Opec cuts demand forecast

15/04/2009

The Organization for Petroleum Exporting Countries (Opec) has once again cut its forecast for world oil demand for the year.

As the state of the global economy continues to toil in murky waters, demand for crude oil and its derivatives, such as heating oil and kerosene, is expected to continue to fall.

Opec is not the first interna...

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Crude and heating oil rise

14/04/2009

The prices of heating oil and crude futures have risen in early trading today, as the stock market continued a rally.

Crude rose back above $50 per barrel on the New York Mercantile Exchange, recovering from an earlier fall.

According to Bloomberg, crude futures on the exchange stood at $50.42 at 08:39 Eastern Time this morning (13:39 GMT).

Meanwhile, heating oil futures rose by 1.43 per cent t...

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Crude up on stockpile data disparity

09/04/2009

Oil futures contracts rose on the New York Mercantile Exchange this morning (April 9th), after data from the Energy Information Administration (EIA) showed a smaller rise in petroleum stocks than many investors had feared.

Crude futures, along with heating oil and diesel contracts, fell earlier this week after the American Petroleum Institute (API) showed a dramatic 6.94-million-barrel rise in oil inventories.

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EIA: Distillate demand down 3%

09/04/2009

Demand for gasoline and distillate products such as diesel and heating oil fell three per cent in the US over the first three months of 2008, the Energy Information Administration predicts.

In its latest weekly update on the state of the petroleum industry, the organisation has pointed out that the weakened demand for products such as petrol, DERV<...

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Ships refuse to dock off Devon coast

08/04/2009

Tankers carrying millions of pounds of crude oil are refusing to unload their cargo and anchored off the Devon coast awaiting a rise in crude, heating oil and DERV prices.

Jerry Carter, operations director of the Torbay and Brixham Shipping Agency, said that it has been 20 years since so many tankers had dropped anchor in the Lyme Bay harbour.<...

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Oil down again on API figures

08/04/2009

Light, sweet crude oil contracts on the New York Mercantile Exchange have slipped further during trading this morning (April 9th).

After closing at $48.40 (£33) a barrel yesterday, down $1.90, the headline crude contract slipped a further $1.70 during electronic trading.

The falls came after the late publication of data from the American Petroleum Institute (API) which showed a larger than expected rise in US crude stockpiles last week, showing that demand for oil and dist...

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Early losses for heating oil in NY

08/04/2009

Heating oil contracts have continued to pare back gains made during recent weeks in a morning of selloffs on the New York Mercantile Exchange (Nymex).

The headline May delivery heating oil contract had slipped to $1.3658 (93.1p) a gallon by 05:59 Eastern Time, down 2.45 cents on yesterday's settling price.

Such losses nearly match the slump seen yesterday, when the near-term heating oil contract fell 2....

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Heating oil 'near price collapse'

07/04/2009

The wholesale price of heating oil and other distillates may slip below crude costs in the coming months as stockpiles of the refined commodities continue to mount up and demand remains stiflingly weak.

Reuters reports that heating oil stocks have soared since the slump in crude prices in the latter half of 2008, putting the squeeze on refiners who had been encouraged to push for maximum production output as

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Oil slides on stocks speculation

07/04/2009

Crude oil prices slipped further from a high of $53 (£36.28) a barrel during early trading this morning (April 7th) as concerns about the sustainability of an equity market rally weigh on buying activity.

The Associated Press reports that investors are now awaiting earnings reports for the first quarter of the year and are hoping for signs that the depth of the recession in the US has been plumbed and the country is lifting itself from this nadir.

However, David Moore, com...

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Heating oil slips further

07/04/2009

Wholesale heating oil prices followed crude downwards during early trading on the New York Mercantile Exchange this morning (April 7th) amid concern that a supply glut will lead to a price collapse.

Analysts speaking to Reuters warned that there is a possibility that heating oil and other distillates such as read more