Oil prices bounced back after plunging Tuesday, but the upside was kept in check by substantial supplies and continuing demand concerns. U.S. benchmark crude for October delivery was 89 cents higher Wednesday morning in electronic trading on the Nymex, to $93.77 a barrel, while in London Brent crude gained $1.08 to $101.42, Reuters reports.
NEW YORK (AP) — Concerns over weaker global growth appeared to overshadow strong reports about the U.S. economy Tuesday, nudging the stock market to a tiny loss.
Crude prices sank 3 percent, pulling down stocks of oil producers. Small companies, which have fewer ties to the world economy, made gains. Meanwhile, the dollar reached a one-year high against the euro.
"It's the picture of U.S. strength against the backdrop of global weakness," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.
Worry that weak manufacturing data from China and Europe might slow global demand weighed on oil prices Tuesday, as did a strong dollar. WTI for October delivery plunged $3.08, or 3.2 percent, to settle at $92.88 a barrel on the New York Mercantile Exchange, while in London Brent crude slumped $2.45 to hit a 16-month low of $100.34 a barrel, Bloomberg reports.
Weak factory data in China and Europe weighed on oil prices Tuesday. U.S. benchmark crude for October delivery, at $95.23 a barrel in electronic trading on the Nymex, was 73 cents lower than Friday’s close, while in London Brent crude dropped 87 cents to $101.91, Reuters reports.
Oil looks set to finish out the week higher in the wake of another positive piece of data on the U.S. economy, news of an unexpected rise in consumer confidence. West Texas Intermediate crude for October delivery was up 66 cents to $95.21 a barrel on the Nymex, while in London Brent crude settled 35 cents higher to $102.81, Bloomberg reports.
Oil prices increased for a third straight day on the back of an upward revision in the U.S. gross domestic product figures and a hike in gasoline demand. West Texas Intermediate crude for October delivery gained 71 cents Thursday to $94.59 a barrel on the Nymex, while in London Brent crude was up 17 cents to $102.89, Bloomberg reports.
Increasing U.S. oil production fuelled by the shale boom has helped to keep a lid on oil prices despite global crises that in past years would have triggered supply disruptions and price spikes, according to an Energy Information Administration analysis, National Journal reports.
A greater-than-expected decline in crude stockpiles reported by the Energy Information Administration Wednesday helped push oil prices up. U.S. benchmark crude gained 15 cents to $94.01 a barrel after settling 51 cents higher on the Nymex Tuesday, while in London Brent crude for October delivery rose 21 cents to $102.71, Reuters reports.
News of strong consumer confidence numbers, an increase in durable goods orders and an expectation of a stockpile drop sent oil higher Tuesday. West Texas Intermediate crude rose 58 cents to $93.93 a barrel on the Nymex, while in London Brent crude gained 17 cents to $102.82, Bloomberg reports.
Oil prices were still sinking Monday as crude was continuing to flow despite the ongoing conflicts in Iraq and Libya, although analysts predicted further significant declines were unlikely. U.S. benchmark crude was 47 cents lower to $93.18 a barrel, while Brent crude lost 18 cents to $102.11 toward the end of the European trading day, Reuters reports.
Another federal agency has spoken out against the Environmental Protection Agency’s proposed Waters of the U.S. rule, or WOTUS –- the Small Business Administration wrote a letter to EPA Administrator Gina McCarthy and a top official with the U.S. Army Corps of Engineers saying it’s worried about the economic impact of the regulation, The Hill reports.
Saudi Arabia’s move to cut its official crude price has sent oil prices tumbling early Thursday. U.S. benchmark crude sank $2.00 to $88.73 a barrel in electronic trading on the Nymex, while in London Brent crude plunged $2.15 to $92.01, Reuters reports.
A bearish outlook is taking hold of natural gas prices ahead of an expected announcement of a storage build from the Energy Information Administration combined with a mild October weather forecast, as Wednesday’s settlement for November delivery declined 9.8 cents to $4.023 per million British thermal units on the Nymex, Platts reports.
Goldman Sachs has cut its growth projections for future LNG demand and warns that investors should be wary about the costs of major projects and “realistic about expectations for further contracts,” Bloomberg reports.
State Sen. Kevin de Leon said he wasn’t sure whether to reintroduce legislation to reform the California Department of Toxic Substances Control in the wake of Gov. Jerry Brown’s veto of his bill, the Los Angeles Times reports.
The U.S. hasn’t achieved complete energy independence despite the impact of the shale boom, according to speakers at a panel discussion in Houston Tuesday evening, who disagreed on how that might be accomplished or if it’s even desirable, The Houston Chronicle reports.
Moves by the Maine Public Utilities Commission to boost the energy efficiency programs aimed at large customers are aimed at saving more than 44,000 megawatt-hours of electricity annually, Platts reports.
The American Legislative Exchange Council was caught by surprise when Google chief Eric Schmidt said in a radio show that the company was pulling out of ALEC because the organization was “lying” about climate change, new CEO Lisa Nelson told National Journal in an interview, adding that she’s had calls from companies seeking to join despite a recent wave of departure announcements.
Problems encountered by West Texas Guar Inc., which operated a processing facility to extract a thickening agent from the legume guar, has cost investors and farmers millions of dollars, The Wall Street Journal reports.
Sierra Oil & Gas, a private company created in the wake of Mexico’s energy reform, has a team with a combined 350 years’ experience and $525 million in financial backing from private equity investors, chief executive Ivan Sandrea told The Wall Street Journal.