Aberdeen oil surveyor slashes jobs

11/02/2009

Offshore Hydrocarbon Mapping, an Aberdeen-based oil surveyor, has announced a swathe of job cuts in a market where demand for crude and derivatives such as heating oil is weak.

In a corporate statement, the company confirmed that it would be reducing the size of its workforce by around 37 per cent, with 40 positions being made redundant, mainly in the UK onshore and offshore industry.

Dave Pratt, execut...

read more

Heating oil pares losses

11/02/2009

Heating oil contracts on the New York Mercantile Exchange (Nymex) have edged away from substantial losses seen yesterday (February 10th) during after-hours trading.

By 6:00 Eastern Time, heating oil for March delivery was trading at $1.3090 (91.11p) a gallon, up 0.9 cents on its closing price.

Yesterday, heating oil followed crude down on the Nymex as weak demand data emerged from the US Energy Informat...

read more

Crude up as Obama plan passes senate

10/02/2009

Crude oil prices have risen during trading this morning (February 10th) after President Obama's economic recovery plan cleared a key hurdle yesterday.

In a statement yesterday, the Congressional Budget Office unveiled an amended plan that would commit $655 billion (£442.35 billion) ploughed into the US economy.

"I think the market is expecting the US stimulus package to go through, which should be bullish for commodities but it's anyone's guess at the moment," fo...

read more

Heating oil rebounds on Nymex

10/02/2009

Heating oil prices have risen on the New York Mercantile Exchange (Nymex) as investors draw confidence from Barack Obama's economic recovery proposals.

By 5:49 Eastern Time, heating oil for March delivery stood at $1.3638 (92.17p) a gallon, up 1.15 cents on its opening price.

The gains made by heating oil mimicked a rally...

read more

Opec shelves 35 projects until 2013

10/02/2009

The secretary general of the Organisation of the Petroleum Exporting Countries (Opec) has confirmed that members of the cartel have shelved 35 new projects in the wake of plummeting oil prices.

Speaking to reporters at the Royal Institute for International Affairs, Abdalla Salem El-Badri warned that there is likely to be a spike in crude prices once global demand picks up again as members will have substantially reduced their operational capacity, perhaps leading to a supply crisis.

read more

Oil 'could hit $20' a barrel

09/02/2009

Oil prices could fall as low as $20 (£13) a barrel in the coming months if signals of economic recovery continue to weaken.

Such is the claim of Venezuela's finance minister, speaking to Venezuelan state paper El Universal.

However, he clarified that it is not possible that crude could fall any lower than this price.

A price floor of $20 a barrel could in turn lead to heating oil prices...

read more

Crude rises amid demand speculation

09/02/2009

Crude oil prices have risen in New York this morning (February 9th) as speculation that president Barack Obama's stimulus package will support demand for crude, heating oil and other distillates grows.

On the New York Mercantile Exchange, crude oil for March delivery had reached $40.48 (£27.17) by 6:09 Eastern Time, having earlier reached a high of $40.67 a barrel.

The gains came as investors awai...

read more

Heating oil steady as crude rises

09/02/2009

Heating oil prices have remained little changed during trading on the New York Mercantile Exchange this morning (February 9th).

By 6:14 Eastern Time, heating oil contracts for March delivery stood at $1.3593 (91.2p) a gallon, down fractionally on the opening price.

Meanwhile, the headline crude contract on the same exchan...

read more

Oil pares gains as stockpiles rise

06/02/2009

Oil prices have retreated below $41 (£28) a barrel during early trading on the New York Mercantile Exchange (Nymex) this morning (February 6th), paring gains made yesterday.

The fall came as inventories at the delivery point for Nymex crude contracts in Cushing, Oklahoma, rose to record levels, indicating that demand for crude and distillates such as heating oil and read more

Heating oil slides alongside crude

06/02/2009

Heating oil prices have fallen during out-of-hours trading on the New York Mercantile Exchange (Nymex) this morning (February 6th), tracking a slide in crude prices.

By 06:02 Eastern Time, heating oil futures for March delivery stood at $1.3487 (92p) a gallon, down 1.8 cents on its opening price.

Meanwhile, Nymex crude fu...

read more