U.S. Oil Rises High

Thursday, July 05, 2001
U.S. oil prices rose on Thursday, prompted by a hefty inventory draw last week, as traders shrugged off Iraq's announcement that it would soon restart exports. Crude for August delivery gained 81 cents to last trade at $27.05 a barrel on the New York Mercantile Exchange (NYMEX). The U.S. Energy Information Administration (EIA) said crude stocks fell by 4.8 million barrels last week, higher than the industry group American Petroleum Institute (API) estimate of a four million barrel draw. Crude stocks now stand at about 310 million barrels, cutting down year-on-year surplus to under 20 million barrels. Refineries drained inventories as they stepped up production of refined products by 2.4-2.6 percent to around 97 percent of capacity. Demand for gasoline, meanwhile, jumped last week to 9.6 million barrels per day (bpd) ahead of the Fourth of July driving period, from 8.56 million bpd the previous week. - (Reuters)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

Gas Prices Help Offset Statoil's Output Drop

Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Energy

Jones Act Tanker Chartered for Airline Refinery

Delta Air Lines Inc's refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy.

Study: An Arctic Oil Well Blowout Could Spread More Than 1,000km

Oil from a spill or oil well blowout in the Arctic waters of Canada's Beaufort Sea could easily become trapped in sea ice and potentially spread more than 1,000 kilometres to the west coast of Alaska,

Westermeerwind Wind Farm Construction Begins

Mammoet announced today that Westermeerwind BV has reached financial close on July 25 for the turnkey construction of the Westermeerwind wind farm in Ijsselmeer,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1062 sec (9 req/sec)