the week began with a slight increase at the start of the week allowing traders to lock in profits.
Since then oil prices have been pushed up by a rising stock market and a continually weak US dollar.
Gerard Rigby, an energy analyst with Fuel First Consulting in Syd...
Heating oil stockpiles high, crude stockpiles fall
15/10/2009
Heating oil for November delivery was trading at 196.61 cents per gallon this Thursday (October 13th).
Distillate stocks, including heating oil and diesel, continued to increase despite unexpected falls for crude oil inventories, the Wall Street Journal reports.
The newspaper said that analysts commented that the continued high level of distillate stockpiles remains a concern for the market.
T...
Crude oil prices reach year-high levels
15/10/2009
Crude oil prices increased further to set new highs for the year in Asia this Thursday (October 15th), reports the Wall Street Journal.
Light, sweet, crude oil for November delivery was trading at $75.78 per barrel at 06:20 GMT on the New York Mercantile Exchange, an increase of 60 cents.
Earlier in the day the commodity had touched new highs of $75.96 per barrel.
David Moore from the Commonwealth Bank of Australia said: "The current rally may take prices higher,...
Distillate stockpiles expected to fall
14/10/2009
Brent crude oil for November delivery was trading at $73.43 per barrel on Wednesday (October 14th), an increase of $1.03, on London's ICE Futures exchange, reports the Wall Street Journal.
The newspaper reported that heating oil for November delivery was trading at 194.48 cents per gallon.
Distillate inventories, including heating oil and diesel, are expected to fall slightly for the week ending Octobe...
Oil prices reach highest levels for a year
14/10/2009
Oil prices increased to more than $75 a barrel this Wednesday (October 14th) for the first time in a year, amid investor optimism that consumer demand is increasing, reports the Associated Press.
Benchmark crude for November delivery was trading at $75.06 by midday Singapore time on the New York Mercantile Exchange, an increase of 91 cents and the highest price since October 2008.
Goldman Sachs, which expects prices to rise to $85 a barrel by the end of the year, said in a rep...
Crude oil prices see slight decrease
13/10/2009
Crude oil prices lowered this Tuesday (October 13th) as traders gained profits from the near three per cent rises of last week.
November delivery of crude oil was trading at $72.94 per barrel by Tuesday afternoon in Tokyo, a decrease of 33 cents, following lows of $72.83, reports Marketwatch.
Predictions of an increased demand from the International Energy Agency for the remainder of the year and into next year had seen prices rise to almost $73 per barrel on Monday, boosted by...
Heating oil sees slight decrease
13/10/2009
Heating oil for November delivery traded at 189.27 cents per gallon on Tuesday (October 13th), reports the Wall Street Journal.
Focus from analysts will be on the US inventories data, to be released this Thursday - rather than the usual Wednesday.
A Dow Jones Newswires poll predicts that data is expected to show crude stockpiles increased by 600,000 barrels for the week ending October 9th.
La...
Brent crude oil sees a slight fall
13/10/2009
London Brent crude oil was trading at $71.09, a fall of 27 cents, on the ICE Futures exchange this Tuesday, reports the Associated Press.
Melvyn Boey, deputy director of Asian equity research for Bank of America Merrill Lynch, said: "We expect commodity prices to be heading north over the next 12 months as a hedge against inflation."
He added that the US dollar has weakened considerably over the last four weeks and that he doesn't anticipate the trend to reverse.
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