Archive for November 2008
Crude price steady as demand slows
19/11/2008
Crude prices have remained steady during trading this morning (19th November) as investors await data showing that demand for derivatives such as heating oil, DERV and red diesel is waning.
According to Bloomberg, analysts are predicting that stockpiles in the US climbed by one million barrels in the week ended 14th November, indicating that th...
Russia could turn off the tap
19/11/2008
Russia may limit its national oil output considerably if oil prices continue to slide, it has been reported.
The country's energy minister has warned that firms may decide to limit production to reduce their exposure to collapsing prices, although he insisted that the decision to do so would remain in the hands of individual firms.
Sergei Shmatko announced that most of the world's producers feel that oil prices are not currently at sustainable levels.
"The situati...
Saudi oil tanker boarded by pirates
18/11/2008
A Saudi oil tanker has been seized by pirates in the Indian Ocean, it has emerged.
The Sirius Star, which holds a cargo of two million barrels of oil and is the largest ever tanker to be hijacked, was boarded by well-trained pirates as it neared the port of Eyl yesterday.
"Both the size of the vessel and the distance from the coast where the hijackers struck is unprecedented," said Commander Jane Campbell, a spokeswoman for the US Fifth Fleet, based in Bahrain.
Oil rebounds on industrial output figures
18/11/2008
Oil prices have climbed this morning (November 18th) on news that industrial output in the US may be recovering.
The commodity climbed to $56.67 (£37) a barrel during early trading on the New York Mercantile Exchange, up 72 cents from yesterday's closing price, which was the lowest seen since January 2007, according to Reuters.
If prices are sustained, this could have an impact on future heating...
Heating oil stable in morning trade
18/11/2008
Wholesale heating oil prices have fallen slightly during trading this morning (November 18th).
On the New York Mercantile, heating oil prices stood at $1.77 (£1.18) a gallon at 10:07 GMT, a fall of two cents on the opening price.
Earlier in the morning, heating oil reached a high of $1.81 a gallon, bucking the falls seen yesterday.
The commodity has fallen sharply in recent months, ...
SNP calls for heating VAT holiday
17/11/2008
The Scottish National Party (SNP) has called upon the government to introduce a VAT holiday on domestic heating bills this winter in an effort to help people through this difficult period.
According to the Guardian, SNP Treasury spokesperson Stewart Hosie has written to chancellor Alistair Darling calling on him to enact a tax break for energy customers who face a winter of high bills in an already problematic economic period.
"In addition to a VAT holiday on all household...
Oil falls further aft G20 summit
17/11/2008
Oil prices have fallen further following a meeting of 20 heads of state which failed to result in decisive plans to lift the global economy out of recession.
During trading today (November 17th), oil fell below $56 (£37) a barrel, taking it near to its lowest level in two years.
Falling oil prices may soon result in a drop in the cost of a range of derivatives including heating oil, DERV and red diesel.
Oil wobbles at $58 a barrel
14/11/2008
Oil has fallen during trading this morning (November 14th) after a strong rally witnessed yesterday.
In early trading on the New York Mercantile Exchange, oil started brightly, before falling back to $57.80 (£38.94), down 0.8 per cent on yesterday's close.
According to Reuters, the climb seen earlier this morning was caused in part by a rise in Asian stock, which in turn were reacting to rally witnessed on Wall Street yesterday.
However, Bloomberg notes that new d...
Heating oil down in US
14/11/2008
Domestic heating oil prices are down in the US for a fifth consecutive week, the Energy Information Administration (EIA) has claimed.
According to the group, kerosene has fallen to $2.93 (£1.97) and prices are expected to slide further throughout the winter.
Such figures may be an indicator that domestic heatin...
Heating oil customers 'will be protected'
13/11/2008
Customers using heating oil and other off-gas fuel services will be protected under the remit of a new consumer watchdog, the UK's energy industry regulator.
This is the claim of Lord Whitty, chairman of the newly established Consumer Focus, who faced questions on the issue of protection for heating oil customers during a committee hearing.
According to H&V News, Scottish National Party MP Mike Weir questioned Lord Whitty on whether the group would extend help beyond the re...
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