Archive for August 2009
Oil rebounds on recovery hopes
28/08/2009
Crude oil prices closed higher in trading on the New York Mercantile Exchange yesterday (August 27th) after briefly dipping below $70 (£42) a barrel.
Amid invigorated optimism in the prospects for global economic recovery, the headline futures contract continued to rise this morning and was trading at $72.80 a barrel at 03:58 Eastern Time.
Meanwhile, heating oil contracts also held stable during el...
Oil steady despite weak EIA report
27/08/2009
Crude oil prices were relatively stable during electronic trading on the New York Mercantile Exchange this morning (August 27th), despite the publication of weak demand data from the Energy Information Administration (EIA) yesterday.
Analysts had expected that crude, heating oil, gasoline and propane inventories all fell in the US last week, following on from an unexpected drop witnessed in the previous week.
Heating oil resilient despite demand weakness
27/08/2009
Heating oil prices were marginally lower during electronic trading this morning (August 27th) but were proving resilient to data from the Energy Information Administration (EIA) showing weak demand for the fuel in the US.
At 05:59 Eastern Time, the September delivery heating oil contract was trading at $1.8392 (£1.134) a gall...
US natural gas storage 'a trainwreck'
27/08/2009
Weak demand for natural gas throughout the US is causing a storage backlog that could create unprecedented challenges for the industry, it has been reported.
According to the Financial Times, energy companies have been pumping spare natural gas into underground reservoirs, aquifiers and abandoned oil wells at "bewildering rates" as the demand for the fuel has plummeted since the onset of the economic crisis.
Now, with such storage facilities, there is a danger that na...
Oil recovering after weak session
26/08/2009
Crude oil prices rose on the New York Mercantile Exchange this morning (August 26th), partially offsetting heavy losses witnessed yesterday.
At 05:42 Eastern Time, the October delivery contract was trading at $72.27 (£44.33), up 22 cents on yesterday's settle price, which in turn was down more than $2 dollars on the previous day.
The moderate upward movement came ahead of the publication of the latest demand report from the Energy Information Administration which is expect...
Heating oil correcting losses
26/08/2009
Heating oil prices rose during electronic trading on the New York Mercantile Exchange (Nymex) this morning (August 26th), moving against a sharp dip witnessed yesterday.
At 05:12 Eastern Time, the September delivery heating oil contract traded at $1.8676 (£1.14) a gallon, up 1.17 cents on the closing price yesterday.
Has oil demand peaked?
26/08/2009
Global demand for oil and products such as petrol, diesel and heating oil may have hit a peak, according to David Donora, head of commodities at Threadneedle.
In a report for the group, Mr Donora explained that the price spike witnessed in the first half of 2008 sent shockwaves through oil consuming nations, causing a re-evaluation of the way that crude is used.
Meanwhile, the economic crisis and result...
Analysis: heating oil to suffer autumn slump
25/08/2009
The wholesale cost of heating oil and other middle distillates may fall in upcoming trading sessions as the demand for fuels lull ahead of winter buying activity, market analysis has shown.
According to Reuters data, trading in heating oil and other distillates may fall later this week as demand dips between the summer driving season - when gasoline prices climb - and the winter season - when heating oil sales r...
Crude oil vulnerable above $70
25/08/2009
Although crude is currently trading at $74 (£45) a barrel, the commodity will remain vulnerable to downward movements at any price above $70, one analyst has claimed.
Victor Shum, a senior energy analyst at Singapore-based firm Purvin & Gertz, said that while commodities such as crude and heating oil have risen on the back of improved macroeconomic prospects in recent sessions, petroleum products are st...
Oil back below $74 a barrel
25/08/2009
Oil prices fell during electronic trading on the New York Mercantile Exchange this morning (August 25th), with the headline contract moving back below $74 (£45) a barrel as equity indexes retreated in Asia and London.
There was also concern that China may soon restrict its lending conditions in the coming weeks, a move which could put the dampers on global economic recovery.
Speaking to Bloomberg, Andrey Kryuchenkov, an analyst at VTB Capital in London, said that commoditi...
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