Archive for March 2009
Oil firms seek tax refuge in Switzerland
12/03/2009
Falling crude prices and sizable tax hikes are encouraging a growing number of oil and gas companies to base their operations in Switzerland.
According to Reuters, the country has seen a sharp increase in the number of foreign - and particularly US - companies looking to establish themselves in the tax-free haven, attracted by its non-domicile tax breaks and relative insulation from the global economic crisis.
Zug, a small mountainous town which was built on agrarian economy, i...
Oil claws back 7% loss
12/03/2009
Crude prices have climbed this morning (March 12th) after plummeting seven per cent during trading yesterday.
By 6:50 Eastern Time, the New York Mercantile Exchange's light, sweet crude contract for April delivery was trading at $43.08 (£31.32), a gain of 75 cents that went some way to reverse the seven per cent loss witnessed yesterday.
Heating oil prices have also slumped since the start o...
Heating oil teeters after sizable slide
12/03/2009
Heating oil has made fractional gains on the New York Mercantile Exchange (Nymex) this morning (March 12th), avoiding an extension of considerable losses witnessed yesterday.
At 6:53 Eastern Time, April delivery heating oil contracts traded at $1.1415 (83p) a gallon, eight-tenths of a cent on its opening price.
Meanwhile, Nymex crude made some headway on heavy losses seen yesterday, when the headline co...
Norwich cracks down on heating oil thefts
11/03/2009
Norwich police have met with local farmers and residents to help crack down on the number of heating oil thefts in the area.
Police serving rural areas of the south-eastern county have met with the Rural Flegg Safer Neighboured Team to discuss ways to limit the instance of heating oil theft from local property, following a reported rise in the crime.
Norwich Evening News reports that the police agreed t...
Heating oil down again
11/03/2009
Heating oil closed down again yesterday (March 10th) and has fallen further this morning.
Despite a rally in early trading on the New York Mercantile Exchange (Nymex) yesterday, heating oil for April delivery finished at $1.1978 (87p) a gallon, down 1.67 cents on its opening price.
This downward trend, which has persisted since the start of the week despite gains in crude prices, continued this morning,...
Crude pulls back further
11/03/2009
Crude oil has continued to retreat on its rally towards $50 (£36) a barrel during trading this morning (March 11th).
During early trading on the New York Mercantile Exchange, the headline crude futures contract extended losses seen yesterday, slumping to $45.18 by 7:00 Eastern Time, down a further 53 cents on losses of more than $1 yesterday.
Heating oil also continued to slip in New York.
Oil industry 'looking to keep workers in jobs'
10/03/2009
The oil industry is fighting to keep layoffs to a minimum as the recession bites, fearing that staff reductions will lead to a skills shortfall on the way out of the downturn.
Dow Jones reports that while a number of firms have announced redundancies, including Halliburton, ConocoPhillips and Schlumberger, there is a consensus that the mistakes of previous oil busts must not be repeated.
In the 1980s, mass layoffs were made in the energy sector as oil prices slumped to $12 a ba...
Crude flirts with $49 a barrel
10/03/2009
Crude oil futures on the New York Mercantile Exchange hit a two-month high yesterday. (March 9th), hitting $48.83 (£35.25) a barrel.
Despite crude's gains, heating oil prices dropped during yesterday's trading, with April heating oil contracts closing down 1.4 cents at $1.2235 a gallon.
The strong performance of crud...
Crude continues uptick, heating oil rebounds
10/03/2009
Crude oil futures have continued an upward trend during trading this morning (March 10th), while heating oil has performed an about-face on losses seen yesterday.
On the New York Mercantile Exchange, crude futures for April delivery had hit $47.62 (£34.42) a barrel by 6:59 Eastern Time, up 55 cents on its opening price.
Meanwhile, heating oil contracts also reversed losses seen yesterday, with the...
Oil climbs again
09/03/2009
Oil has made an ascendant start to the week during early trading on the New York Mercantile Exchange.
By 6:45 Eastern Time this morning (March 9th), crude for April delivery had risen to $46.23 (£33.29) a barrel, up 71 cents on its opening price and extending gains made at the end of last week.
Heating oil also made headway during trading last week as data indicating that demand for crude and dist...
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