Crude Oil Prices
Crude oil prices fell after reports indicated that a Caribbean tropical storm likely won't induce heavy damages like Hurricane Katrina, which ripped into Gulf of Mexico platforms and refineries a year ago. According to the National Hurricane Center in Miami, tropical storm Ernesto weakened as it swept over Haiti and carried sustained winds of about 50 miles per hour, less than a third of Katrina's 170 miles per hour winds that tore oil and gas platforms off their moorings. Crude oil for October delivery fell $1.27, or 1.75 percent, to $71.24 a barrel in electronic trading on the New York Mercantile Exchange in Paris. Oil reached $73.75 a barrel on August 25, on concern Ernesto would disrupt output at the Gulf of Mexico, source of a quarter of U.S. oil production. ConocoPhillips, BP Plc and Royal Dutch Shell Plc evacuated non-essential personnel from sites at the Gulf due to the impending storm. In London, Brent crude oil for October settlement fell $1.04, or 1.4 percent, to $71.68. (Source: Bloomberg)
A U.S. federal court reportedly has granted a one-year injunction barring oil producer group OPEC from fixing prices. Prewitt Enterprises won a civil anti-trust case in an Alabama court, accusing the Organization of the Petroleum Exporting Countries (OPEC) of conspiring to fix oil prices through oil supply agreements. OPEC is for the next year "restrained from entering any agreements among themselves or with third parties to raise, lower
Danish shipping and oil group A.P. Moeller shares surged 95 percent in 1999, bolstered by a 150 percent rise in crude oil prices and improved freight rates, and analysts predict solid profits in 2000 along with more takeovers. Earnings per share (EPS) for D/S 1912 is expected to climb to 2,762 crowns this year and rise a further 24 percent to 3,424 crowns next year, with D/S Svendborg seen reaching 3,880 crowns in the current fiscal year and 4,917 crowns in 2000.
Chevron Corp. and Exxon Mobil lost an auction for Nigeria's most promising oil and gas fields last year to companies controlled by South Korea. In Venezuela, Royal Dutch Shell's bid to develop an offshore gas deposit collapsed when Brazil's state oil company stepped in. The world's biggest publicly traded oil producers are losing reserves to state-run companies willing to pay higher prices for energy needed to fuel growing economies. Petroleo Brasileiro SA, China's Cnooc Ltd
U.S. oil supply worries found fresh impetus on Tuesday after the American Petroleum Institute said that both crude oil and product stocks had fallen again -- hard on the heels of a massive draw earlier this month. U.S. crude stocks are now at their lowest level since March 1976. Crude oil prices were up sharply in after-hours trading after a decidedly bullish API report showed a 2.1 draw for the week ended August 4, despite a rebound in crude oil imports, which rose 1.34 million barrels to 9
According to a report from The Economic Times, the Indian shipping industry is concerned with the steady fall in crude oil prices and is waiting for the outcome of an important upcoming OPEC meeting. Industry officials feel that if Organization of the Petroleum Exporting Countries (OPEC) cuts production further, tanker rates could go into free fall, delivering a body blow to the domestic shipping industry that has half of its fleet in tankers
Low crude oil and natural gas prices from weak demand and oversupply, along with foreign currency losses in Asian downstream operations caused earnings to drop sharply, Texaco Chairman and CEO Peter I. Bijur reported. Commenting on 1998 results, Bijur pointed to the following: Income before special items declined 50 percent in 1998 to $894 million, and declined 80 percent to $92 million in the fourth quarter. Average crude oil prices hit their lowest levels in more than 20 years
Washington, D.C. – With concerns that refinery closures in the Northeast may cause gas prices to increase further, the American Maritime Partnership (AMP) notified the Administration that American vessels have ample capacity to transport petroleum to the region from the Gulf of Mexico. AMP’s letter comes after a federal analysis omitted key data about the domestic shipping industry’s overall capacity.
MOL President Koichi Muto informs in a letter addressed to company shareholders of a year-on-year decline in profits during the first quarter of fiscal year (FY) 2014, excerpted as follows: "I would like to report our business results for the first quarter of fiscal year (FY) 2014 (April 1, 2014 to June 30, 2014). 1. Business Performance for First Quarter of FY2014 During the first three months of FY2014, while geopolitical risks such as political strife in Ukraine and Iraq raised
Brent crude fell below $104 a barrel on Thursday, after briefly bouncing off a 13-month low the previous day, on ample supplies and concerns about weak demand despite the ongoing political turmoil in Iraq and Ukraine. * Ample supplies keep pressure on oil prices * Exports from Libya's Ras Lanuf resume * Coming up: U.S. weekly jobless claims - 1230 GMT Oil exports from Libya's Ras Lanuf port have resumed after a year of blockades by armed protesters, while U.S
A tanker chartered by Canada's Suncor Energy Inc to ship oil sands crude from Quebec to the U.S. Gulf Coast was expected to receive replacement parts on Friday, enabling it to resume its journey, a Transport Canada spokeswoman said. The aframax tanker Genmar Daphne will be the second tanker of
Natural gas-fueled engines, touted as a clean, low-cost alternative to diesel, continue to struggle for acceptance in the U.S. transportation sector despite a surge in gas production that has sent the alternative fuel's domestic price plunging.
Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover. Venezuela routinely underestimates oil prices when planning its budget to permit more
As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.S. Maritime Trade -- are gaining steam. A new report from the Government Accounting Office (GAO) will surely add fuel
Saudi Arabia's decision to slash the official selling price for its oil has sparked trader talk of an emerging OPEC price cutting war, as members of the producer group could compete to defend their market share amid ample supplies and tepid demand.
Asian spot liquefied natural gas prices ended their 2-month rally this week, interrupted by weak demand in Japan and South Korea as falling crude oil prices push importers to turn to oil-linked long-term LNG supplies. Spot LNG prices for November delivery lost ground to $14
Global crude oil prices extended a months-long rout into bear market territory on Friday, with Brent notching a new 27-month low as the dollar spiked following upbeat U.S. employment data and further signs of undiminished crude supply.
Stabilisation follows a week of sharp falls Strong Asian and European stocks provide support Concerns of ample supply remain Brent crude oil edged down but stayed above $92 a barrel on Monday after a week of sharp falls, as strong U.S
A sell-off that began last week continued to roil crude markets, which have been weighed down by worries of oversupply and lackluster demand, pushing Brent crude to a contract low on Monday. U.S. crude traded below $90 a barrel, despite a brief mid-morning rally
The U.S. Energy Information Administration (EIA) has released its latest Short-Term Energy and Winter Fuels Outlook (http://www.eia.gov/forecasts/steo/). Select highlights follow: • EIA projects average U.S
World oil prices resumed a months-long rout on Tuesday to close at their lowest in more than two years, pressured by reduced economic and demand growth forecasts. U.S. crude oil prices fell faster than European Brent, reversing a weeks-long compression in the Brent/WTI spread amid signs that U.S
Top oil exporter Saudi Arabia told OPEC it raised its oil production in September by 100,000 barrels per day, adding to signs it has yet to respond to a drop in prices well below $100 a barrel by trimming output. In a monthly report issued on Friday
Ending a 40-year old ban on U.S. crude oil exports would not raise domestic gasoline prices because it would put more petroleum onto global markets, where fuel prices are primarily set, a study by The Aspen Institute said on Tuesday. As the U.S
Falling oil prices still to attract large scale storage at sea Oil tanker rates gaining ground after years in doldrums Despite falling oil prices, traders in recent weeks have booked just a few tankers to store cargoes at sea as higher freight costs outweigh any profit play for now
Crude price drop and dollar strength benefit TEN’s bottom line materially; third quarter financial results to be announced on November 21, 2014 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) said today it believes that the recent decline in TEN’s stock is