Archive for June 2009
Weighing the costs of an energy hike
12/06/2009
With crude prices at an eight-month high and gasoline and heating oil prices soaring too, attention is turning to the effects that high energy prices will have on the prospects for economic recovery.
The Associated Press reports that one of the major problems facing the US is that every additional dollar that goes on gasoline and heat...
Oil continues to rise
11/06/2009
Crude oil prices continued to move upwards during trading on the New York Mercantile Exchange (Nymex) this morning (June 11th), buoyed by the news that the International Energy Agency (IEA) is increasing its forecast for oil demand for the first time in ten months.
The Paris-based group increased its projections for consumption by 120,000 barrels a day, taking estimates for average consumption for the year to 83.3 million barrels per day.
However, the IEA clarified: "These...
Heating oil up as inventories fall
11/06/2009
Heating oil price moved upwards again this morning (June 11th) after figures published by the US Energy Information Administration showed that heating oil inventories shrank last week.
The statistics, which are taken as the yardstick for demand for heating oil, gasoline, crude and other petroleum products, showed that during the w...
Heating oil climbs, tracking crude
10/06/2009
Wholesale heating oil prices on the New York Mercantile Exchange have climbed rapidly during electronic trading as investors flock to commodities to capitalise on a weak dollar.
Crude oil prices also rose dramatically, hitting a seven-month high of $71 (£43) a barrel.
At 05:55 Eastern Time, the July delivery heating oil<...
Oil hits 7-month high
10/06/2009
Crude oil prices have soared to $71 (£43) a barrel during early trading this morning (June 10th), taking the commodity to a seven-month high.
Prices climbed steadily on the New York Mercantile Exchange yesterday and closed at $70.01 a barrel, up $1.92, with the rally fuelled by weakness in the dollar and demand data from the American Petroleum Institute (API) which showed a fall in US oil inventories.
"Investors are seeing more green shoots as macro data gradually imp...
Oil gains after late recovery
09/06/2009
Crude futures on the New York Mercantile Exchange (Nymex) rose this morning (June 9th), extending the recovery from yesterday's heavy early losses.
In electronic trading on Monday, crude and other distillates such as heating oil lost ground as foreign investors shied away from commodities as the dollar strengthened.
However, the greenback has since lost ground on foreign currency markets and traders are...
Experts wary of commodities bubble
09/06/2009
The dramatic rise in the price of oil, heating oil and other commodities is detached from the realities of demand for such products, experts are warning.
Analysts quizzed by Reuters are warning that with crude soaring nearly 75 per cent since the $34-a-barrel low seen in February, a price bubble akin to that witnessed last year may be on the cards.
Crude oil prices hit a record $147 a barrel on July 11t...
Heating oil makes headway on Nymex
09/06/2009
Heating oil futures made moderate gains on the New York Mercantile Exchange (Nymex) this morning (June 9th) after a late-stage turnaround yesterday.
The July delivery heating oil contract had a poor start to the week, extending losses seen on Friday. However, prices moved upwards during the day and the commodity closed at $1.7679 (£1.09) a gallon, down a fraction of a cent.
And in electronic tradin...
Oil shies away from $70
08/06/2009
Crude oil has continued to retreat on the year-high price of $70.32 (£44.45) a barrel witnessed during trading on the New York Mercantile Exchange on Friday (June 5th).
By 05:54 Eastern Time this morning (June 8th), the July delivery heating oil contract had dropped $1.19 to trade at $67.25 a barrel, with the downward pressure coming in large part due to an improving dollar.
Last week, the stunted ...
Heating oil continues to slide
08/06/2009
Heating oil prices fell in New York this morning (Jun 8th), tracking a slump in the price of oil and weighed upon by a stronger performance by the dollar.
By 06:00 Eastern Time, the July delivery heating oil contract had fallen to $1.7436 (£1.09) a gallon, down 2.65 cents on the settle price at the end of last week.
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