Oil

Home>Topics>Oil
Refine Results
  1. All
  2. Articles
  3. Online Articles
  4. Magazine Articles
  5. Videos
  6. Magazine Articles
  1. MARKET WATCH: NYMEX oil price ended week above $47.60/bbl

    The light, sweet crude oil price for October delivery gained modestly on Aug. 26 to settle above $47.60/bbl on the New York market upon uncertainty about a possible increase in US interest rates. But crude prices fell in early trading Aug. 29. Federal Reserve Chair Janet Yellen on Aug. 26 gave a speech suggesting she is becoming increasingly convinced that the central bank will raise short-term interest rates although the timing remains unclear. Interest rates might be raised as early as sometime in September. Oil is traded in US dollars. Higher interest rates could strengthen the dollar, making oil more expensive for oil traders using different currencies. “A much stronger US dollar is causing selling pressure today,” Commerzbank analysts said in a research note. “Speculative financial investors in particular are likely to use this as an opportunity to take profits.” Members of the Organization of Petroleum Exporting Countries have said they will have an informal meeting Sept. 26-28 to discuss oil prices. The OPEC talks are planned on the sidelines of an energy conference in Algeria. Barclays issued a research note saying, “OPEC seems to have learned from its first-quarter experience when, despite poor fundamentals, talk of a supply freeze kick-started a 30% rally in oil prices.” OPEC and non-OPEC members discussed a production freeze in April but no agreement was reached. “We see the outcome of the oil freeze talks in Algeria as having a limited impact on oil-market balances. Rather than the outcome of the meeting, we see incoming oil-market data (both demand and supply) as a source for price strength in the fourth quarter,” Barclays analysts said. Energy prices The NYMEX crude oil contract for October delivery gained 31¢ to close at $47.64/bbl on Aug. 26. The November contract was up 30¢ to $48.33/bbl. The natural gas contract for September climbed 2.5¢ to a rounded $2.87/MMbtu. On the spot market, the Henry Hub gas price gained 1¢ to $2.87/MMbtu. Heating oil for September declined 1¢ to a rounded $1.50/gal. The price for reformulated gasoline stock for oxygenates blending for September edged up less than a penny to remain at a rounded $1.51/gal. The Brent crude contract for October on London’s ICE gained 25¢ to settle at $49.92/bbl. The contract for November was up 23¢ to $50.15/bbl. The September gas oil contract settled at $437.75/tonne on Aug. 26, up 50¢. The average price for OPEC’s basket of 12 benchmark crudes was $45.75/bbl on Aug. 26, up 47¢. Contact Paula Dittrick at paulad@ogjonline.com .

    Online Articles

    Online Articles

    Mon, 29 Aug 2016

  2. Oil and Gas News: Uganda grants 8 oil production licenses to Total, Tullow

    Uganda's government on Tuesday issued eight oil production licenses to two foreign companies, moving the East African country closer to becoming a producer of crude.

    Online Articles

    Online Articles

    Tue, 30 Aug 2016

  3. Oil and Gas News: Report: Texas flouted federal aquifer rules for 34 years

    Texas allowed the drilling of oil and natural gas injection wells in some areas near drinking water sources starting more than three decades ago, but state regulators recently assured the federal government the effort posed "little to no risk" to the subterranean reserves, according to a report ...

    Online Articles

    Online Articles

    Mon, 29 Aug 2016

  4. Offshore Oil & Gas: Increasing the value of Johan Sverdrup

    Since the PDO of the Johan Sverdrup field was approved by Norwegian authorities, Statoil has cooperated with partners, authorities and suppliers on improving the offshore oil & gas project.

    Online Articles

    Online Articles

    Mon, 29 Aug 2016

  1. Oil and Gas News: Company vows to continue crew camp battle in Williston

    Online Articles

    Online Articles

    Tue, 30 Aug 2016

  2. Oil and Gas News: Young updating filings to reflect farm stake, lease income

    U.S. Rep. Don Young is updating his financial disclosures to show ownership in a family farm dating to the 1990s and income from oil and gas leases.

    Online Articles

    Online Articles

    Tue, 30 Aug 2016

  3. Oil and Gas News: Limits on oil and gas probably won't be on Colorado ballot

    Coloradans probably won't get a chance to vote on whether to impose tougher restrictions on the oil and gas industry in November because two proposed ballot measures failed to get enough signatures to make the ballot, the state's top election official said Monday.

    Online Articles

    Online Articles

    Tue, 30 Aug 2016

  4. Oil and Gas News: East Timor, Australia open talks on maritime border dispute

    East Timor and Australia opened conciliation talks Monday in their bitter legal battle to set a permanent maritime boundary that will carve up billions of dollars in oil and gas reserves underneath the seabed.

    Online Articles

    Online Articles

    Mon, 29 Aug 2016

  5. Oil & Gas New: Cochran to take over as Petrofac CFO

    Petrofac Limited, the international oil & gas facilities service provider, announced that Alastair Cochran will join the company in October and will formally succeed Tim Weller as Chief Financial Officer and Executive Director.

    Online Articles

    Online Articles

    Tue, 30 Aug 2016

  6. Oil and Gas News: Tank explodes at California refinery; no injuries reported

    A sulfur storage tank exploded Friday at the largest oil refinery in California, sending a chemical cloud into the air and causing a fire, authorities said. No injuries were reported.

    Online Articles

    Online Articles

    Mon, 29 Aug 2016

  7. Law promoted to COO of Renaissance Oil

    Carol Law has been promoted to chief operating officer of Renaissance Oil Corp., Vancouver, BC.

    Online Articles

    Online Articles

    Tue, 30 Aug 2016

  8. Oil and Gas News: Buffett's Berkshire Hathaway buys more Phillips 66 stock

    Berkshire Hathaway has continued adding to its 15 percent stake in oil refiner Phillips 66.

    Online Articles

    Online Articles

    Tue, 30 Aug 2016

Get More Results