Archive for May 2009
Oil climbing fast in New York
29/05/2009
Crude oil trading on the New York Mercantile Exchange has built on the upward momentum developed yesterday (May 28th) during electronic trading.
By 05:24 Eastern Time, the July delivery crude contract had hit $65.85 (£40.84) a barrel, up 77 cents on yesterday's settle price.
The rise builds on strong gains witnessed after the announcement that the Organisation of the Petroleum Exporting Countries (Opec) would keep current production quotas in place, indicating that it has ...
Heating oil hangs on to crude's coat tails
29/05/2009
Heating oil prices have continued to rise steadily during electronic trading today (May 29th), following a surge in crude prices.
After finishing the day at $1.6014 (99p) a gallon yesterday, the New York Mercantile Exchange's June delivery contract rose a further 1.02 cents to trade at $1.6116 a gallon.
Rises were also seen in near-term crude contracts, which have been supported by a strong perfo...
Opec rules out further cuts
29/05/2009
The Organisation of the Petroleum Exporting Countries (Opec) has announced that it will hold off from making any further production cuts, in line with many analysts' predictions.
Following the 153rd meeting of the Opec conference, the cartel issued a statement announcing that while it had drawn optimism from furtive signs of economic recovery, global economic stability was in a very fragile state, with high unemployment and falling international trade presenting immediate risks.
Chavez insists oil will touch $75-$80
28/05/2009
Hugo Chavez has claimed that crude oil prices will reach a price level of between $75 and $80 a barrel in the coming weeks.
Reuters reports that his comments came after a meeting with fellow head of state Luiz Inacio Lula da Silva, president of Brazil.
Mr Chavez cited Saudi Arabia's King Abdullah in comments made to reporters following the meeting, echoing the sovereign's remarks that $75 to $80 a barrel would be a stable price for oil.
"King Abdullah has said the...
Heating oil up on investment optimism
28/05/2009
Wholesale heating oil prices rose on the New York Mercantile Exchange (Nymex) yesterday morning (May 27th), fuelled by a strong performance from global equity markets yesterday.
Crude oil futures also touched a new six-month high on the back of the strong trading yesterday, with near-term crude Nymex contract rising above $63 (£39) a barrel.
"Yesterday's triple-digit gains in the Dow Jo...
Crude up on equities performance
28/05/2009
Crude oil futures trading on the New York Mercantile Exchange rose again yesterday morning (May 27th) as investors drew confidence from stock market rallies.
By 05:21 Eastern Time, the July delivery heating oil contract had risen to $62.45 (£39) a barrel, up 68 cents on yesterday's settle.
Heating oil futures also made gains as traders took stock of the rally in equities markets around the globe.
Opec 'to keep production quotas unchanged'
28/05/2009
The comments made by members of the Organisation of the Petroleum Exporting Countries (Opec) in recent days suggest that it will seek to keep its production quotas unchanged, Forbes reports.
The journal claims that there has been little talk of further cuts ahead of their meeting in Vienna, with even hawkish members such as the Iranian oil minister Golam Hossen Nozari refusing to talk up a reduction.
Since September 2008, the cartel has enacted production cuts of 4.2 million ba...
Heating oil steady ahead of Opec meet
28/05/2009
There has been little change in the price of heating oil futures trading on the New York Mercantile Exchange this morning (May 28th), with many investors awaiting news from the meeting of the Organisation of the Petroleum Exporting Countries (Opec).
Near-term heating oil contracts were stagnant during electronic trading as crude prices also held steady ahead of the Opec summit in Vienna.
The group is br...
Crude oil enjoys recovery after consumer confidence report
27/05/2009
Yesterday's (May 26th) crude oil lows enjoyed a more buoyed recovery later in the day after a report revealed that US consumer confidence has improved.
Bloomberg reported that after the Conference Board's Consumer Confidence index experienced its biggest gain since April 2003, the price of oil followed the stock market in climbing higher.
Crude futures declined earlier in the day after speculation that this week's Organisation of the Petroleum Exporting Countries meeting will...
Venezuela's new oil output claims 'will not change MEES estimates'
27/05/2009
New figures released by Venezuela will not change the estimates of the Middle East Economic Survey (MEES), it has been announced.
Speaking to Bloomberg, David Knott, MEES's editor-in-chief, said that the group will closely watch the Organisation of the Petroleum Exporting Countries (Opec) and the International Energy Agency's (IEA) response to Venezuela's moves.
Juan Carlos Boue, senior adviser to Venezuela's Oil and Energy Ministry, recently published an article which outlin...
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