Word from Ukraine that it attacked and destroyed vehicles in a convoy coming from Russia sent oil prices soaring Friday. West Texas Intermediate crude for September delivery gained $1.77, or 1.9 percent, to settle at $97.35 a barrel on the Nymex, while in London October Brent crude jumped $1.46 to $103.53, a day after the September contract closed at a 13-month low, Bloomberg reports.
With no fresh threats to supply on the horizon to worry traders, oil prices remained steady Friday morning. U.S. benchmark crude slipped 10 cents to $95.48 a barrel in electronic trading on the Nymex, while in London the October contract for Brent crude edged 20 cents higher to $102.27, after the September contract settled Thursday at a 13-month low of $102.01, Reuters reports.
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.
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.