Archive for July 2009
Oil climbs on Asian stocks rally
14/07/2009
Crude oil prices were up in electronic activity this morning (July 14th), as investor confidence returned in trading on key Asian stock exchanges.
The headline crude contract trading on the New York Mercantile Exchange rose back above $60 (£36) a barrel in early trading, recovering from an eight-week low and bolstered by expectations that the Chinese economy continued to grow in the second quarter of this year.
Speaking to Bloomberg, Hannes Loacker, an analyst at Raiffeise...
Heating oil enjoys stable start
13/07/2009
Heating oil prices on the New York Mercantile Exchange were virtually unchanged this morning (July 13th), stalling after a week of heavy losses.
In electronic trading on the bourse, the August delivery heating oil contract hovered around the $1.528 (95p) a gallon, mimicking a period of relative stability in crude futures.
Oil little changed on Nymex
13/07/2009
Crude oil futures trading on the New York Mercantile Exchange this morning (July 13th) made slight losses this morning, slipping further below $60 (£37) a barrel.
In a morning of subdued trading, crude made marginal losses, alongside Nymex heating oil futures, with both commodities weakening against prices at the close of trading on Friday.
By 06:01 Eastern Time, the August delivery crude contract ...
Oil below $60 on economy fears
10/07/2009
Crude oil trading on the New York Mercantile Exchange has fallen through the $60 (£37) barrier in electronic trading this morning (July 10th).
The commodity slipped after making marginal headway yesterday, weighed down by a weak performance in Japanese commodities markets. Thursday's upward movement put an end to the longest losing streak seen since December.
Speaking to Reuters, Ryuichi Sato, analyst at Tokyo-based Mizuho Corporate Bank, commented: "Yesterday's marke...
Heating oil falls further after flat trade
10/07/2009
Heating oil prices continued to slide in electronic trading on the New York Mercantile Exchange (Nymex) this morning (July 10th), losing grip after a day of relative resilience.
The commodity closed for the day at $1.5344 (94.6p), down a fraction of a cent on Wednesday, but had slipped a further 1.3 cents by 06:08 Eastern Time this morning.
Falls were seen across all petroleum commodities trading...
Deloitte: North Sea drilling down 57%
10/07/2009
Drilling activity in the North Sea has slumped since the onset of the economic crisis, with exploration falling 57 per cent in the last year, German analyst house Deloitte has claimed.
A new report from the group warns that UK drilling firms are being stung by an uncompetitive tax regime that is making new exploration activity unviable at a time when crude prices are subdued.
Profit margins on heating oil
Heating oil straightens out after heavy losses
09/07/2009
Wholesale heating oil prices were moving upwards in electronic trading on the New York Mercantile Exchange (Nymex) this morning (July 9th), recovering from a day of heavy losses yesterday.
By the close of trading on Wednesday, the August delivery heating oil contract had slumped to $1.549 (98.5p) a gallon, down more than six cents...
Oil rebounds from $60
09/07/2009
Crude oil prices are recovering this morning (July 9th) after hitting $60 (£37) yesterday.
Light, sweet crude oil contracts for August delivery trading on the New York Mercantile Exchange had risen to $61.18 by 05:37 Eastern Time, with many investors deciding that the downward trading seen in recent days had gone too far.
David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney, told Bloomberg that the commodity had attracted a lot of buyer attention...
Crude losses deepen in NY
08/07/2009
Crude oil futures have slipped further this morning (July 8th), extending losses witnessed yesterday after the publication of weak demand data.
By 05:43 Eastern Time, the August delivery contract trading on the New York Mercantile Exchange had slipped to $62.23 (£38.61) a barrel, down 70 cents on yesterday's settle price.
Crude started out positively in electronic trading yesterday, but weakened after the publication of gloomy demand data from the American Petroleum Instit...
Heating oil weakens on API data
08/07/2009
Wholesale heating oil prices skidded yesterday (July 7th) after data from the American Petroleum Institute showed that demand for heating oil and other distillates remains weak.
Crude and distillate inventories rose above estimates from analysts polled by Reuters, putting paid to an early rally seen yesterday after a dismal end to...
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