September 2009 Archives

SINGAPORE (Reuters) - Oil edged up to $67 a barrel on Wednesday, recovering from the previous day's losses as the dollar weakened against the euro and resource currencies like the Australian dollar.

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This allowed crude to reverse losses from the previous day, when U.S. crude and distillates stock builds, a downgrade to U.S. energy demand and low consumer confidence data continued a string of bearish signals that has put crude on course for its first quarterly fall this year. Not all news has been negative, with U.S. house prices rising for a third month, while a Chinese purchasing managers index for September released on Wednesday showed strong growth continues in the world's second-largest oil consumer.

Full Story: Oil up to $67 on dollar slip, China growth - Reuters

LONDON (Dow Jones)--Crude oil futures fell Tuesday in London, depressed by weak fundamentals and a slightly stronger dollar.

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Prices declined as market participants shifted their focus back to fundamentals, which have undermined recent hopes for economic recovery. "Stocks are high and demand is low, so why is the price so strong," an oil broker in London said.

Full Story: OIL FUTURES: Crude Depressed By Weak Fundamentals, Firm Dlr - Wall Street Journal

NEW YORK (Dow Jones)--Crude-oil futures followed equities higher Monday, as a strong showing by U.S. equities at least temporarily displaced concerns about rising oil and fuel inventories.

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Light, sweet crude for November delivery settled 82 cents, or 1.2%, higher at $66.84 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled 43 cents, or 0.7%, higher at $65.54 a barrel. Oil picked up when U.S. equities opened stronger, reviving a relationship that has looked shaky over the last couple of weeks. Investors were inspired by several high-profile acquisition ...

Full Story: OIL FUTURES: Nymex Crude Rebounds As Equities Rise - Wall Street Journal

SINGAPORE (Dow Jones)--Crude oil prices in Asia fell Monday, hurt by a rally in the U.S. dollar, as traders remained pessimistic over global oil demand following last week's downbeat U.S. economic data.

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"It is possible that the market may test the support level of $65 a barrel (in the near term)," said Ken Hasegawa, commodity derivatives sales manager at Newedge Japan in Tokyo. "Any upside is very tough at the moment, because there is still a lot of (oil) inventory all around the world." ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: OIL FUTURES: Crude Shrugs Off Iran Fears, Falls On Dlr Rally - Wall Street Journal

By Yee Kai Pin Sept. 28 (Bloomberg) -- Crude oil slipped below $66 abarrel in New York as declines in Asian equities raised concerna recovery in fuel demand may stall.

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Oil fell as Asian stocks traded lower on disappointing U.S.macroeconomic data and as the yen climbed to an eight-month high.Prices earlier rose after Iran, the world’s fourth-largest oilproducer, conducted missile tests days before meeting withWestern officials over a previously secret nuclear facility,raising concern tensions may put supplies at risk. “Sentiment in the equity market is having some spillovereffect on the oil market,” said David Moore , commoditystrategist at Commonwealth Bank of Australia Ltd. in Sydney.“The equity and oil markets are being driven by similarinfluences related to the macroeconomic outlook.” Crude oil for November delivery fell as much as 52 cents,or 0.8 percent, to $65.50 a barrel in electronic trading on theNew York Mercantile Exchange. It was at $65.57 at 12:32 p.m. inSingapore. Futures have gained 47 percent this year.

Full Story: Oil Falls Below $66 on Concern Fuel-Demand Recovery May Stall - Bloomberg

A two-mile stretch of the Houston Ship Channel's north tip will be closed at least three weeks while crews clean up 10,500 gallons of oil that spilled into the water Friday night after a vessel struck a barge, the U.S. Coast Guard said.

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“It's slightly over the threshold of a medium spill. The threshold is 10,000 gallons,” said Capt. James Whitehead. “Mainly we look at the impact of the area. It's low economic impact at this point.” The area will be closed to all vessel traffic north of the Sidney Sherman Bridge. U.S. Coast Guard Capt. Marcus Woodring said while the spill is a considerable mess that will interrupt business and cost hundreds of thousands of dollars to clean, it was fortunate the accident didn't happen in a busier stretch of the 52-mile channel, such as the south end.

Full Story: Oil spill closes part of Ship Channel - Houston Chronicle

NEW YORK (Dow Jones)--Crude futures ended slightly higher Friday, halting a steep slide brought on by rising oil supplies and concerns about demand.

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Light, sweet crude for November delivery settled 13 cents, or 0.2%, higher at $66.02 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled 29 cents, or 0.5%, higher at $65.11 a barrel. Futures didn't recover much of the nearly 8% lost in the previous two days, but the bleeding appeared to stop just above $65 a barrel early in the session. The oil market is still reeling after several reminders ...

Full Story: OIL FUTURES: Crude Ends Slide, But Demand Concerns Linger - Wall Street Journal

By Grant Smith and Christian Schmollinger Sept. 25 (Bloomberg) -- Oil rose as some traders viewedthis week’s slump as excessive, providing an opportunity to buycontracts before rising demand triggers a rebound.

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Crude oil is nonetheless heading for its biggest weeklydrop since July after plunging 4.5 percent yesterday on signsthat the economic recovery is failing to draw down brimming U.S.fuel stockpiles. U.S. inventories of heating oil and otherdistillate fuels are at their highest in 26 years. “The fundamentals support prices in a $67 to $73 range,and since we’re now below that, I wouldn’t expect it to dropmuch further,” said Andy Sommer, an analyst at Elektrizitaets-Gesellschaft in Dietikon, Switzerland. “That’s the range wewould expect for the rest of the year.” Crude oil for November delivery rose as much as 81 cents,or 1.2 percent, to $66.70 a barrel on the New York MercantileExchange, and traded at $66.29 at 10:25 a.m. in London. Futuresare down 8 percent this week, headed for the biggest declinesince July 10.

Full Story: Oil Rises as Traders Buy In After Biggest Drop in Two Months - Bloomberg

BY DAVID BIRD NEW YORK – Crude-oil futures tumbled Thursday under the weight of rising U.S. inventories and sluggish demand.

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At noon, light, sweet crude oil for November delivery was down $2.72, or 3.9%, at $66.25 a barrel, after earlier moving in a range of $68.02 to $68.77 a barrel. The overnight low was the weakest level since Sept. 14. Weaker U.S. stocks and a rebound for the dollar had a negative impact on crude prices. A bearish mood continued to dominate after a near 4% selloff in crude futures Wednesday spurred by an across-the-board rise in oil stockpiles and a deep drop ...

Full Story: Oil Prices Sink Below $67 - Wall Street Journal

LONDON (Dow Jones)--Crude futures edged lower Wednesday, but price movement was confined to a narrow range ahead the release of U.S. Department of Energy stockpile data.

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Market participants are also expected to keep the dollar firmly in their sights, as the U.S. Federal Reserve brings its two-day meeting to a conclusion with an interest rate decision later Wednesday. "We are just going to be in a very narrow range until the DOE data today," said Andrey Kryuchenkov, vice president of commodities research at VTB Capital in London. "The Fed meeting tonight could lend volatility to the currency market and affect ...

Full Story: OIL FUTURES: Crude Futures Pause Ahead Of DOE Data, Fed Rate - Wall Street Journal

By Yee Kai Pin Sept. 23 (Bloomberg) -- Crude oil fell in New York after anindustry report showed an increase in fuel supplies in the U.S.,adding to signs demand has yet to recover in the world’s largestenergy consumer.

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Oil pared yesterday’s 2.6 percent gains after a report fromthe industry-funded American Petroleum Institute showed U.S.gasoline stockpiles had the biggest climb since January. TheEnergy Department report today is expected to post increases inthe country’s fuel inventories, according to a Bloomberg Newssurvey. “We’ve been expecting a demand recovery but we stillhaven’t seen much of a justification in the supply-demandfundamentals,” said Toby Hassall , a research analyst with CWAGlobal Markets Pty in Sydney. “The underlying supply-demandprofile still suggests the market could be vulnerable to apullback.” Crude oil for November delivery fell as much as 63 cents,or 0.9 percent, to $71.13 a barrel in electronic trading on theNew York Mercantile Exchange. The contract was at $71.20 at 9:44a.m. in Singapore. Futures have gained 60 percent this year.

Full Story: Crude Oil Trades Near $72 After Dollar Weakens, Equities Rise - Bloomberg

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LONDON (Reuters) - Oil rose above $70 a barrel on Tuesday, supported by a weaker dollar and recovering from a sharp fall the previous day, but bulging inventories and slow demand limited gains. U.S. crude futures rose 71 cents to $70.42 a barrel by 0927 GMT (5:47 a.m. EDT), trimming the previous day's $2.33 drop.

Full Story: Oil rises above $70, traders seek demand recovery signs - Washington Post

BY BRIAN BASKIN NEW YORK – Crude-oil futures settled lower Monday ahead of a Federal Reserve meeting seen potentially signaling a retreat from efforts over the last year to prop up the economy.

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Light, sweet crude for October delivery settled $2.33, or 3.2%, lower at $69.71 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled $2.63, or 3.7%, lower at $68.69 a barrel. The week ahead is full of major events with the potential to shake expectations about the economic recovery that's been driving trading in many markets, including oil. The Federal Reserve's policy body is ...

Full Story: Oil Prices Slide Below $70 - Wall Street Journal

By Gavin Evans and Ben Sharples Sept. 21 (Bloomberg) -- Crude oil traded little changednear $72 a barrel after falling the past two days on speculationfurther evidence of a global recovery is needed to extend thecommodity’s 61 percent gain this year.

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An index of leading economic indicators due today in theU.S., the world’s largest crude user, probably rose for a fifthmonth in August, according to economists surveyed by Bloomberg.Oil, which reached a 10-month high of $75 a barrel on Aug. 25,fell earlier as the dollar strengthened against the euro,reducing the investment appeal of commodities. “We’ve been range-bound for a while now,” said TobyHassall , research analyst with Commodity Warrants Australia Ptyin Sydney. Investors are “now looking at the market-specificfundamentals for oil and are asking whether there is enough of ajustification to break higher out of this range.” Crude oil for October delivery traded at $71.85 a barrel,down 19 cents, in after-hours electronic trading on the New YorkMercantile Exchange at 12:17 p.m. in Sydney. Earlier thecontract fell as much as 46 cents, or 0.6 percent, to $71.58.Japan, India and Singapore, Asia’s major oil trading hub, areclosed today for holidays.

Full Story: Oil Trades Little Changed as Investors Seek Recovery Evidence - Bloomberg

Standard & Poor’s 500 Index posted its biggest weekly gain since July as rising forecastsfor oil demand boosted energy companies and Goldman Sachs GroupInc.’s recommendation lifted industrial shares.

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The S&P 500 climbed to an 11-month high on Sept. 10 beforeretreating yesterday on concern the rally has outpaced prospectsfor earnings. Schlumberger Ltd. and Halliburton Co. gained morethan 6.3 percent for the week as oil climbed above $72 a barreland the dollar fell.

Full Story: US Stocks Climb Most Since July, Led by Energy, as Oil Rises - Bloomberg

By TIM PARADIS(AP)– 15 hours ago NEW YORK — Investors pulled money out of stocks after a five-day rally left the market at its highest levels in nearly a year.

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Even with the latest surge, stocks have little to show for the past decade. Eight years to the day after the 9/11 terror attacks, the Dow Jones industrial average finished within one-tenth of a point where it ended on Sept. 10, 2001, illustrating how hard markets have been hit by the recession. Stocks slipped in quiet trading Friday after the recent string of gains and a drop in oil prices. Crude slid 3.7 percent, which hurt energy stocks like Exxon Mobil Corp. That overshadowed a rosier profit forecast from FedEx Corp. and a government report on improving sales at wholesalers.

Full Story: Stocks slide after 5 days of gains as oil falls - The Associated Press

NEW YORK (Dow Jones)--Crude oil futures prices settled lower Friday, posting the biggest single-day loss in two weeks on worries over near-term supplies outpacing demand.

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Light, sweet crude oil for October delivery on the New York Mercantile Exchange settled 3.7%, or $2.65, lower at $69.29 a barrel. That was the biggest decline since Aug. 31 and followed four days of gains that pushed prices up by nearly $4 a barrel. Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: CORRECT: UPDATE: OIL FUTURES: Crude Settles Down On Oversupply Worries - Wall Street Journal

NEW YORK (Dow Jones)--Crude futures rose Thursday as improving economic conditions led a leading forecaster to raise its outlook for oil demand.

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Light, sweet crude for October delivery recently traded 42 cents, or 0.6%, higher at $71.73 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 15 cents, or 0.2%, higher at $69.98 a barrel. A steady stream of promising economic indicators out of the U.S. and other major economies prompted the International Energy Agency to raise its 2009 and 2010 demand forecasts in its monthly oil market outlook. Both the 2009 and ...

Full Story: OIL FUTURES: Nymex Crude Rises On Forecast For Higher Demand - Wall Street Journal

Sept. 10 (Bloomberg) -- OPEC said it will keep oilproduction quotas unchanged, banking on a recovery in the worldeconomy to maintain prices near today’s $71 a barrel.

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The Organization of Petroleum Exporting Countries agreed tomaintain total production quotas at 24.845 million barrels a day,and will urge members to adhere to their targets, OPECSecretary-General Abdalla El-Badri said at a press briefing. It’sthe third time in 2009 the group has met without changing output. “Holding production was the prudent thing to do,” JasonSchenker , president of Texas-based consultants PrestigeEconomics LLC, said in an interview in Vienna.

Full Story: OPEC Agrees to Keep Oil Production Quotas Unchanged - Bloomberg

NEW YORK (Dow Jones)--Crude futures rose Wednesday on the back of a weaker dollar and rising expectations for higher global oil demand.

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Light, sweet crude for October delivery recently traded up 51 cents, or 0.7%, at $71.61 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 79 cents higher at $70.21 a barrel. The dollar is once again acting as a trigger for the oil market, with crude futures shooting higher as soon as the U.S. currency's value approached a 2009 low against the euro. Oil futures rose ...

Full Story: OIL FUTURES: Nymex Crude Rising On Weaker Dollar, Demand Outlook - Wall Street Journal

, MarketWatch TOKYO (MarketWatch) -- Crude-oil futures gained in electronic trading on Globex, trading solidly above $71 per barrel late Wednesday afternoon in Tokyo as energy traders looked ahead to the upcoming meeting of major oil producers in Vienna as well as weekly updates on petroleum supplies.

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Light sweet crude for October delivery was up 32 cents at $71.32 per barrel on Globex, after tapping a high of $71.56. The contract had gained $3.08, or 4.5%, to close at $71.10 a barrel Tuesday on the New York Mercantile Exchange, topping the $71 mark for the first time since Aug. 31.

Full Story: Oil futures gain on Globex ahead of OPEC summit - MarketWatch

Sept. 9 (Bloomberg) -- China National Petroleum Corp., parent of the world’s biggest company by market value, receiveda $30 billion loan to fund overseas expansion as the country’sgovernment stepped up its hunt for energy resources.

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The five-year loan will be provided at a discountedinterest rate by China Development Bank under an agreementsigned yesterday, PetroChina Co. The accord underscores China’s strategy to accelerateacquisitions of energy resources abroad after spending $12billion this year on oil fields and refining assets in countriesincluding Singapore and Canada. The world’s third-biggest economyis taking advantage of lower valuations to build oil reserves andensure future supplies after demand doubled in the last decade.

Full Story: CNPC Gets $30 Billion Loan for Overseas Oil Takeovers - Bloomberg

Sept. 9 (Bloomberg) -- Crude oil traded near $71 a barrelafter surging yesterday as a slump in the dollar spurred demandfor commodities and as China pledged to stockpile more suppliesfor emergency use.

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Oil gained as much as 5.5 percent yesterday as the U.S.currency dropped to the lowest level this year against the euroand on speculation inflation will accelerate. China, the world’ssecond-largest crude oil user, approved a plan to have 169million barrels in the second phase of an emergency stockpile,state-owned China National Petroleum Co. said yesterday. “Crude is inextricably linked to the dollar,” said PeterMcGuire , managing director at Commodity Warrants Australia, in aBloomberg Television interview in Singapore. “The dollar gotspanked yesterday so oil shot higher. China wants to buy as muchas they can as cheaply as they can. They know that their demandis going to go off the Richter scale for the next few decades.” Crude oil for October delivery was at $71.43 a barrel, up33 cents in electronic trading on the New York MercantileExchange at 1:40 p.m. in Singapore. Yesterday, the contract rose$3.08, or 4.5 percent, to $71.10, the biggest gain since Aug. 19.Prices are up 60 percent this year.

Full Story: Oil Trades Near $71 as Dollar Declines, China Plans Stockpiles - Bloomberg

SINGAPORE (Dow Jones)--Crude futures were up slightly in Asia Tuesday ahead of an Organization of Petroleum Exporting Countries meeting, at which the market widely expects the group to leave its total output unchanged.

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On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at $68.71 a barrel at 0640 GMT, up 69 cents in the Globex electronic session. October Brent crude on London's ICE Futures exchange rose 77 cents to $67.30 a barrel. Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: OIL FUTURES: Crude Slightly Up Ahead Of OPEC; Watching Output - Wall Street Journal

Sept. 7 (Bloomberg) -- OPEC’s success in more than doublingoil prices since a five-year low in December will probablypersuade ministers to maintain production quotas after thisweek’s meeting.

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Reducing shipments beyond record cutbacks last year wouldendanger the global economic recovery, the Organization ofPetroleum Exporting Countries’ president said last week. Oilrose to $75 a barrel on Aug. 25, the price Saudi Arabian KingAbdullah says is fair for consumers and producers. Jose Maria Botelho de Vasconcelos , signaling they supportexisting quotas. The group won’t change output at the Viennameeting, Agence France-Presse reported yesterday, citingcomments by Iran’s OPEC Governor Mohammad Ali Khatibi .

Full Story: OPEC to Hold Quota After Oil Reaches $75 Saudi Target - Bloomberg

NEW YORK (Dow Jones)--Crude oil futures prices ended slightly higher Friday, but shed 6.5% in the week on continued worries over high inventory and low oil demand caused by the lingering weak economy.

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Light, sweet crude oil for October delivery settled 6 cents higher at $68.02 a barrel on the New York Mercantile Exchange, in thin trading ahead of the Labor Day holiday weekend. It posted its first gain in the week, shedding $4.72 a barrel in the week as doubts persist about the potential for a near-term economic recovery that will improve oil demand. ICE October Brent crude settled ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: OIL FUTURES: Crude Settles Up; -6.5% In Week On Weak Demand - Wall Street Journal

NEW YORK -(Dow Jones)- The number of rigs drilling for oil and natural gas inthe U.S. rose this week as producers ramped up activity.

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The number of oil and gas rigs climbed to 1,009, up 10 from the previous week,according to rig data from oil-field services company Baker Hughes Inc. (BHI).The number of gas rigs was 701, an increase of two rigs from last week, whilethe oil rig count rose to 295, an increase of nine rigs. The number ofmiscellaneous rigs fell by one, to 13 rigs.

Full Story: Baker Hughes: US Oil, Gas Rig Count Up 10 To 1009 This Week - CNNMoney.com

SINGAPORE (Dow Jones)--Crude oil futures were little changed in Asia Friday as the market again struggled to find direction ahead of the U.S. Labor Day holiday weekend.

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On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at $68.32 a barrel at 0700 GMT, up 36 cents in the Globex electronic session. October Brent crude on London's ICE Futures exchange rose 30 cents to $67.42 a barrel. Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: OIL FUTURES: Crude Little Changed In Asia Amid Demand Worries - Wall Street Journal

NEW YORK (Dow Jones)--Crude futures were flat Tuesday as signs of improvement in China's economy provided support for markets shaken by a steep drop in the country's leading stock index the day before.

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Light, sweet crude for October delivery recently traded 1 cent lower at $69.95 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 12 cents higher at $69.77 a barrel. Futures had ended below $70 a barrel Monday for the first time since August 18 after a nearly 7% drop in China's leading equities index prompted a global selloff that spanned ...

Full Story: OIL FUTURES: Nymex Crude Flat As Chin... - Wall Street Journal

(AP)– 9 hours ago HOUSTON — Energy producer Baseline Oil & Gas Corp., citing turmoil in the economy and global credit markets, said Monday it has filed for Chapter 11 bankruptcy protection after securing agreements with some creditors.

The filing was in U.S. Bankruptcy Court in Houston. The company said that as of June 30 it had liabilities of $138.6 million and assets of $2.96 million.

The company will continue to operate its business through the court process, and will seek confirmation of its reorganization plan. Under a so-called prepackaged bankruptcy plan, a company negotiates with major lenders prior to filing for protection.

Baseline Oil & Gas' Chapter 11 case was filed pursuant to a plan support agreement dated July 17. The agreement is between the company and holders of more than 85 percent of the company's outstanding 15 percent senior secured notes due 2009 and its 12.5 percent senior secured notes due 2012.

Full Story: Baseline Oil & Gas files for bankrupt... - The Associated Press