With the crude market “oversupplied” -- as one analyst put it -- there was little propping up prices Thursday. West Texas Intermediate for September delivery plummeted $2.01 to $95.58 a barrel on the New York Mercantile Exchange, the lowest close since January, while in London September Brent crude plunged $2.27 to $102.01 a barrel, the lowest settlement on a front month contract since June, 2013, Bloomberg reports.
Strong crude supplies – accentuated by the Energy Information Administration’s report of a stockpile build last week – coupled with fresh word of stalled economic growth in Europe put downward pressure on prices again Thursday. U.S. benchmark crude fell 12 cents to $97.47 a barrel in electronic trading on the Nymex, while in London Brent crude for September delivery slipped 16 cents to $104.12, Reuters reports.
Oil rebounded Wednesday on fears recent price drops were too dramatic given the present state of global uncertainty, despite data showing stocks increased last week. West Texas Intermediate crude for September delivery gained 22 cents to settle at $97.59 a barrel on the New York Mercantile Exchange, while in London Brent crude jumped $1.26 to $104.28, Bloomberg reports.
With the world appearing to be awash in oil and demand in China slipping in July, prices were dropping again Wednesday. U.S. benchmark crude was down 17 cents to $97.20 a barrel in electronic trading on the Nymex, while in London Brent crude for September delivery fell for a fourth straight day, trading 24 cents lower to $102.78, Reuters reports.
A report from the International Energy Agency which points to ample crude supplies and lessening oil demand sent prices tumbling Tuesday. West Texas Intermediate crude fell 71 cents to $97.37 a barrel in trading on the New York Mercantile Exchange, while in London Brent crude dropped 1.6 percent to settle at a 13-month low, down $1.66 to $103.02, Bloomberg reports.
The Energy Department's statistics wing on Tuesday offered drivers who have enjoyed declining gasoline prices more good news: The pain at the pump should continue to lessen.
In its monthly short term energy outlook, the Energy Information Administration said the prime driver of gasoline costs, crude oil prices, should remain steady for the rest of the year despite record U.S. refinery demand.
Oil prices dropped Tuesday on the International Energy Agency report of strong supplies despite continuing conflicts in Iraq and Ukraine, with an increase in OPEC production in July of 300,000 barrels a day. U.S. benchmark crude fell 68 cents to $97.40 a barrel in electronic trading on the Nymex, while in London Brent crude was 69 cents lower to $103.99, according to Reuters.
U.S. oil gained Monday as increased refinery production is expected to have an impact on inventories. Benchmark West Texas Intermediate crude for September delivery was up 43 cents to settle at $98.08 a barrel on the Nymex, while in London Brent crude dropped 34 cents to $104.68, Bloomberg reports.
U.S. air strikes in recent days on Sunni Islamic militants in Iraq and the steady flow of oil there were keeping a lid on oil prices Monday. U.S. benchmark crude gained 11 cents to $97.76 a barrel in electronic trading on the Nymex, but in London Brent crude slipped 17 cents to $104.85, Reuters reports.
In a notice filed in the Federal Register Friday, the Environmental Protection Agency said it won’t decide until February whether to block work on Alaska’s Pebble Mine, giving itself more time to review the extensive public comments it has received, The Hill reports.
Environment and Public Works Committee chair Sen. Barbara Boxer, D-Calif., has weighed in on the negotiations over new chemical safety legislation, raising GOP hackles by making public a draft being worked on by ranking Republican Sen. David Vitter of Louisiana along with her critique of it and her own proposal, E&E reports.
Rob Merrifield, the man who’ll be Alberta's next envoy in Washington, told The Globe and Mail in an interview that an oil train disaster similar to the destructive derailment in Lac-Megantic would finally force U.S. officials into approving the Keystone XL pipeline.
Shares in TransCanada, the company behind Keystone XL, have increased 70 percent in the six years the project has been stalled – that’s one of the points Bloomberg Businessweek notes as it looks back over the history of the proposed pipeline.
Ahead of the summit next week in New York, more than 1,400 organizations have been planning for a People’s Climate March Sunday that will be the largest protest on the issue in history, to include the famous and the powerful like U.N. Secretary General Ban Ki-moon, Rolling Stone reports.
Preliminary reports blamed the radiation leak at the Waste Isolation Pilot Plant in New Mexico on a single ruptured barrel that came from Los Alamos National Laboratory, but Joe Franco, who manages the Department of Energy’s field office in Carlsbad, told a public meeting that there may have been a problem with plutonium contamination from a second container, Reuters reports.
Rising inventories and a dollar gaining on the expectations of an interest rate hike pressured oil prices Friday. West Texas Intermediate crude for October delivery fell 66 cents to $92.41 on the Nymex but ended the week slightly higher, while in London November Brent settled up 69 cents to $98.39, an increase of 1.3 percent on the week, Bloomberg reports.
German giant Siemens AG is likely to edge out rival bidder Sulzer of Switzerland to take over Texas oil equipment-maker Dresser-Rand, as it’s preparing a cash offer topping $6 billion, people familiar with the situation told The Wall Street Journal.
Ethanol assessments were at their lowest point in more than four years Thursday after an Energy Information Administration report indicating supplies hit an 18-month high of 18.8 million barrels the week ending Sept. 12, Platts reports.
The Scottish “no” vote on independence – which was welcomed by Royal Dutch Shell's CEO – lifts the burden of uncertainty from oil companies, leaving them clear to focus on how to get more out of declining North Sea oilfields, Platts reports.