Crude oil up in New York

28/11/2008

Crude oil has risen during early trading this morning (November 28th).

In electronic trading on the New York Mercantile Exchange (Nymex), crude for January delivery rose as much as 0.8 per cent to $51.18 (£33.23) a barrel, after falling more than $3 yesterday.

The gains come ahead of a meeting of members of the Organisation of the Petroleum Exporting Countries during which it is believed that further supply cuts will be enacted.

However, a poll by Bloomberg poll h...

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Oil falls 'will cause petrol shortage'

28/11/2008

While many users of derivatives such as petrol, DERV and heating oil may welcome falling oil prices, the collapse of crude could cause a severe supply-side crunch within two years.

Such is the warning of Michael Meacher, Labour MP for Oldham West and Royton.

In an article for The Guardian's Comment is Free website, he warns that with p...

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US heating oil prices down for seventh consecutive week

27/11/2008

Residential heating oil prices in the US have fallen for the seventh consecutive week, new data from the Energy Information Administration has shown.

Average heating oil prices seen across the country last week stood at $2.71 (£1.75) a gallon, down 12 cents on the previous week.

Compared to figures from the same period last year,

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Oil follows Wall Street upwards

27/11/2008

The price of oil rose more than seven per cent during trading yesterday (November 26th) following strong trade on Wall Street.

On the New York Mercantile Exchange, light, sweet crude for January delivery rose to $54.44 (£35.14) a barrel, up $3.67 from the previous day's close.

Such rises may in turn impact on the price of derivatives such as heating oil, read more

Heating oil down despite rally

27/11/2008

Heating oil prices have fallen during early trading today (November 27th) despite a strong performance on US stock markets.

On the New York Mercantile Exchange (Nymex), heating oil for January delivery was trading at $1.73 (£1.11) a gallon at 10:00 GMT, down from an opening price of $1.756 a gallon.

Earlier in the mo...

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British Sirius Star crew speak

26/11/2008

The two officers onboard the hijacked oil tanker Sirius Star have spoken to the British media for the first time.

During a phonecall made to ITN, chief engineer Peter French said that the pirates onboard the Saudi vessel had not been treating them badly.

"Hopefully we are going to get some more phone calls to our families soon. Our families don't have too much to worry about at the moment ... we are not too badly off," he said.

The vessel, which is carrying t...

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Heating oil up in morning trade

26/11/2008

Heating oil prices have risen during trading this morning (November 26th) as investors brace themselves against the prospect of future supply cuts.

On the New York Mercantile Exchange, wholesale heating oil prices rose as high as $1.735 (£1.16) a gallon, following a rise in the price of crude.

The heating oil price rises come after a statement by Russian energy minister Sergei Shmatko in whi...

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Oil rises as Russia threatens cuts

26/11/2008

The price of crude has risen today amid concern that Russia will follow the Organisation of the Petroleum Exporting Countries (Opec) in enacting a supply cut.

During trading on the New York Mercantile Exchange this morning (November 26th), light, sweet crude climbed as much as one per cent to $51.30 (£33.34) a barrel.

Such prices could soon impact on the price of heating oil, read more

Heating oil falls despite crude gains

25/11/2008

The wholesale price of heating oil has fallen during trading this morning (November 25th) despite a surge in the price of crude seen yesterday.

On the New York Mercantile Exchange, the heating oil contract for delivery in January stood at $1.796 (£1.19) a gallon, down 4.4 cents on its opening price.

This fall came despite significant gains in the exchange's main oil contract, with light, sweet crud...

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Darling pledges £100 million for home heating

25/11/2008

In his keenly anticipated pre-Budget report, chancellor of the Exchequer Alistair Darling announce that he would allot £100 million to help Britons keep their homes warm and reduce emissions.

So too, he set aside an additional £50 million to help people insulate their homes, which could bring down the amount spent on mains gas, electricity and heating oil.

He claimed this second allocation wou...

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