Rising global supply and sluggish demand were continuing to weigh on oil prices. U.S. benchmark crude for December delivery dropped $1.08 to settle at $81.01 a barrel on the Nymex, $1.74 lower than the price a week ago, while Brent finished at $86.13, a loss of 70 cents on the day and 3 cents less than last Friday’s settlement price, Reuters reports.
Oil dropped again early Friday, retreating from previous gains, as traders decided news of a drop in Saudi supplies didn't signal a cut in OPEC production. West Texas Intermediate crude for December delivery fell 74 cents to $81.35 a barrel in electronic trading on the Nymex, while in London Brent slid 1.2 percent, trading $1.02 lower to $85.81, Bloomberg reports.
Reports that Saudi Arabia supplied less oil to the global market in September than it did the month before helped to push oil prices higher Thursday. West Texas Intermediate crude for December delivery jumped 2 percent, gaining $1.57 to settle at $82.09 on the Nymex, while in London Brent crude picked up $2.12 to finish at $86.83, Bloomberg reports.
DALLAS (AP) — Profits are soaring at the biggest U.S. airlines as fuel prices drop — but don't expect fares to fall too.
Heading into the busy holiday-travel period, the airlines expect even cheaper fuel, thanks to the nosedive in crude oil prices. The price of jet fuel, an airline's biggest single expense, has dropped by about one-fifth since mid-June.
An increase in a Chinese manufacturing index combined with faster-than-expected growth in European industrial activity helped boost oil prices early Thursday. U.S. benchmark crude gained 20 cents to $80.72 a barrel in electronic trading on the Nymex, while in London Brent crude was up 25 cents to $84.96, Reuters reports.
A greater-than-expected increase in crude inventories, coupled with falling stock prices and a strong dollar, sent oil prices tumbling again Wednesday. U.S. benchmark crude for December delivery slid 2.5 percent, or $1.97, to settle at $80.52 a barrel on the Nymex, while in London Brent lost $1.51 to end the trading day at $84.71, Reuters reports.
Analysts were speculating on whether the bear market in oil has found its floor, as prices increased early Wednesday on expectation data would show that gasoline stockpiles dropped last week. West Texas Intermediate crude for December delivery was up 22 cents to $82.71 a barrel in electronic trading on the Nymex, while in London Brent gained 59 cents to $86.81, Bloomberg reports.
Recent studies, including one by the Government Accountability Office released this week, suggest that a repeal of the U.S. ban on crude oil exports could spur domestic oil production while pushing down gasoline prices and the trade deficit.
Yet the leading advocate in Congress for the reversal isn't drafting legislation -- for now.
A spokesman for Sen. Lisa Murkowski, R-Alaska, said Tuesday she has not decided whether, or when, to write any bill to repeal the ban. Further, she won't quickly pursue any legislation on a ban if Republicans take over the Senate and she gets the energy committee gavel.
A bigger-than-expected increase in Chinese quarterly gross domestic product numbers sent oil prices higher Tuesday. West Texas Intermediate crude for November delivery rose 10 cents as the contract expired, to $82.81 a barrel on the Nymex, while in London December Brent jumped 1 percent, or 82 cents, to $86.22, Bloomberg reports.
If oil prices dropped to less than $80 a barrel, a third of U.S. production of shale oil would no longer be economically viable, an analyst told Bloomberg, which reports that such a major development would change the global energy picture.
Bloomberg New Energy Finance has calculated that drilling in 19 U.S. shale regions – including the Eagle Ford Shale in Texas -- won’t be profitable if the price of crude oil remains at or below $75 a barrel.
A drop in the purchasing managers index for the euro area, combined with a report of an increase in U.S. crude stockpiles last week sent oil prices lower early Thursday. West Texas Intermediate crude for December delivery fell 26 cents to $74.32 a barrel in electronic trading on the Nymex, while in London January Brent was down 39 cents to $77.71, Bloomberg reports.
PJM Interconnection has reported a new record demand level for November -- 121,987 megawatts – reached Tuesday evening, which the eastern regional grid operator attributes to the current spell of cold weather and which also sent prices soaring above $100 per megawatt-hour in two areas, Platts reports.
Ethanol production in the U.S. rose to a five-month high of 970,000 barrels a day, an increase of 24,000 barrels a day, in the week ending Nov. 14, according to Energy Information Administration statistics, Platts reported, adding that there was also an increase in prices and margins.
The New York Times interviews Pramod Chaudhari, founder of Praj Industries, which has grown over the past three decades into a firm specializing in bioethanol as well as biochemical technologies and waste water.
The Sierra Club, the League of Conservation Voters and Tom Steyer’s NextGen Climate have all lobbied supporters for donations following the Senate’s narrow vote to defeat a measure backing the Keystone XL pipeline, Bloomberg reports.
INEOS – a chemical company that is building Europe’s largest shale gas import facility in Britain – also plans to drill for gas locally, spending $1 billion on exploration and production, BBC News reports.
David Wayne Schroeder -- indicted on charges of stealing $58,000 worth of oil in the Permian Basin, according to a news release from U.S. Attorney Robert Pitman -– could face a prison term of up to 20 years if he is convicted on all of them, FuelFix reports.
Michael Kaplan, who has served as acting Director of Oregon’s Energy Department since the abrupt resignation of former chief Lisa Schwartz last May, has been given a permanent appointment by Gov. John Kitzhaber, the Statesman Journal reports.
Scientists at NASA’s Goddard Space Flight Center have come up with a computer model – called “Nature Run” – which tracks the movement of carbon dioxide and other emissions in high resolution, and have released a video condensing the pattern in 2006 that runs a few minutes, the Los Angeles Times reports.