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Keyword: oilprice

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  • Why the price of oil may be about to tank

    03/06/2014 4:21:03 PM PST · by rickmichaels · 63 replies
    Maclean's ^ | March 5, 2014 | March 5, 2014
    It’s easy to get lost in the incremental gyrations of oil prices. “Oil rises on colder weather,” screams a headline one day, only to be followed the next by “Crude edges down on inventory report.” When not being driven by “fears over the Middle East,” crude is being hammered by “weak Chinese data.” You’d almost think energy analysts have a roulette wheel of explanations they spin each time prices move a notch: “Well, what will it be today? Oh ho! Emerging market turmoil it is.” Which is why it’s so refreshing—and to be frank, scary—to talk with Bob Hoye, the...
  • Oil reclaims $100, supply rise keeps gain in check

    02/14/2014 9:32:18 AM PST · by ckilmer · 6 replies
    marketwatch ^ | Feb. 12, 2014, 3:21 p.m. EST | y Myra P. Saefong and William L. Watts,
    Oil futures closed back $100-a-barrel level on Wednesday, after Chinese data showed record oil imports for January and key oil producers raised their forecast on global demand growth for the year, but a bigger-than-expected rise in crude supplies kept price gains in check.
  • Americans are driving less, and here's why

    07/27/2013 3:42:24 PM PDT · by Red in Blue PA · 88 replies
    It may not seem like there are fewer traffic jams, and the gas station probably looks busier than ever every time you stop to fill up. But a new study shows that Americans are in fact driving less. We're seeing a steady shift in how people get around, with more people leaving their keys at home and finding other ways to get around. "This is an important change," said Michael Sivak, who conducted the study at the University of Michigan Transportation Research Institute. "This is the first time we've ever seen a drop like this." According to the study, driving...
  • Oil Price Slides as US Crude Output Surges

    07/25/2013 5:22:31 PM PDT · by ckilmer · 15 replies
    moneynews ^ | Wednesday, 24 Jul 2013 04:01 PM
    The price of the benchmark U.S. crude oil, West Texas Intermediate, fell the most in more than a month Wednesday as American output surged to a 22-year high last week and Chinese manufacturing contracted more than economists estimated.
  • UNBELIEVABLE: Broker in Drunken Stupor Moves Oil Markets to 8 Month High

    09/30/2012 11:09:02 AM PDT · by bananaman22 · 22 replies ^ | 09/27/2012 | James Burgess
    On June the 30th 2009 oil mysteriously jumped by more than $1.50 a barrel during the night, to reach its highest price in eight months, the kind of swing that is caused by a major geopolitical event. The amazing, true cause of this price spike has now been released by a Financial Services Authority investigation (FSA). Although not authorised to invest company cash in trades Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night. On the morning of the 30th an admin clerk called Mr...
  • Oil prices slump on US payrolls data (WTI Crude drops below $100/bl)

    05/04/2012 11:11:02 AM PDT · by OrangeHoof · 15 replies
    AFP/Google ^ | 05-04-2012 | na
    LONDON — World oil prices nosedived on Friday, hitting three-month lows as a disappointing US non-farm payrolls report sparked fresh concern over energy demand in the world's biggest crude consuming nation. (snip) In later afternoon deals on Friday, Brent oil stood at $112.27, down $3.81 from Thursday's closing level, while WTI traded at $98.25, down a hefty $4.29.
  • Russia: the rouble rises

    03/02/2011 9:55:17 PM PST · by cunning_fish · 1 replies
    Financial Times ^ | March 2, 2011 | Stefan Wags
    The Russian central bank has put into effect its latest moves in the fight against inflation with some style. After raising interest rates on Monday for the first time since 2008, the authorities late on Tuesday widened the trading band for the rouble – and were happy to see the currency rise sharply on Wednesday, by a full 1 per cent against a US dollar/euro basket. As well as gaining some ground in the anti-inflation front, the central bank can claim another modest advance towards its aim of liberalising the rouble. Governor Sergei Ignatiev should be pleased with this week’s...
  • Iraq's largest oil refinery shut by bombing

    02/25/2011 10:25:58 PM PST · by Eyes Unclouded · 82 replies
    Reuters ^ | Sat Feb 26, 2011 | Sabah al-Bazee
    Iraq's largest oil refinery was shut down on Saturday after militants carried out a bomb attack and set it on fire, the governor of Salahuddin province said. The militants killed four people and planted bombs at production units for kerosene and benzene at the refinery in the town of Baiji, a former al Qaeda stronghold about 180 km (112 miles) north of Baghdad, Governor Ahmed al-Jubouri said. "There is a big fire in the refinery and the refinery has completely stopped," Jubouri told Reuters. Overall violence in Iraq has dropped sharply since the peak of sectarian conflict in 2006-07, but...
  • Oil Price Could Doom Obama

    02/01/2011 9:27:01 AM PST · by bananaman22 · 38 replies ^ | 01/02/2011 | Llewellyn King
    Like death and taxes, the price of oil is always with us. And like taxes, it may be President Barack Obama’s worst nightmare at election time next year. Among forecasters, there is a sharp division between those who see an inexorable rise in the price of oil and those who believe it will stabilize about where it is now. The hawks see gasoline streaking ahead to $4-a-gallon this year and $5-a-gallon in 2012. Others say demand will collapse and it won’t go that high. The Energy Information Administration is very conservative in its forecasts and it gives very high prices...
  • Some OPEC Members Push for $100 a Barrel Oil (Warns of the consequences of a Dollar devaluation)

    10/15/2010 9:50:01 AM PDT · by WebFocus · 7 replies
    Daily Finance ^ | 10/15/2010 | Hugh Collins
    Some OPEC members want oil prices to rise to $100 a barrel to offset the decline in the dollar. The value of the dollar, which has slipped 13% since June against major world currencies, means that the "real price" of oil is about $20 less than current levels, Venezuela's Energy and Oil Minister Rafael Ramirez said after Thursday's OPEC meeting in Vienna. OPEC, which accounts for 40% of global crude output, left targets unchanged and called for stronger adherence to production quotas, Bloomberg News said. "They're concerned about the dollar because as the dollar weakens, prices go up," Nordine Ait-Laoussine,...
  • What are Oil Companies doing to clean up their Act

    12/04/2009 11:21:40 AM PST · by staffjam · 5 replies · 271+ views ^ | 04/12/2009 |
    The world continues to thirst for oil with in an ever increasing fervor, yet simultaneously struggles to fully grasp and appreciate the obstacles encountered by those who bring that oil to their local pumps. There has always been a necessary trade-off when it comes to technology and industrial advancement, as in order to experience the many benefits modern society offers us, we have to agree to give up some portion of nature and accept a certain amount of environmental damage. But recently the oil industry has been seeking ways in which they can continue to bring us the oil that...
  • ‘Rogue broker’ blamed for oil spike(bailout money at work?)

    07/02/2009 10:30:09 PM PDT · by TigerLikesRooster · 11 replies · 899+ views
    FT ^ | 07/02/09 | Javier Blas and Izabella Kaminska
    ‘Rogue broker’ blamed for oil spike By Javier Blas and Izabella Kaminska in London Published: July 2 2009 12:07 | Last updated: July 2 2009 20:26 The startling spike in oil prices to their highest level this year on Tuesday was caused by a rogue broker who placed a massive bet in the Brent oil market, triggering almost $10m (€7m) of losses for his company. PVM Oil Associates, the world’s largest over-the-counter oil brokerage, said on Thursday it had been the “victim of unauthorised trading”. The privately owned company said that as a result of the unauthorised trades it had...
  • Oil at $89.21 ppb @ 5:45 AM EDT

    10/06/2008 2:51:03 AM PDT · by DGHoodini · 89 replies · 1,871+ views
    Oil-Price ^ | 10/6/2008 | DGHoodini
    $85 ppb...Here we come!
  • Hedge funds caught out as Hurricane Gustav fails to lift oil price(Gustav destroys hedge funds)

    09/03/2008 6:53:41 PM PDT · by TigerLikesRooster · 20 replies · 314+ views
    Times of London ^ | 09/04/08 | Miles Costello
    Hedge funds caught out as Hurricane Gustav fails to lift oil price Miles Costello Several hedge funds face big financial losses after wrongly predicting that oil and gas prices would rise as a result of Hurricane Gustav slamming into the Gulf coast of the US earlier this week. As Gustav swept towards New Orleans on Monday, catastrophe experts were predicting insured losses of up to $7 billion (£3.9 billion) as offshore oil rigs faced destruction and the storm threatened energy supplies. Commodities hedge funds saw the glum prediction as an opportunity, betting heavily, using the futures market, that prices would...
  • UK economy heads for ‘horror movie’

    07/19/2008 11:36:16 PM PDT · by TigerLikesRooster · 8 replies · 138+ views
    Times of London ^ | 07/20/08 | David Smith and Dominic O’Connell
    UK economy heads for ‘horror movie’ David Smith and Dominic O’Connell BRITAIN is facing an “economic horror movie” because of a “toxic mixture” of a moribund credit market and volatile oil prices, according to a leading forecasting group. The Ernst & Young Item club, which uses the Treasury’s economic model, will argue in a report tomorrow that the economy will struggle to avoid recession. This comes as a survey by the Institute of Directors shows that business confidence has slumped to the lowest level ever recorded, with company chiefs increasingly gloomy about the investment climate. These reports follow an interview...
  • Rising oil prices are on a slippery slope to disaster

    06/13/2008 7:11:09 AM PDT · by TigerLikesRooster · 92 replies · 2,410+ views
    Times of London ^ | 06/13/08 | Carl Mortished
    June 13, 2008 Rising oil prices are on a slippery slope to disaster Carl Mortished, World Business Editor When hauliers blocked the streets of London, Gordon Brown flew to Aberdeen to talk to Britain's oil bosses. Less than a month later, tanker drivers are threatening further chaos and the Prime Minister wants to fly to Saudi Arabia to talk to Opec. The pow-wow in Jedda on Sunday between oil-producing and consuming nations will not produce cheap diesel but Mr Brown knows he must be seen to do something - the oil price has almost tripled in two years and expensive...
  • When Bubbles Collide (oil commodity prices, long only funds)

    06/09/2008 6:23:41 AM PDT · by bert · 19 replies · 339+ views
    Front Line News Letter ^ | June 6, 2008 | John Maudlin
    What's Up With Oil? The price of a barrel of oil was up $16 in the last two days, to $138.54, a violent 13% move. Is it those nasty speculators? Are fundamentals at work? Is the world worried about Israel bombing Iran? There are numerous factors involved, but the combination produced a kind of perfect storm in the trading pits. Let's look at several items and see if we can find a connection. First, there is a real connection between the price of dollar and the price of oil. In dollar terms, oil rises as the dollar falls and vice...
  • Oil trade's winners now reap the wrath

    05/24/2008 5:40:18 AM PDT · by RayChuang88 · 57 replies · 445+ views
    Los Angeles Times ^ | May 24, 2008 | Tom Petruno
    Investing in commodities has been a brilliant move in this decade -- so brilliant that the strategy has attracted untold numbers of large and small players, particularly in the last few years. What do you suppose all of their buying has done to the price of oil? Pushed it down? With crude surging above $130 a barrel this week for the first time, a long-simmering issue is threatening to boil over: the role these new investors, often derided as rank speculators, have had in stoking the prices of oil and other commodities. Their standard line has been, "It's not our...
  • Iran supply problems add to fears of oil hitting $200 a barrel

    05/06/2008 9:37:56 PM PDT · by bruinbirdman · 17 replies · 61+ views
    The Times ^ | 5/7/2008 | Robin Pagnamenta and Peter Stiff
    The Iranian petroleum industry needs foreign investment and, despite the country’s vast oil and gas reserves, is struggling to maintain production levels, according to industry experts. Although Iran is Opec’s second-largest exporter, production at the country’s leading oil and gasfields is believed to be falling by as much as 10 per cent annually because of a lack of investment and expertise. David Kirsch, an oil analyst at PFC Energy in Washington, said: “It’s an ageing oil producer heading into plateauing production, with many fields in decline. “The Ministry of Petroleum there has said it needs $9 billion [£4.6 billion] a...
  • Gas prices to double by 2012: economist ($9/gallon in only 4 years!!)

    04/26/2008 7:17:22 AM PDT · by canuck_conservative · 59 replies · 587+ views
    National Post [Canada] ^ | Thursday, April 24, 2008 | Nicolas Van Praet
    Gasoline prices in North America will soar over the next four years to $2.25 a litre, causing a massive jolt to the continent's manufacturing base not seen since the oil shocks of the 1970s, a leading economist is warning. Jeffrey Rubin, chief economist and strategist with Canadian Imperial Bank of Commerce, forecasts in a new report titled The Age of Scarcity that Canadians and Americans should brace for $2.25-a-litre gasoline, or about $7 a gallon, by 2012. That's nearly double the current nationwide average price for regular unleaded gas of $1.23. The price will top a record $1.40 this summer...
  • Britain: Petrol panic looms as protesters threaten blockade, strike closes major refinery....

    04/21/2008 6:53:16 AM PDT · by TigerLikesRooster · 27 replies · 186+ views
    Daily Mail ^ | 04/21/08 | PAUL SIMS
    Petrol panic looms as protesters threaten blockade, strike closes major refinery and oil hits new high By PAUL SIMS - More by this author » Last updated at 12:27pm on 21st April 2008 Fears are growing today that Britain could lurch towards another fuel crisis. As forecourt prices hit record levels and oil went above $117 a barrel, campaigners said they were secretly planning a series of blockades in an attempt to bring the country to its knees. Angered by the Government's planned 2p rise in fuel duty, they pledged to recreate the chaotic scenes which saw tens of thousands...
  • (Too much money:) Oil sales stuff state treasury

    03/16/2008 9:43:39 AM PDT · by WesternCulture · 16 replies · 680+ views ^ | 03142008 | Nina Berglund
    Norway's state treasury is set to overflow, local analysts claim. Some think the price of North Sea crude oil will hit USD 130 a barrel, pumping even more "petrokroner" into the state budget and giving politicians few excuses to limit its use. Norway's oil and gas industry is hotter than ever, but many Norwegians complain that government services are nonetheless declining. Some grades of crude oil hit USD 111 a barrel this week, before easing on Friday. The North Sea Brent crude that's been pumping up Norway's economy for years was being traded at just over USD 107 a barrel...
  • Credit crunch to test oil-proofing of world economy

    10/17/2007 7:23:36 AM PDT · by TigerLikesRooster · 7 replies · 150+ views
    Reuters ^ | 10/17/07 | Brian Love
    Credit crunch to test oil-proofing of world economy Wed Oct 17, 2007 8:17am EDT By Brian Love - Analysis PARIS (Reuters) - With world oil prices close to $90 per barrel, memories of war, recession and runaway inflation are coming back to haunt the world economy. Nobody seems to be talking seriously of a return to stagflation, the toxic combination of economic stagnation and rampant inflation that plagued the world after the oil crises of 1973 and 1979-80. But what gives some economists cause for concern is that oil, now just shy of the all-time high it hit in 1980...
  • Nonsense, nonsense, nonsense: the myths about high oil prices

    04/30/2006 12:55:20 AM PDT · by MadIvan · 73 replies · 1,845+ views
    The Sunday Telegraph ^ | April 30, 2006 | Niall Ferguson
    The British call it petrol, Americans prefer gasoline. But whatever you call it, prices at the pump are soaring. Last week gas hit $3 a gallon in some parts of the United States. To which British motorists can only reply: Diddums.Driving down the M40 on Friday, I passed petrol stations selling regular unleaded at 97.9 pence per litre. That works out at $6.62 a gallon. If a British outlet offered petrol at American prices - 44 pence a litre - there would be a queue from Beaconsfield to Birmingham. It's no great mystery why the British shell out more than...
  • Oil, Gas Prices Drop on Bush Supply Move

    04/25/2006 2:40:18 PM PDT · by keithtoo · 82 replies · 1,697+ views
    AP ^ | 4-25-06 | AP
    Crude oil and gasoline futures fell Tuesday after President Bush gave the Environmental Protection Agency the authority to relax regional clean-fuel standards to attract more imports of gasoline to the United States and to make it easier for supplies to be moved from one state to another. President Bush also said he would halt deposits of oil to the nation's strategic petroleum reserve until the fall, but analysts said that measure would have next to no impact on crude prices and certainly would not help make gasoline any cheaper. Even the fuel-specification waivers will have a marginal impact, analysts said,...
  • Crude oil prices plummet in New York

    10/18/2005 11:58:22 PM PDT · by BlackVeil · 9 replies · 789+ views
    China View ^ | 19 Oct 2005 | Anon
    NEW YORK, Oct. 18 (Xinhuanet) -- Crude oil prices plummeted more than 1 dollar Tuesday as Hurricane Wilma may miss the platforms and refineries on the US Gulf Coast. New York's main contract, light sweet crude for delivery in November, lost 1.16 dollars to 63.20 dollars per barrel in closingtrades. In London, the price of Brent North Sea crude for December delivery shed 1.29 dollars to 59.28 dollars per barrel in electronic deals. Nymex heating oil futures fell 4.91 cents to settle at 1.9342 US dollars a gallon, while gasoline futures slipped 8.01 cents to settle at 1.7352 dollars a...
  • Oil-price surge prompts new look at shale

    10/02/2005 11:27:16 AM PDT · by NormsRevenge · 39 replies · 3,741+ views
    ap on Yahoo ^ | 10/2/05 | sandy shore -ap
    PARACHUTE, Colo. - The brush-covered landscape of buttes and desert just west of the Rockies, already dotted with oil and gas rigs, could be in store for another resource boom as the energy industry turns a fresh eye toward developing oil shale. A reserve estimated at nearly 1 trillion barrels of oil buried deep in rock formations stretching from western Colorado into northeastern Utah and southwestern Wyoming may be a way to ease U.S. dependence on shrinking foreign oil supplies. The newly enacted energy bill was written to help open the way for research programs and commercial leasing of federal...
  • High gas prices hurt working families most; Study says cost, commutes hit hard in Southern cities

    04/17/2005 12:04:47 AM PDT · by Lorianne · 33 replies · 970+ views
    Southern families are hurt most in the United States by the record high prices for gasoline because of lower income levels and longer commutes, a recent private study shows. Working families with two full-time commuters spend more than 14 percent of their after-tax income on gasoline in Pensacola, Fla. the most in the country, said Bert Sperling, of Sperling's Best Places. The next biggest bites out of family budgets for gasoline come in Birmingham, Ala.; Orlando, Fla.; Nashville, Tenn.; and Louisville, Ky., Sperling's study showed. "The large cities in the South and Midwest landed in the top 10 due to...

    12/01/2004 12:39:41 PM PST · by Recovering_Democrat · 208 replies · 9,234+ views
    BREAKING: U.S. oil prices tumble $3.64 to near $45.50 a barrel -- biggest one-day drop in 3 years. MORE SOON!
  • Nigeria’s Oil Exports Strike Scheduled for Nov. 16 - May Lead to Higher U.S. Fuel Prices

    11/15/2004 1:22:57 PM PST · by DDavenport · 12 replies · 576+ views
    News Informant ^ | November 15, 2004 | Bernard Perlstein
    Nigerian Strike To Focus On Oil ExportsNigeria’s largest labor organization has called for its 2nd national strike — to start Nov. 16 — against recent government hikes in the domestic retail oil price. This strike, however, is strategically aimed at stopping Nigeria’s lucrative oil exports. Nigeria is the world’s seventh largest oil producer, and is the fifth largest provider of oil imported by the United States. If the strike is effective, its effects could ripple through the global oil economy, causing wholesale prices to rise beyond its recent record levels, and raising U.S. gas and fuel prices.
  • US withstands record oil prices, shock may lie ahead

    07/29/2004 12:48:38 PM PDT · by expat_panama · 6 replies · 420+ views ^ | Thu, Jul 29, 2004 | AFP
    Business - AFP US withstands record oil prices, shock may lie ahead WASHINGTON (AFP) - World oil prices, sizzling at a record high in New York, present a wildcard menace to the US economic expansion, analysts said. AFP/File Photo  New York's light sweet crude for delivery in September hit an unprecedented 43.05 dollars a barrel Wednesday and set a record finish of 42.90 dollars, up 1.06 dollars on the day.The new price shattered the previous record of 42.45 dollars set in out-of-hours electronic trading June 1. "Growth, increases in global demand and hunkered down speculators fearful of supply disruptions...
  • Oil prices plunge as Kirkuk is taken

    04/11/2003 4:23:52 AM PDT · by TigerLikesRooster · 7 replies · 124+ views
    CNN money ^ | 04/10/03 | N/A
    <p>Crude dips near $27.50 after Kurdish fighters take control of oil-rich Kirkuk in northern Iraq.</p> <p>NEW YORK (CNN/Money) - Oil prices fell nearly 5 percent Thursday, the biggest one-day drop since the start of the war, as Kurdish fighters took control of the oil-rich city of Kirkuk in northern Iraq, easing fears of damage to Iraqi oil fields.</p>
  • Iraq war fallout

    11/10/2002 7:13:04 PM PST · by pkpjamestown · 1 replies · 173+ views
    IHT ^ | October 19, 2002 | David Ignatius
    PARIS It's really about oil. That's the first thing many suspicious Arabs say about U.S. policy in the Middle East - and the first thing some skeptical Americans also say. Let's assume for the moment that the cynics are right: When you peel away all the high-minded talk about Arab democracy, America's national interest lies in maintaining a reliable supply of oil at stable prices. So the first question about a war with Iraq is what it will do to the oil market? Looking through this narrow lens of economic self-interest, some analysts foresee disaster. They warn of rising oil...
  • War fears and market jitters

    08/30/2002 11:18:14 AM PDT · by dgallo51 · 4 replies · 128+ views
    The Economist ^ | August 30, 2002 | Global Agenda
    The oil price has approached $30 a barrel over the past week on fears of an American invasion of Iraq. The real danger the war poses may be of an interruption in the supply of oil from Saudi Arabia, which sits on a quarter of the world’s reserves THE CURRENT gyrations in the oil price are a reminder of one possible side-effect of any American war against Iraq. With fears mounting that the American economy may relapse into a “double-dip” recession, the last thing it needs is a higher oil price. But, just as the price of West Texas Intermediate,...

    08/23/2002 8:41:04 PM PDT · by AncientAirs · 24 replies · 243+ views
    Deceni List ^ | 8/23/2002 | John Ashtead, Pravada, Ru, London, United Kingdom
    The price of crude has risen to 30 USD per barrel at the New York Petroleum Exchange, as the war-mongering rhetoric of Washington starts to send its ripples through the world economic lake, reaching its highest point since May, 2001. The market is expected to react further when the American Petroleum Institute reveals that oil stocks within the USA have fallen further to their lowest level in 18 months. In the event of an attack on Iraq, OPEC could increase production to stabilise prices, declared the Kuwaiti Oil Minister, Ahmed Al-Fahd Al-Sabah, in Moscow recently, although he admitted that not...