NEW YORK (AP) — The price of oil fell below $96 a barrel Monday amid forecasts for moderating temperatures in the U.S. Northeast and anticipation for the next meeting of the U.S. central bank.
Benchmark crude for March delivery fell 92 cents to close at $95.72 a barrel on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties of crude, fell $1.19 cents to $106.69 on the ICE exchange in London.
Along with oil, the prospects of a break in the deep chill that has enveloped the upper Midwest, the Northeast and parts of the South sank the price of natural gas. Futures dropped 34 cents, or 6.5 percent, to $4.85 per 1,000 cubic feet, partly reversing last week's surge above $5.
The price of oil rose Monday, although early on gains were tempered by the prospect of a further reduction in U.S. central bank stimulus.
Benchmark crude for March delivery was up 42 cents to $97.05 in electronic trading on the New York Mercantile Exchange. The contract fell 68 cents to close at $96.64 on Friday. Brent crude, used to set prices for international varieties of crude, was down 36 cents at $107.52 on the ICE exchange in London
The Federal Reserve meets for two days from Tuesday. Officials are widely expected to reduce the central bank's monthly bond buying that has underpinned an economic recovery.
NEW YORK (AP) — The price of oil slipped a bit Friday, but still finished the week with a gain of more than 2 percent. A sell-off in global equity markets may have weighed on oil traders' sentiments, producing the first losing day of the week.
Benchmark U.S. crude for March delivery fell 68 cents to close at $96.64 a barrel on the New York Mercantile Exchange. For the week, oil gained $2.27 a barrel, or 2.4 percent.
Meanwhile, the price of natural gas soared nearly 10 percent. The frigid temperatures across much of the U.S. Midwest and Northeast have homeowners and businesses cranking up the heat. At the same, the recent combination of snow, ice and cold temperatures has impeded some natural gas production.
The price of oil edged up Friday for a fifth day in a row on expectations for increased demand.
Benchmark U.S. crude for March delivery was up was up 37 cents to $97.69 in electronic trading on the New York Mercantile Exchange after the U.S. Energy Information Administration confirmed that stockpiles of heating oil and diesel are shrinking as extreme cold has driven up demand.
On Thursday, preliminary results of HSBC's January survey of Chinese factory purchasing managers indicated a contraction in manufacturing for the first time since July. Despite the disappointing China data, the severe cold spell in parts of the U.S. along with higher forecasts for global economic growth boosted the outlook for oil demand. On Wednesday, the International Monetary Fund raised its growth forecasts for the global economy and the U.S. economy.
The price of oil rose for the fourth day in a row Thursday, to above $97 per barrel, as an ongoing cold spell in parts of the U.S. boosted demand for heating oil.
U.S. crude for March delivery rose 59 cents to close at $97.32 a barrel in New York. Brent crude, a benchmark for international oil used by many U.S. refineries, fell 69 cents to close at $107.58 in London.
Natural gas futures rose again, adding 4 cents to close at $4.73 per 1,000 cubic feet, as temperatures in many parts of the U.S. Northeast remained in the single digits and forecasts called for continued cold over the next week, boosting anticipated heating demand. Natural gas futures are up 18 percent over the past two weeks, to their highest level since July of 2011.
RIYADH, Saudi Arabia (AP) — Saudi Arabia's oil minister and the head of the International Energy Agency have met in the kingdom to discuss the effects of growing U.S. shale oil production on global oil prices.
The Saudi Press Agency says Ibrahim al-Naimi met IEA Executive Director Maria van der Hoeven in Riyadh on Thursday.
Earlier this week, al-Naimi was quoted by the Saudi Press Agency saying that the kingdom welcomes the new source of energy to keep up with global demand. He made his comments after meeting with U.S. Energy Secretary Ernest Moniz on Sunday.
Oil prices initially fell Thursday as lackluster data from China overshadowed news that oil started flowing through a new pipeline to the U.S. Gulf Coast, but then started higher again. Benchmark U.S. crude for March delivery was up 11 cents to $96.84 in electronic trading on the New York Mercantile Exchange. The contract rose $1.76 to settle at $96.73 on Wednesday.
A preliminary manufacturing index for China fell to 49.6 in January, below the 50 level that signifies expansion and a six-month low, according to HSBC Holdings Plc and Markit Economics. In December the index was at 50.5.
Oil rose nearly 2 percent, or $1.76, to $96.73 on Wednesday following the opening of the southern leg of the Keystone pipeline, which is expected to eventually bring 500,000 barrels of crude oil a day to the Gulf Coast. There's also anticipation about current supplies: Data for the week ending Jan. 17 is expected to show a decline of 1.9 million barrels in crude oil stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
NEW YORK (AP) — The price of oil rose nearly 2 percent Wednesday as oil started flowing through a new pipeline to the Gulf Coast and traders anticipated another decline in U.S. supplies.
Meanwhile, natural gas futures shot up almost 6 percent as temperatures in many parts of the Northeast dropped into the single digits, and strong demand tapped the region's supplies of natural gas.
Benchmark U.S. crude for March delivery rose $1.76, or 1.9 percent, to close at $96.73 a barrel on the New York Mercantile Exchange. Oil last closed above $96 a barrel on Dec. 31. Brent crude, used to set prices for international varieties of crude, gained $1.54, or 1.4 percent, to $108.27 on the ICE Futures exchange in London.
The price of oil rose Wednesday amid expectations for solid demand after the International Monetary Fund raised its growth forecasts for the world and U.S. economies.
Benchmark U.S. crude for March delivery was up 67 cents at $95.67 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties of crude, gained 34 cents to $107.07 on the ICE exchange in London.
The IMF said Tuesday it expects the world economy to grow 3.7 percent this year and the U.S. economy by 2.8 percent. Both are slightly higher than its previous projections. Underpinning expectations of increased demand for crude is the recent decision by the International Energy Agency to raise its demand forecast for 2014 by 90,000 barrels a day.
The problems in Ukraine are unlikely to trigger faster action by the Obama administration on natural gas exports, a White House spokesman appeared to indicate Friday, as he noted that supplies in Europe are at higher-than-normal levels because of the mild winter there, according to Reuters.
Public Service Enterprise Group plans to spend $12 billion over five years on capital projects to improve reliability, hoping to increase the earnings of its utility business, The Wall Street Journal reports.
Weather-related rail bottlenecks in Chicago are causing higher prices and lower supplies of ethanol on the East coast, while Midwest plants are cutting production because of a shortage of rail cars, an industry representative told a U.S. Surface Transportation Board panel, Platts reports.
Investors will challenge corporations during the upcoming proxy season to make more environmental commitments, according to nonprofit Ceres, which has compiled a list of resolutions up for votes, E&E reports.
Saying President Obama's proposed "climate resilience fund" will help communities prepare better for severe weather might win it bipartisan support, according to Sen. Brian Schatz, D-Hawaii, National Journal reports.