Prices

Oil

Oil drops again on stronger supply and weaker demand

Source: 
Reuters

With a glut in the Atlantic basin and weaker demand, crude oil Friday dropped to its lowest settlements in months in New York and London despite continued crises in the Middle East and Ukraine. U.S. benchmark crude for September delivery finished the week more than 4 percent lower, falling 29 cents to close at $97.88 a barrel on the Nymex, its lowest settlement since February, while Brent crude tumbled $1.18 to $104.84, Reuters reports.

Oil

Rare summer relief for gasoline prices

NEW YORK (AP) — The gasoline price roller coaster is running a strange course this summer. August began with the lowest average gasoline price for this time of year since 2010. Just a few weeks ago, drivers were paying the highest gasoline July Fourth gasoline price in six years.

The average price of a gallon of gasoline is $3.52 after falling 16 cents over the last month. Prices may continue to slide in early August and post larger drops after Labor Day — as long as there are no hurricanes that halt production in the Gulf Coast or violence in the Middle East that disrupts crude supplies.

"We'll see some more drops, and clearly we'll be below $3.50 by Monday," says Tom Kloza, chief oil analyst at the Oil Price Information Service and GasBuddy.com. "It's absolutely counter-intuitive."

Oil

Oil sliding on signs of weaker demand

Source: 
Bloomberg

Sluggish demand, higher North American production, an increase in gasoline inventories and a stronger dollar are pushing oil prices down, so far more than 4 percent lower on the week. U.S. benchmark crude for September delivery dropped 64 cents to $97.53 in electronic trading on the Nymex, while Brent crude was 18 cents lower in London, to $105.84, Bloomberg reports.

Oil

Refinery shutdown sends crude sliding

Source: 
Reuters

Word that a refinery in Coffeyville, Kansas might be shut for up to four weeks following a fire Tuesday has sent crude prices plummeting. Benchmark West Texas Intermediate dropped $2.10 to settle at $98.17 a barrel on the New York Mercantile Exchange Thursday, while in London Brent crude fell 49 cents to $106.02, Reuters reports.

Oil

Oil drops under $100 on increasing supply

Source: 
Reuters

Increasing OPEC production and higher U.S. gasoline stockpiles outweighed international crises to send oil prices lower Thursday. Benchmark crude for September delivery fell 75 cents to $99.52 a barrel in electronic trading on the New York Mercantile Exchange, while in London Brent crude was 40 cents down to $106.11, Reuters reports.

Oil

Shell profit up on higher oil prices

AMSTERDAM (AP) — Royal Dutch Shell PLC, Europe's largest oil company, says second quarter earnings rose on higher production and higher selling prices for oil, and fewer one-time charges.

Net profit was $5.31 billion, up from $1.74 billion in the same period a year earlier. Shell booked net one-time charges of $979 million in the quarter, down from $2.21 billion in the second quarter of 2013.

Oil

IMF's Lagarde speaks at energy price forum

Washington, July 31, 2014, 10:30 am

Center for Global Development forum, "Getting Energy Prices Right: From Principle to Practice." IMF Managing Director Christine Lagarde to deliver morning keynote. 

Oil

US crude drops on higher gasoline inventories

Source: 
Bloomberg

Gasoline inventories have grown, according to data from the Energy Information Administration, which sent oil prices slipping. Benchmark crude for September delivery dropped 70 cents Wednesday to close at $100.27 a barrel on the Nymex, while in London Brent crude dropped $1.21 to $106.51, Bloomberg reports.

Oil

Oil gains on anticipated decline in stockpiles

Source: 
Bloomberg

With anticipation -– ahead of the release of government data Wednesday –- that stockpiles may have shrunk by more than a million barrels, benchmark West Texas Intermediate crude for September delivery was up 47 cents to $101.44 a barrel in electronic trading on the New York Mercantile Exchange, while in London Brent crude dropped 37 cents to $107.35, Bloomberg reports.

Oil

US benchmark crude drops on refinery fire

Source: 
Bloomberg

Concerns about the shutdown of the Coffeyville refinery in Kansas after a fire pressured U.S. crude prices, benchmark WTI for September delivery dropped 70 cents to $100.97 while in London Brent crude gained on the announcement of fresh Russia sanctions, up 15 cents to $107.72, Bloomberg reports.

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