Archive for December 2008
Antrim submits development plan to energy department
31/12/2008
Antrim Energy has announced that it has submitted a Field Development Plan to the UK's Department of Energy and Climate Change.
According to online resource Oil Voice, the plan is focused on the group's Phase One of Causeway - its northern North Sea property.
Industry professionals working with fuel suppliers may also be interested to hear that the Field Development Plan is the first phase of what is...
Where now for oil prices?
30/12/2008
It may be fair to say that oil prices have seen a rollercoaster of a year in trading over the course of 2008, but where are they likely to go in 2009?
CNN Money points out that the commodity was trading at a high of $145 (£99.94) per barrel this summer - which may have hinted that businesses were keener to invest in clean renewable power - before dropping to $37 per barrel later in the year.
And yesterday (December 29th), Rig Zone reported that on Boxing day, crude oil inc...
Heating oil price rises
30/12/2008
The trading price of heating oil has climbed since Christmas, it has been reported.
Online resource Rig Zone reports that heating oil commodities stood at $1.237 per gallon (£0.845 per gallon) on Boxing Day (December 26th) - an increase of $0.0387.
The article also noted that trading on the New York Mercantile Exchange was shortened due to the Christmas holiday.
Elsewhere, crude oil commod...
Heating oil little changed in NY
24/12/2008
Wholesale heating oil prices have remained stable at $1.3452 (91p) a gallon during trading this morning (December 24th), mimicking crude prices.
On the New York Mercantile Exchange, heating oil prices were little changed during early trading, while crude prices also hovered around the $39 a barrel mark.
During yesterday's bidding, heating oil prices fell 1.45 cents, extending losses in recent wee...
Oil steady ahead of stockpile data
24/12/2008
Oil prices have held steady around the $39 (£26) mark during trading this morning (December 24th), although data from the US may push prices down later in the day.
According to Reuters, analysts are predicting that US stockpile figures are likely to show that crude stocks grew last week, suggesting that demand is continuing to weaken despite efforts by the Organisation of the Petroleum Exporting Countries (Opec) to cut supply in a bid to support prices.
If oil prices do dr...
Heating oil down again
23/12/2008
Heating oil prices have fallen marginally during trading this morning (December 23rd), tracking falls in the price of crude.
On the New York Mercantile Exchange, heating oil for January delivery lost 0.45 cents on the gallon, standing at $1.3490 (91.2p) by 10:45 GMT, although the February delivery contract remained stable during m...
Crude drops on concerns over demand in Asia
23/12/2008
Crude oil has continued to extend losses seen yesterday (December 22nd) during trading this morning as investors fear that the deepening downturn is beginning to hurt energy demand in Asian economies.
Such a scenario could in turn deflate heating oil prices further in the coming weeks.
On the New York Mercantile Exchange, crude for February delivery fell back below $40 (£27) a barrel, contin...
US refinery firm files for Chapter 11
23/12/2008
Flying J, a privately held refiner, producer and pipeline controller, has filed for Chapter 11 bankruptcy protection in the US, it has emerged.
The company's president and chief executive Philip J Adams said that it had run into insurmountable liquidity problems in recent months and needed to file for protection while it undertakes a substantial restructuring programme.
Flying J is involved in the distillation of a host of crude derivatives such as read more
Crude gains on signs of economic recovery
22/12/2008
Crude oil prices have risen in New York this morning (December 22nd) as investors take confidence in new economic stimulus measures and factor in the planned production cuts which will come into effect next month.
On the New York Mercantile Exchange, crude for February rose as high as $43.18 (£29.10) a barrel, paring substantial losses witnessed last week.
Such rises may in turn have an effect on the price of
Brown "confused" about oil prices
22/12/2008
Gordon Brown's denunciation of the high oil prices witnessed in the summer demonstrate a "confused" understanding of the issue, the Organisation of the Petroleum Exporting Countries' secretary general has claimed.
Speaking to the BBC's World at One, Abdalla Salem El-Badri said that the British government had benefited more than most countries from the spiralling prices seen earlier this year because it levies high taxes on oil and gas imports.
The spike in crude costs...
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