Crude wobbles in morning trade

16/12/2008

Crude oil prices have risen during trading this morning (December 16th), reversing earlier losses.

According to Bloomberg, oil prices were buoyed by statements by Venezuelan officials in which it was claimed that the Organisation of the Petroleum Exporting Countries would cut production by as much as one million barrels a day in a bid to curb sliding oil prices.

Such a move could in turn impact on the price of oil distillates and derivatives such as read more

Oil up with other raw materials

15/12/2008

Oil has risen along with other raw materials during trading today as investors draw hope in indications that the US auto bailout talks may be rescued.

In trading on the New York Mercantile Exchange this morning, crude for January delivery reached a high of $47.41 (£31.57) a barrel, up more than two per cent.

Rising prices could in turn have an effect on domestic heating oil, read more

Production 'will peak by 2020'

15/12/2008

Global oil production will peak as early as 2020, the International Energy Agency (IEA) has warned.

According to the France-based consultancy's chief economist, the rapid decline in oil investment could cause substantial problems for the energy industry and significantly reduce the time it takes for global supplies to run dry.

Such a scenario could lead to a dramatic spike in crude, heating oil,

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Oil slides after commodities rally

12/12/2008

Oil prices have slipped during trading this morning (December 11th), paring gains made by crude and other commodities this week.

According to Reuters, oil, gold, rubber and copper all took a heavy blow after news that the proposed bailout of the US automotive industry had stalled.

The falls witnessed this morning reversed rises in the Reuters-Jefferies CRB Index, which was on track to register its largest weekly rise ever as commodities such as crude, gold and other metals rose...

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Heating oil follows crude down

12/12/2008

Heating oil prices have fallen this morning (December 11th) following losses for crude oil.

At 09:47 GMT, wholesale heating oil prices on the New York Mercantile Exchange (Nymex) stood at $1.4795 (98.8p) a barrel, down more than two cents on the previous day's closing heating oil price.

Meanwhile, the main crude contract on the Nymex - light, sweet crude for January delivery - had also fallen by ...

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Trade deficit widens on oversupply of oil

12/12/2008

The trade deficit in the US widened in October, fuelled by an oversupply of oil to the country, import and export data has shown.

According to a report compiled by MarketWatch, the goods deficit widened to 10.3 per cent over the course of the month, which was broadly attributable to a record rise in imported crude oil stocks.

This in turn could lead to a glut of other products such as heating oil, red d...

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Report: Oil at most volatile in 22 years

11/12/2008

Implied volatility for the New York Mercantile Exchange's (Nymex) main contract is at its highest level in 22 years, figures from the bourse have shown.

According to Nymex, implied volatility, which measures price swings in light, sweet crude, now shows the greatest fluctuations in oil prices witnessed since at least 1986.

Tim Evans, an energy analyst with Citi Futures Perspective in New York, told Bloomberg that while prices have plummeted in recent months, there are still flu...

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Russia and Opec 'to coordinate cuts'

11/12/2008

Russia and the Organisation of the Petroleum Exporting Countries (Opec) look set to take concerted action in cutting oil supply later this month.

The move, which is anticipated to occur next week at Opec's monthly meeting, is likely to limit global production by as much as two million barrels of oil per day.

Such a move could push crude prices up, in addition to the price of derivatives and distillates such as read more

EIA: Oil demand will fall further in 2009

10/12/2008

Demand for crude oil and derivatives such as heating oil and DERV will fall for the second consecutive year in 2009, the Energy Information Administration (EIA) has warned.

In its latest report, the group noted that if this forecast is realised, it will be the first time in more than three decades that global demand for crude has fallen two yea...

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Oil rebounds after falls

10/12/2008

Oil prices have risen during trading this morning (December 10th), following falls seen yesterday after the publication of gloomy demand data.

Prices for crude fell in New York after the Energy Information Administration again revised forecasts for demand growth downwards.

The group now expects that global demand will contract for the second consecutive year in 2009, which would be the first time this has occurred in three decades.

Falling oil prices in recent months h...

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