Commodities » Energy

Oil and natural gas daily review (February 09, 2012)

Crude oil rose for a second day on Wednesday, shrugging off data showing rising inventories and supported by strong gasoline futures as Brent crude pushed higher on hopes for a Greece debt deal and on concerns about Iran. Oil firm Statoil is lifting capital spending this year as it bets on the development of shale oil in the United States to help raise its output by a third over the next decade.

Oil and natural gas daily review (February 08, 2012)

Crude oil rose for a second day on Tuesday, helped by a weaker dollar and industry data showing an unexpectedly steep drawdown in U.S. crude inventories. China is scouring the world for alternative oil supplies to replace a fall in its imports from Iran, as it seeks to negotiate lower prices from Tehran, and has been drawing heavily on Saudi Arabia. South Korea's presidential office said in a statement on Wednesday that Saudi Arabia would "actively consider" support including additional crude supplies if requested by Seoul, as it looks for alternatives to Iranian oil.

Oil and natural gas daily review (February 03, 2012)

Crude oil fell on Thursday, dropping to a six-week low as Wednesday's data showing rising crude oil and gasoline stockpiles and weak demand continued to generate bearish sentiment. China's net crude oil imports are expected to rise 5.9 percent this year, the slowest growth rate since 2006, on slowing consumption, local media quoted a report by top oil firm China National Petroleum Corp (CNPC) as saying on Friday.

Oil and natural gas daily review (February 01, 2012)

Crude oil fell for a third straight day on Tuesday as weaker-than-expected business activity in the Midwest, flagging consumer confidence and lower home prices snuffed out early gains of more than $2 that were spurred by hopes of a debtrestructuring deal for Greece that would avoid a messy default.

Oil and natural gas daily review (January 31, 2012)

Crude oil ended lower for a second straight session on Monday as stalled Greek debt restructuring talks pulled the dollar up against the euro, which prompted investors to pare holdings in risky assets such as oil. The EU's embargo on Iranian oil exports will add upward pressure to oil prices, OPEC's secretary general said on Monday, even though there is no shortage of oil on the market.

Oil and natural gas daily review (January 24, 2012)

Crude oil prices rose on Monday after the European Union agreed to ban imports of Iranian crude from July, Tehran threatened again to close  the Strait of Hormuz shipping channel, and on shipping channel, and on additional support from the weak dollar. A boom in shale oil production will raise U.S. domestic crude output by a fifth over the next decade, helping to slash the country's dependence on foreign oil imports, the U.S. Energy Information Administration said on Monday.

Oil and natural gas daily review (January 23, 2012)

Crude oil ended lower for a third straight day on Friday as investors awaited a debt-restructuring deal for Greece and as signs of weakness in Chinese factory activity stoked worries over demand. U.S. oil companies are bracing for a potential strike by refinery workers and have plans to keep plants operating if negotiations which began this week for a new labor deal break down.

Oil and natural gas daily review (January 19, 2012)

Brent crude oil futures dropped back on Wednesday as a weak demand outlook overshadowed hopes the International Monetary Fund would be able to raise more money to help resolve Europe's debt crisis. The Obama administration, still grappling with how to punish a nuclear-ambitious Iran, is focusing on making countries cut purchases of Iranian oil, rather than allowing them to avoid U.S. sanctions simply by winning price cuts.

Oil and natural gas daily review (January 18, 2012)

Crude oil edged higher on Tuesday on lift from the weaker dollar and better-than-expected data from China, Germany and the United States, but concerns about Europe's economy after last week's credit downgrades limited gains. The European Union would ban the import of Iranian oil from July 1, giving member states nearly six months to wind up existing contracts, under a proposal by rotating EU presidency holder Denmark, EU diplomats said on Tuesday.

Oil and natural gas daily review (January 17, 2012)

Crude oil rose on Monday on growing tension between Saudi Arabia and Iran, after the Islamic state told its Gulf Arab neighbors not to make up any shortfall caused by an embargo on its crude oil exports. Saudi Arabia, the world's top oil exporter, said on Monday it can pump more oil at a moment's notice, the day after Iran warned Gulf oil producers not to compensate for any disruption to Iranian output.

Oil and natural gas daily review (January 16, 2012)

Crude oil fell for the third straight day on Friday on anticipation that Standard & Poor's would downgrade credit ratings of several euro zone countries, stoking fears deeper economic troubles for the region. Chinese Premier Wen Jiabao pressed Saudi Arabia to open its huge oil and gas resources to expanded Chinese investment, media reports said on Sunday against a backdrop of growing tension over Iran and worries over its crude exports to the Asian power.

Oil and natural gas daily review (January 12, 2012)

Crude oil fell on Wednesday after a government report showed inventories of crude oil and refined products rose last week and as re-emerging concerns about Europe's debt crisis pushed the euro to a 16-month low against the dollar. China gave no hint on Wednesday of giving ground to U.S. demands to curb Iran's oil revenues, rejecting Washington's sanctions on Tehran as overstepping even as Treasury Secretary Timothy Geithner lobbied for Beijing's support.

Oil and natural gas daily review (January 10, 2012)

Crude oil fell for a third straight session on Monday as concerns about the weak euro zone economy overshadowed worries over supply disruption amid Iran's threats to shut the vital Strait of Hormuz shipping oil route. Saudi Arabia, the world's top crude exporter, will supply full contracted volumes of crude oil in February to at least two Asian term buyers, unchanged from January, industry sources familiar with the matter said on Tuesday.

Oil and natural gas daily review (January 09, 2012)

Crude oil fell on Friday as a stronger U.S. dollar made the dollar-denominated asset costlier, but the fall was capped by supply concerns after Iran's threat to shut a key oil-shipping route. France's leading CGT union is discussing possible action after Swiss oil refiner Petroplus temporarily shut three of its European refineries, a senior CGT official said on Friday, but downplayed the prospect of a new nationwide strike.

Oil and natural gas daily review (January 06, 2012)

Crude oil dropped back drastically and U.S. crude deepened losses near the close on Thursday as investors took a second look at data showing a surprise build in U.S. stockpiles and the sharp rise in the dollar encouraged traders to jettison riskier assets. Japan's commercial crude inventories rose 1 percent last week, despite the highest weekly crude runs since March, implying that crude imports were robust in the final week of 2011, industry data showed on Friday.

Oil and natural gas daily review (January 05, 2012)

Crude oil rose a second consecutive session on Wednesday after news that the European Union has reached a preliminary agreement to ban crude oil imports from Iran, reinforcing concerns about potential supply disruptions. Qatar, one of OPEC's smallest producers, has notified at least one Asian buyer that it will supply Marine and Land crude at full contracted volumes for February, unchanged from January levels, a trade source said on Thursday.

Oil and natural gas daily review (January 04, 2012)

Crude oil surged on Tuesday, with U.S. crude hitting the highest settlement since May, fueled by strong economic data from the United States and China and mounting concern about supply disruption from Iran. Iran threatened on Tuesday to take action if the U.S. Navy moves an aircraft carrier into the Gulf, Tehran's most aggressive statement yet after weeks of sabre-rattling as new U.S. and EU financial sanctions take a toll on its economy.

Oil and natural gas daily review (December 30, 2011)

Crude oil edged up on Thursday as tensions between Iran and the West, a stronger euro and an equities rally prompted investors to cover short positions after oil was pressured by data showing crude stockpiles rose last week in the United States. Libya's government told its biggest oil investor, Italy's Eni ENI.MI, to help rebuild the country while it is reviewing some deals although the company said that oil deals were so far safe.

Oil and natural gas daily review (December 29, 2011)

Crude oil fell on Wednesday, snapping a string of six straight higher finishes, as the euro weakened against the dollar and equities pulled back from their recent rally. The U.S. Fifth Fleet said on Wednesday it would not allow any disruption of traffic in the Strait of Hormuz, after Iran threatened to stop ships moving through the world's most important oil route.

Oil and natural gas daily review (December 28, 2011)

Crude oil rose for a sixth straight session on Tuesday as Iran's threat to stop oil from moving through the Strait of Hormuz if sanctions on Tehran's oil sales are imposed added to concerns about potential threats to the supply in the region. Iran threatened on Tuesday to stop the flow of oil through the Strait of Hormuz if foreign sanctions were imposed on its crude exports over its nuclear ambitions, a move that could trigger military conflict with economies dependent on Gulf oil.

Oil and natural gas daily review (December 23, 2011)

Crude oil rose for a fourth straight day on Thursday in thin, choppy trading, on fears of potential supply disruptions from Iraq and Iran coupled with supportive U.S. economic data. Iran will on Saturday start naval exercises in a region crucial for global oil supplies, state TV said, raising concern about a possible closure of the world's No. 1 shipping route for crude in the case of military conflict between Tehran and the West.

Oil and natural gas daily review (December 22, 2011)

Crude oil rose a third straight session on Wednesday as a steep drop in crude oil inventories in the United States last week and potential threats to global supply helped offset concerns about the euro zone. KazMunaiGas Exploration Production KMGq.L said on Wednesday it expects to meet its reduced oil production target forthe year after police deployed armed security around the oilfield closest to the scene of Kazakhstan's deadliest riots in decades.

Oil and natural gas daily review (December 20, 2011)

Crude oil settled higher for the first time in four sessions Monday on supply worries as oil workers protested in Kazakhstan, the large Central Asian crude producer, and Iran faced the threat of more sanctions. China's top refiner Sinopec Corp will in January buy less than half the crude it typically imports from Iran, trade sources said on Monday, as the two haggle over terms against a backdrop of rising international pressure on Tehran.

Oil and natural gas daily review (December 15, 2011)

Crude oil fell more than 5 percent on Wednesday, the biggest percentage drop in nearly three months, as revived fears about Europe's debt crisis triggered and a slumping euro triggered technical selling. OPEC oil producers on Wednesday sealed their first new output agreement in three  years in a deal that settles a 6-month-old argument over supply policy firmly in Saudi Arabia's favor.

Oil and natural gas daily review (December 14, 2011)

Crude oil held gains of more than $2 a barrel on Tuesday after data from the American Petroleum Institute showed that domestic crude stocks rose slightly by 462,000 barrels last week. Healthy production levels by OPEC will help balance oil markets next year as demand growth slows, the West's energy watchdog and OPEC said on Tuesday, a day ahead of a policy-setting meeting by the producer group.

Oil and natural gas daily review (December 13, 2011)

Crude oil fell on Monday as concerns about Europe's ability to resolve its debt crisis and worry that austerity initiatives will slow economic growth pressured the euro, strengthened the dollar and weighed on oil prices. OPEC on Monday targeted a new 30- million barrel-a-day production deal aimed at healing the rift left by a bad-tempered failure to reach an output agreement when it last met in June.

Oil and natural gas daily review (December 09, 2011)

Crude oil fell a second consecutive day on Thursday after the European Central Bank dampened expectations for dramatic action to tackle the euro zone region's debt crisis. Syrian pipeline carrying crude from oilfields in the east of the country was blown up near the restive city of Homs on Thursday, according to anti-government activists and the official news agency SANA.

Oil and natural gas daily review (December 08, 2011)

Crude oil fell on Wednesday in choppy trading as a government report showing crude oil and products stockpiles rose last week and concerns about the euro zone debt problems pressured oil prices. Saudi Arabia is pumping oil at the highest rate for decades in a signal to fellow producers and buyers just a week before an OPEC meeting that it intends to meet customer demand with more output if necessary.

Oil and natural gas daily review (December 07, 2011)

Crude oil added to gains slightly in postsettlement trading on Tuesday after data from the American Petroleum Institute showed that domestic crude stocks fell much more than expected last week. There is consensus among European Union states on the need for a ban on Iranian oil exports to the bloc, EU Energy Commissioner Guenther Oettinger told reporters on Tuesday.

Oil and natural gas daily review (December 05, 2011)

Crude oil prices rose on Friday and posted weekly gains, boosted by heightened geopolitical tensions over Iran and strong gasoline futures, while a stronger dollar and concern about the euro zone debt crisis limited gains. Iran warned the West on Sunday any move to block its oil exports would more than double crude prices with devastating consequences on a fragile global economy.

Oil and natural gas daily review (November 25, 2011)

Crude oil eased on Thursday as worries over global economic growth and a stronger dollar outweighed a sharp drawdown in U.S. crude stockpiles. The high oil price could "strangle" efforts to get the global economy back on its feet and may also hamper Asia's ability to help the West exit its crisis, the International Energy Agency's chief economist said on Thursday.

Oil and natural gas daily review (November 24, 2011)

Crude oil fell on Wednesday as weak economic data from Europe, China and the United States pressured oil prices and offset an unexpected, sharp drop in U.S. crude oil stockpiles last week. U.S. crude stocks fell sharply last week as refinery rates rose and crude imports fell, U.S. Energy Information Administration data showed on Wednesday.

Oil and natural gas daily review (November 23, 2011)

Crude oil rose on Tuesday after three days of losses as sanctions against Iran raised fears of regional instability, while gasoline futures jumped on forecasts of longer Thanksgiving holiday road trips. Oil companies formed as joint ventures between Venezuela and China will produce 1.1 million barrels per day (bpd) by 2014, up from 112,000 bpd at present, Venezuelan Oil Minister Rafael Ramirez said on Tuesday.

Oil and natural gas daily review (November 22, 2011)

Crude oil fell for the third straight session on Monday as worries escalated that debt problems in Europe and the United States would stunt global growth and slash demand for oil. Saudi Arabia's state energy company said on Monday that its dominant role in world oil supply had been altered by large new reserves in North America, sapping the urgency to develop the kingdom's own reserves.

Oil and natural gas daily review (November 21, 2011)

Crude oil fell more than 1 percent on Friday as investors liquidated the December contract  before it expired at the close, extending losses for a second day. The global oil market looks balanced, Saudi oil minister Ali al-Naimi indicated on Sunday, while the secretary general of the Organization of the Petroleum Exporting Countries said some producers need to cut back as Libyan output rebounds.

Oil and natural gas daily review (November 18, 2011)

Crude oil fell nearly 4 percent on Thursday as investors booked profits after prices jumped more than 3 percent in the previous session. OPEC officials are considering estimates that demand for the group's crude oil in 2012 could average 1 million barrels per day (bpd) less than their current output, suggesting it may start to look at trimming supply.

Oil and natural gas daily review (November 17, 2011)

Crude oil jumped sharply on Wednesday on news of plans to reverse the Seaway crude oil pipeline next year, a move expected to help relieve an oil glut at the Cushing, Oklahoma hub. The reversal of the Seaway pipeline to carry crude from the well-stocked U.S. Midwest to the Gulf Coast will add volumes that shippers had committed to another project, a spokesman for Enterprise Products said on Wednesday.

Oil and natural gas daily review (November 14, 2011)

Crude oil held up on Monday, extending the gains of the previous week on hopes of steady demand growth as concerns over Europe's debt crisis eased, with Italy and Greece putting in place new governments to shore up the countries' finances. Iraq has raised the official selling price of its Basra Light crude for loading in December to customers in Asia, as expected, a trader said on Monday.Crude oil output from nine North Sea grades is set to rise by nearly 3 percent in December from the previous month on higher supplies of the UK grade Forties, trade sources said on Friday.

Oil and natural gas daily review (November 11, 2011)

Crude oil rose more than 2 percent on Thursday on supportive economic data from the United States and investor perception that some progress was being made in efforts to resolve Italy's debt problems. Libyan oil output will easily exceed 700,000 barrels per day (bpd) by the end of this year and will be back to pre-conflict levels by about June 2012, acting Prime Minister Ali Tarhouni said on Thursday.Oil majors Royal Dutch Shell and Total have slashed Syrian oil production as international sanctions make exports impossible, industry sources told Reuters.

Oil and natural gas daily review (November 09, 2011)

Crude oil rose for a fifth straight day on Tuesday, as some political clarity emerged in Italy on news that Prime Minister Silvio Berlusconi will resign and amid concerns about Iran's nuclear program.Oil producer group OPEC is investing in new supplies to meet rising consumption, even as it sees the risk to the demand outlook as being on the downside because of Europe's sovereign debt crisis and a slowing global economy. U.S. crude oil inventories rose slightly last week as imports rose and refinery runs fell, according to weekly inventory data released by the U.S. American Petroleum Institute on Tuesday.