September 2011 Archives

Sept. 30 (Bloomberg) -- Oil headed for its biggest quarterly drop in New York since the 2008 financial crisis as signs of slowing growth in China and Germany heightened concerns that fuel demand will suffer.

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West Texas Intermediate futures have fallen 14 percent this quarter, the biggest drop since the three months ended Dec. 31, 2008. Chinese manufacturing fell for a third month, data from HSBC Holdings Plc showed today, while Germany’s Federal Statistics office said retail sales declined the most in more than four months in August. WTI’s discount to Brent oil narrowed for a sixth day, the longest streak since March 2010. Crude for November delivery on the New York Mercantile Exchange was down 12 cents, or 0.2 percent, at $82.02 a barrel, at 11:53 a.m. London time after gaining as much as $1.09 to $83.23. WTI is down 7.7 percent this month.

Oil Heads for Biggest Quarterly Decline in New York Since 2008 - BusinessWeek

Sept. 30 (Bloomberg) -- Oil rose in New York, paring the steepest quarterly drop since 2008, as investors speculated U.S. fuel demand will increase on signs the economy of the world’s biggest crude user is expanding faster than estimated.

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Futures climbed for a second day after reports showed U.S. gross domestic product last quarter and jobless claims last week beat forecasts. West Texas Intermediate’s discount to European Brent oil narrowed for a sixth day, the longest streak since March 2010.

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Crude for November delivery gained as much as $1.09, or 1.3 percent, to $83.23 a barrel in electronic trading on the New York Mercantile Exchange and was at $82.94 at 3:55 p.m. Sydney time. Oil is down 7 percent this month. It has fallen 13 percent this quarter, the biggest decline since the three months ended Dec. 31, 2008.

Oil Gains in New York; Set for Biggest Quarterly Drop Since 2008 - BusinessWeek

Sept. 29 (Bloomberg) -- Oil in New York headed for its biggest quarterly drop since 2008 as investors speculated that global economic growth will slow and curb fuel demand amid rising supplies.

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West Texas Intermediate futures, down 15 percent since June 30, were little changed today. Crude stockpiles rose 1.92 million barrels last week, the U.S. Energy Department said. Morgan Stanley cut its Brent oil forecast to $100 from $130 on weaker demand and increasing OPEC production. A Bloomberg poll indicated Chinese growth is poised to ease. Crude for November delivery was at $81.15 a barrel, down 6 cents, in electronic trading on the New York Mercantile Exchange at 2:16 p.m. Sydney time, after falling as much as 1.9 percent. The contract yesterday slid 3.8 percent to $81.21. Futures are down 9 percent this month and 11 percent this year. The quarterly decline is the biggest since the last three months of 2008.

Oil Fluctuates as It Heads for Biggest Quarterly Drop Since 2008 - BusinessWeek

Sept. 28 (Bloomberg) -- Oil fell in New York, heading for the biggest quarterly decline since 2008, on speculation that fuel demand will drop as the U.S. economy slows and Europe’s debt crisis batters consumer sentiment.

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Futures slipped as much as 2.1 percent after posting the biggest gain in four months yesterday. U.S. inventories of gasoline and crude oil increased last week, according to a Bloomberg News survey before today’s Energy Department report. Commerce Department data today showed U.S. durable goods orders fell and a report tomorrow may confirm European consumer confidence slid to a two-year low in September. Crude for November delivery slid as much as $1.79 to $82.66 a barrel in electronic trading on the New York Mercantile Exchange and was at $83.40 at 1:40 p.m. London time. The contract yesterday climbed $4.21, or 5.3 percent, to $84.45. It was the biggest gain since May 9.

Oil Falls, Heading for Quarterly Decline on Europe Debt Crisis - BusinessWeek


TheStreet.com

Oil jumps more than 5 percent, above $84 a barrel
Washington Post
By AP, Oil prices rose more than 5 percent Tuesday on hopes that European leaders are closer to drafting a plan to contain the region's debt crisis. Here's how energy contracts traded. Heating oil picked up 8.27 cents to finish at $2.8857 a gallon. ...
Oil Price Euphoria Unlikely to LastTheStreet.com
Oil surges on euro zone movesGlobe and Mail
OIL FUTURES: Crude Oil Rises 2% As Equities, Commodities RallyWall Street Journal
Reuters Canada -Seeking Alpha -CBS News
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Oil jumps more than 5 percent, above $84 a barrel - Washington Post

Oil hovered around $80 per barrel Monday after new home sales dropped to a six-month low, adding to worries about energy demand in the slowing economy.

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The Commerce Department said that sales of new homes fell in August and are on pace for the worst year since the government began keeping records a half century ago. High unemployment and the possibility of another recession are keeping home buyers on the sidelines.

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The discouraging government report came as European leaders continued to debate the best way to resolve the months-old debt crisis that could drag down the regional economy. Investors are concerned that Europe's problems could lead to another recession, which would cut demand for oil and gasoline. Demand for gasoline in the U.S. is already below year-ago levels.

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Oil wavers on weak home sales, Europe debt woes - BusinessWeek

Oil advanced for the first time in four days in New York amid speculation that the European Central Bank may alleviate the region’s sovereign debt crisis, boosting growth and fuel demand.

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Futures gained 0.5 percent after a euro-region central bank official, who declined to be identified, said policy makers are likely to debate the resumption of covered-bond purchases next week. Oil reached the lowest level since Aug. 9 in intraday trading on concern that the crisis would trigger another recession. Crude for November delivery rose 39 cents to settle at $80.24 a barrel on the New York Mercantile Exchange , the first increase in four sessions. Prices ranged from $77.11 to $81.29. Oil is down 9.6 percent this month and 16 percent in the third quarter.

Oil Pares Decline From Seven-Week Low on Hopes for European Union Rescue - Bloomberg

Sept. 26 (Bloomberg) -- Oil dropped for a fourth day in New York, extending the biggest weekly decline since August as investors speculated Europe’s sovereign debt crisis will cut fuel demand amid ample supplies.

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Futures slipped as much as 3.1 percent, wiping out an earlier gain of 1.3 percent. Finance leaders at the annual International Monetary Fund meeting in Washington urged European policy makers to step up measures to counter the crisis. The region’s troubles have helped slow demand for crude, Qatar’s oil minister said yesterday. Declines may be limited as New York oil approached technical support levels.

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Crude for November delivery fell as much as $2.44 to $77.41 a barrel as was at $77.70 in electronic trading on the New York Mercantile Exchange at 2:25 p.m. Singapore time. Front-month prices slid 9.2 percent last week to $79.85, the lowest close since Aug. 9. Oil is down 15 percent this year in New York.

Oil Drops a Fourth Day on Bets European Crisis Will Cut Demand - BusinessWeek

LinkedIn (AP) LINCOLN, Neb. — Environmentalists hoping to block a proposed underground oil pipeline that would snake 1,700 miles from Canada to the Gulf of Mexico have pinned their hopes on an unlikely ally — the conservative state of Nebraska.

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Few states are as red as Nebraska, which hasn't supported a Democratic presidential candidate since 1964. But opposition to the Keystone XL pipeline has risen steadily since the project was proposed three years ago. The reason: Fears of contaminating the Ogallala Aquifer, a vast subterranean reservoir that spans a large swath of the Great Plains and provides water to much of Nebraska, as well as seven other states. Opponents have grown to include Nebraska's conservative governor and two U.S. senators, a Republican and a conservative Democrat.

Oil pipeline opponents pin hopes on Nebraska - CBS News

Economies around the world are at risk of stalling, and that has punished prices of stocks and commodities. U.S. political leaders are in a standoff that could force the government to shut down, a manufacturing survey suggested a slowdown in China, and Europe hasn't solved its banking crisis.

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Moody's downgraded eight Greek banks, because of the country's deteriorating economy. The concern is that a Greek default could hurt other nations in Europe and beyond. When the economy slows, do does demand for oil. "People are just afraid that demand is going to be affected in a negative way and that's pulling prices back down," said Tom Bentz, an analyst at BNP Paribas Commodity Futures.

Oil falls to $80 per barrel on demand concerns - BusinessWeek

LinkedIn (AP) HOUSTON — Two oil workers who survived days floating in a life raft in the Gulf of Mexico after they evacuated their disabled research vessel during a tropical storm have filed lawsuits in the incident.

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The three men were among 10 oil workers on a liftboat in the Bay of Campeche who had to abandon the vessel on Sept. 8 after it was crippled by Tropical Storm Nate. One of the companies being sued declined to comment. The other two did not return calls. © 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

Lawsuits filed by workers who floated days in Gulf - CBS News

Sept. 23 (Bloomberg) -- Oil rebounded from the lowest level in more than six weeks as equities and the euro advanced amid speculation global central banks will take coordinated measures to prevent a financial crisis.

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Crude tumbled as much as 3.7 percent earlier in New York, dropping with other commodities and equities, as a pledge by Group of 20 nations to tackle rising risks failed to ease concern the global economy is on the brink of another recession. Yesterday, prices plummeted 6.3 percent.

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Crude for November settlement rose 12 cents to $80.63 a barrel at 11:25 a.m. on the New York Mercantile Exchange. Earlier, it touched $77.55, the lowest price since Aug. 9. Futures are down 8.3 percent this week, headed for the biggest drop since the five days ended Aug. 5. Prices have fallen 12 percent this year.

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Crude Oil Rebounds From Six-Week Low on Stimulus Speculation - BusinessWeek

View Photo Gallery —  According to Bloomberg News, the price of crude oil recently dropped to its lowest level in 31 years. However, consumers are still not getting much relief at the pump. The average price per gallon of regular fuel is over 80 cents more than this time last year.

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But oil prices remain high by historical standards. Tom Kloza of the Oil Price Information Service estimates that U.S. drivers are on course to spend nearly half a trillion dollars on gasoline this year, which would break the record set in 2008. For now, gas prices are heading down. Since Sept. 1, wholesale prices have tumbled 40 cents a gallon. Prices at the pump have dropped more gradually, but the nationwide average on Thursday was $3.56 a gallon, down a dime over the past two weeks. Prices in the District eased to $3.68 a gallon, down from a peak of $4.21 on May 12.

Oil, gas prices fall as economic outlook weakens - Washington Post

In the wake of federal charges accusing seven oil companies with killing 28 migratory birds in open waste pits, oil and gas drilling operations in North Dakota could soon be hit with state regulations that one advocate said would change the face of the state's drilling industry -- and save a lot of birds.

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The regulations, proposed by the state's Department of Mineral Resources, would prohibit dumping liquid waste in open pits. The pits -- used to dump rock chips, drilling bit lubricants and other waste while an oil well is being drilled -- can be mistaken by birds for ponds, biologists say. Birds landing in the pits are coated with oil.

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The proposed state changes highlight growing concern surrounding the so-called reserve pits, which are often 15 feet deep and the size of a large swimming pool.

Oil companies face new regulations to save birds - BusinessWeek

NEW YORK (Dow Jones)--Crude futures dropped $1 in choppy trading Wednesday, after the Federal Reserve announced plans to boost the listless U.S. economy by purchasing longer-dated government debt.

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Light, sweet crude for November delivery settled down $1, or 1.15%, at $85.92 on the New York Mercantile Exchange. Brent crude on the ICE Futures Europe exchange, which had been trading higher for most of the day, settled down 18 cents, or 0.16%, at $110.36 a barrel. NEW YORK (Dow Jones)--Crude futures dropped $1 in choppy trading Wednesday, after the Federal Reserve announced plans to boost the listless U.S. economy by purchasing longer-dated government debt.

OIL FUTURES: Crude Drops In Wake Of Fed Announcement - Wall Street Journal

SINGAPORE (Dow Jones)--Crude-oil futures traded marginally lower in Asia Wednesday, with the market awaiting cues from the outcome of a two-day U.S. interest-rate-setting meeting and the release of U.S. oil inventory data.

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On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $86.74 a barrel at 0656 GMT, down $0.18 in the Globex electronic session. November Brent crude on London's ICE Futures exchange fell $0.01 ... SINGAPORE (Dow Jones)--Crude-oil futures traded marginally lower in Asia Wednesday, with the market awaiting cues from the outcome of a two-day U.S. interest-rate-setting meeting and the release of U.S. oil inventory data.

OIL FUTURES: Crude Eases Ahead Of Fed Meeting, US Oil Data - Wall Street Journal

PBS mini-series . In the two decades since, Mr. Yergin, operating as a kind of one-man think tank, has had a virtual monopoly on the subject of energy and geopolitics. Such is his influence that one half expects his competitors to file antitrust litigation against him.

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Mr. Yergin is back with a sequel to “The Prize.” It is called “The Quest: Energy, Security, and the Remaking of the Modern World,” and, if anything, it’s an even better book. It is searching, impartial and alarmingly up to date. (Events like the partial meltdowns at the Fukushima nuclear complex in Japan, the political upheavals in Egypt and Libya, and the killing of Osama bin Laden, all from this year, are combed into his arguments.) Mr. Yergin brooks no cant about climate-change denial, and lingers on the topic of cleaner future fuels. Our heads may be buried in our sleek laptops and gadgets, his masterly book announces, but our toes are still soaking in dirty, morally contaminated oil . Mr. Yergin is back with a sequel to “The Prize.” It is called “The Quest: Energy, Security, and the Remaking of the Modern World,” and, if anything, it’s an even better book. It is searching, impartial and alarmingly up to date. (Events like the partial meltdowns at the Fukushima nuclear complex in Japan, the political upheavals in Egypt and Libya, and the killing of Osama bin Laden, all from this year, are combed into his arguments.) Mr. Yergin brooks no cant about climate-change denial, and lingers on the topic of cleaner future fuels. Our heads may be buried in our sleek laptops and gadgets, his masterly book announces, but our toes are still soaking in dirty, morally contaminated oil . “The Quest” will be necessary reading for C.E.O.’s, conservationists, lawmakers, generals, spies, tech geeks, thriller writers, ambitious terrorists and many others. But it won’t be easy reading. This is a very large and not overly elegant book; committing to it is like committing to a marriage, or to a car lease, or to climbing Everest. Base camps will periodically need to be established on this 804-page mountain. Sherpas — perhaps in the form of your children, delivering sustaining tea and coffee and rum — will be required. Nearing the summit you may find the dead bodies of those who did not make it all the way.

The Pursuit of Energy and Visions of a Post-Oil Age - New York Times

The Keystone XL pipeline, which has ignited a fierce national debate between environmentalists and the oil industry, could create jobs for Will County workers if it is built, an oil industry official says.

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The project’s route from Canada to the Gulf Coast comes no closer than Nebraska to Will County, but workers here could benefit if the 1,700-mile pipeline is built, said David Sykuta, executive director of the Illinois Petroleum Council.

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The project’s route from Canada to the Gulf Coast comes no closer than Nebraska to Will County, but workers here could benefit if the 1,700-mile pipeline is built, said David Sykuta, executive director of the Illinois Petroleum Council. “We would get a huge jobs boom,” he said.

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Oil pipeline an economic boon for Will County or environmental disaster? - Chicago Sun-Times

NEW YORK (Dow Jones)--Oil futures prices fell sharply in early trading Monday, following equities and the euro lower as European sovereign debt worries continued to weigh on the market.

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Light, sweet crude for October delivery fell $2.25, or 2.6%, to $85.71 a barrel on the New York Mercantile Exchange. The October Nymex contract expires Tuesday. Brent crude ... NEW YORK (Dow Jones)--Oil futures prices fell sharply in early trading Monday, following equities and the euro lower as European sovereign debt worries continued to weigh on the market.

OIL FUTURES: Oil Futures Drop Sharply On More Euro Worries - Wall Street Journal

Sept. 19 (Bloomberg) -- Oil fell for a second day in New York on speculation that fuel demand will falter amid signs of weaker economic growth in Europe and in the U.S., the world’s largest consumer of crude.

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Crude dropped as much as 1 percent, extending a 1.6 percent decline on Sept. 16 as European finance ministers ruled out stimulus measures to spur their economy after meeting with Treasury Secretary Timothy Geithner. Purchases of previously owned U.S. homes in August probably held close to the weakest level this year and construction dropped to a three-month low, reports this week may show.

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Oil for October delivery fell as much as 88 cents, or 1 percent, to $87.08 in electronic trading on the New York Mercantile Exchange and was at $87.25 at 6:54 a.m. Singapore time. The more-active November contract was at $87.44 a barrel after sliding as much as 92 cents, or 1 percent.

Oil Drops for a Second Day on Signals Economic Growth to Slow - BusinessWeek

The U.S. price most Americans recognize -- the futures for the high-quality blend of crude-oil traded on the New York Mercantile Exchange -- historically has traded within a dollar or two of its European counterpart, Brent crude, on ICE Futures Europe.

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Starting in January, the oil prices' paths have diverged for a duration and by a magnitude without precedent. The so-called spread between Nymex crude -- which is still widely referred to ... The car-parts maker is an undervalued play on Asia's booming automotive market. Why its diverse collection of assets could be worth more than 80 a share.

Why There Are Two Prices for Oil - Barron's

Oil hovered above $89 a barrel on Friday on continued optimism that European leaders would be able to get the continent's sovereign debt crisis under control.

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Five central banks on Thursday gave their banks far greater access to U.S. dollars in a move aimed at shoring up confidence in Europe's financial system. The move will buy some time for banks holding large amounts of debt issued by Greece and other financially troubled European countries. Some of these banks have had trouble paying for daily operations because other banks have refused to lend to them any more.

Crude Hovers Above $89 on Optimism Over Europe - ABC News

BP gets much of the blame for the Horizon Deepwater rig disaster and oil spill. But the report also faults Transocean and Halliburton and cites factors including poor risk management.

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Gulf of Mexico all violated federal safety regulations leading up to last year's oil spill , a federal investigation concluded in findings that could be crucial for a Justice Department investigation and numerous lawsuits surrounding the disaster. Mexico through the summer of 2010 were the result of poor risk management, last‐minute changes to plans, failure to observe and respond to critical indicators, inadequate well control response, and insufficient emergency bridge response training," the Bureau of Ocean Energy Management concludes.

BP, contractors violated safety rules, US inquiry finds - Los Angeles Times

A key federal report into what caused the worst offshore oil spill in U.S. history was being readied for release as early as Wednesday amid revelations that BP made critical mistakes on the well and failed to tell its partners and the U.S. government when it realized it.

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An investigation team of the U.S. Coast Guard and the agency that regulates offshore drilling held hearings over the course of a year following the April 20, 2010, Deepwater Horizon tragedy. The Coast Guard-Bureau of Ocean Energy Management Regulation and Enforcement investigation has been among the most exhaustive.

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Other investigations have faulted misreadings of key data, the failure of the blowout preventer to stop the flow of oil to the sea, and other shortcomings by executives, engineers and rig crew members.

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Gulf Oil Spill: US Government Prepares To Release BP Report - Huffington Post

NEW YORK (Dow Jones)--U.S. crude-oil futures finished above $90 a barrel for the first time in more than a month Tuesday, as traders looked to a likely drop in U.S. oil inventories and shrugged off forecasts calling for weaker oil demand.

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NEW YORK (Dow Jones)--U.S. crude-oil futures finished above $90 a barrel for the first time in more than a month Tuesday, as traders looked to a likely drop in U.S. oil inventories and shrugged off forecasts calling for weaker oil demand. A fast-growing sector has sprung up through the cracks in China's state banking system: private guarantors who offer to help small-and-medium-size enterprises get bank loans by pledging to repay the loans if borrowers default.

OIL FUTURES: Crude Ends Higher Ahead Of Inventory Survey - Wall Street Journal

LONDON, Sept 13 (Reuters) - World oil consumption will increase less quickly than expected this year and next as the pace of global economic growth slows, the International Energy Agency (IEA) said on Tuesday.

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In its monthly oil market report, the Paris-based agency said financial and economic headwinds were gathering momentum and the oil market supply-demand balance could ease in the short term if recent supply disruptions receded.

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In its monthly oil market report, the Paris-based agency said financial and economic headwinds were gathering momentum and the oil market supply-demand balance could ease in the short term if recent supply disruptions receded. "It is possible that we could see an easing in the tightness of the market in the months ahead," said David Fyfe, head of the IEA's oil industry and markets division.

IEA cuts oil demand growth f'cast on economic woes - Reuters

In a monthly report, the Organization of Petroleum Exporting Countries said it expected demand to drop to 1.1 million barrels per day worldwide. That's a reduction of 150,000 barrels per day from its earlier forecasts.

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OPEC also trimmed back its oil production outlook, saying it still expects output to increase, but by a slightly smaller 500,000 barrels per day in 2011 -- 80,000 barrels below its prior forecast. OPEC also trimmed back its oil production outlook, saying it still expects output to increase, but by a slightly smaller 500,000 barrels per day in 2011 -- 80,000 barrels below its prior forecast. "The downward adjustment has been due to a weaker-than-expected driving season in the US and the ongoing sluggish economic performance in the OECD," said the report, referring to an organization of 32 member nations that includes the United States., the United Kingdom, Germany and Japan.

OPEC cuts oil production and demand outlook - CNN

GUTIERREZ ZAMORA, Mexico, Sept 11 (Reuters) - Storm Nate dissipated on Sunday as it moved farther inland across the coffee and sugar growing state of Veracruz along the Gulf of Mexico.

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Nate, which could still dump heavy rain over Veracruz, had turned into a remnant low, the Miami-based U.S. National Hurricane Center said, and it was discontinuing warnings. State oil monopoly Pemex said it had rescued seven out of 10 contract workers who had been missing since Thursday after evacuating a rig in the Gulf of Mexico due to bad weather.

Storm Nate weakens, oil contractors found in Mexico - Reuters Africa


Reuters

Libya's Agoco starts oil production testing
MarketWatch
LONDON (MarketWatch) -- Libya's Arabian Gulf Oil Co. started oil production testing on its fields Saturday, a spokesman for the company said, the first concrete evidence that crude is on the cusp on flowing again to the market after ...
Libyan oil production to resume in days: MinisterArab News
Libyan oil production to resume in days-ministerReuters Africa
LIBYA'S OIL PRODUCTION TO RESUME IN DAYS, MINISTER SAYSAgenzia Giornalistica Italia

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Libya's Agoco starts oil production testing - MarketWatch

Libya's transitional government plans to resume crude oil and gas production within days, a senior official said Saturday, even as revolutionary fighters were driven back in their attempt to oust holdouts loyal to ex-strongman Moammar Gadhafi.

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Libya's crude oil production had ground to a halt during the uprising against Gadhafi, but Ali Tarhouni, the minister for oil and finance in the transitional government, said that it would restart by mid-week, with gas production to follow days later. Tarhouni said that despite months of fighting, the oil infrastructure had survived in good enough shape to assure steady production, though well below the 1.2 million to 1.6 million barrels per day - 2 percent of the world demand - it produced before the uprising.

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Hostilities continued, however, near the town of Bani Walid, southwest of the capital, Tripoli, where pro-Gadhafi fighters fired rockets toward revolutionary fighters who had advanced to the eastern edge of the town late Friday. By Saturday afternoon, however, they had retreated several miles, and three of their forces had been killed.

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Libya looks to restart oil production, but skirmishes go on - MiamiHerald.com

Mexico's state oil company said Friday it was searching for 10 workers from a Texas company who evacuated from a research vessel in the Gulf of Mexico ahead of Tropical Storm Nate.

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Petroleos Mexicanos said it has two ships searching in the area where the workers, employed by Houston's Geokinetics Inc., called for help Thursday afternoon after leaving a vessel known as a lift boat, the Trinity II, on an enclosed life raft. Taquino said the company learned Thursday morning that the Trinity II, contracted from Louisiana's Trinity Liftboat Services LLC, was disabled in the Bay of Campeche because of storm conditions. A lift boat can lower legs to the seafloor and then elevate itself above the water level. This one was being used as a recording vessel and housing for the crew and it was in waters about 25 feet deep.

Mexico oil firm hunts for 10 lift-boat evacuees - San Francisco Chronicle

NEW YORK (Dow Jones)--Crude-oil futures fell 2% Friday, hit by fresh fears of economic turmoil in Europe that sent equities tumbling and the dollar higher.

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Investors fled from the euro due to growing worries of a Greek default and the potential reverberation through the global economy. Aggressive moves out of the common currency sent the euro to its lowest level against the Japanese yen since January 2001 and to a seven-month low against the dollar. Strength ...

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NEW YORK (Dow Jones)--Crude-oil futures fell 2% Friday, hit by fresh fears of economic turmoil in Europe that sent equities tumbling and the dollar higher.

OIL FUTURES: Crude Settles -2% At $87.24 On Weak Euro, Equities - Wall Street Journal

Oil headed for a third weekly gain as investors bet President Barack Obama ’s job-creation plan will support demand for fuel and as producers in the Gulf of Mexico evacuated workers ahead of Tropical Storm Nate.

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New York futures climbed as much as 0.5 percent, erasing a drop of 0.8 percent, after Obama asked Congress to pass a proposal that would inject $447 billion into the economy of the world’s biggest crude user. Prices slid yesterday after Federal Reserve Chairman Ben S. Bernanke stopped short of specifying measures the central bank may use to bolster growth when policy makers meet this month. Companies including BP Plc removed staff in the Gulf, home to 27 percent of U.S. oil output. Oil for October delivery gained as much as 45 cents to $89.50 a barrel in electronic trading on the New York Mercantile Exchange and was at $89.08 at 2 p.m. Singapore time. Prices are 3 percent higher this week and up 20 percent the past year.

Oil Heads for Third Weekly Gain on Obama Job Plan, Storm in Gulf of Mexico - Bloomberg

NEW YORK (Dow Jones)--Crude futures rose slightly Thursday after the government said oil inventories fell more than expected last week, due largely to storm-related disruptions.

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Light, sweet crude for October delivery recently traded 49 cents, or 0.6%, higher at $89.83 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded up 54 cents, or 0.5%, to $116.31 a barrel. NEW YORK (Dow Jones)--Crude futures rose slightly Thursday after the government said oil inventories fell more than expected last week, due largely to storm-related disruptions.

OIL FUTURES: Crude Climbs On Drop In Oil Inventories - Wall Street Journal

NEW YORK (Dow Jones)--Oil futures settled at their highest level in more than a month Wednesday, boosted by a sharp rally in the equities markets.

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Light, sweet crude for October delivery settled up $3.32, or 3.9%, at $89.34 a barrel on the New York Mercantile Exchange, the highest settlement since Aug. 3. Brent crude on ICE Futures Europe settled up $2.91, or 2.6%, to $115.80 ... NEW YORK (Dow Jones)--Oil futures settled at their highest level in more than a month Wednesday, boosted by a sharp rally in the equities markets.

OIL FUTURES: Equities Rally Sends Crude To Highest In A Month - Wall Street Journal

Sept. 7 (Bloomberg) -- Oil advanced from the lowest in more than a week in New York amid signs of shrinking crude stockpiles in the U.S. and speculation a storm building in the Gulf of Mexico posed a threat to supply in the world's biggest consumer of the commodity.

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West Texas Intermediate gained as much as 0.7 percent. An Energy Department report tomorrow may show inventories declined 2.25 million barrels last week as Tropical Storm Lee shut production in the gulf, a Bloomberg News survey of analysts showed. Another disturbance in Mexico's Bay of Campeche has a 40 percent chance of becoming a tropical depression or storm, according to the National Hurricane Center.

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Crude for October delivery rose as much as 56 cents to $86.58 a barrel in electronic trading on the New York Mercantile Exchange and was at $86.30 at 10:30 a.m. Sydney time. The contract yesterday slid 43 cents to $86.02, the lowest close since Aug. 26. Prices are 16 percent higher the past year.

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Oil Gains on Forecast Supply Drop; Weather System Builds in Gulf - San Francisco Chronicle

NEW YORK (Dow Jones)--U.S. oil futures ended slightly lower Tuesday as equity markets sank on deepening concerns about the European and U.S. economic outlook.

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Light, sweet crude for October delivery settled down 43 cents, or 0.5%, to $86.02 a barrel on the New York Mercantile Exchange. Futures fell to as low as $83.20 in intraday trading, but pared their losses as equities bounced off ... NEW YORK (Dow Jones)--U.S. oil futures ended slightly lower Tuesday as equity markets sank on deepening concerns about the European and U.S. economic outlook.

OIL FUTURES: Crude Lower As Economic Worries Weigh On Markets - Wall Street Journal


Moneycontrol.com

OIL FUTURES: Crude Oil Choppy In Thin Trade, Taking Equity Cues
Wall Street Journal
TOKYO (Dow Jones)--Crude-oil futures vacillated Tuesday in Asia, with their movements exaggerated due to sluggish screen trading after the US Labor Day holiday. On the New York Mercantile Exchange, light, ...
Brent Oil Climbs 0.9% in London; New York Crude Pares Loss After HolidayBloomberg
Oil falls to near $84 on global slowdown fearsThe Associated Press
Oil falls to near $84 on global slowdown fearsForbes
Reuters Canada -Inside Futures -MarketWatch
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OIL FUTURES: Crude Oil Choppy In Thin Trade, Taking Equity Cues - Wall Street Journal

Oil Prices Tumble - Wall Street Journal

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LONDON—Crude-oil futures tumbled as the euro weakened against the dollar and as European stock markets slid on growing fears that the U.S. is heading back into recession.

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Prices also came under pressure as a U.S. Gulf storm moved inland and energy companies began returning crews to platforms with a view to resuming shuttered oil and gas production. Early afternoon in London, the front-month October contract on the New York Mercantile Exchange was down $2.06, or 2.4%, at $84.39 per barrel. The front-month October Brent contract on London's ICE futures exchange was down $1.53, or 1.4%, at $110.80 a barrel.

Oil Prices Tumble - Wall Street Journal

Taiwan Semiconductor Manufacturing Co. paced losses in Asia after the chipmaker said its customers’ confidence in the global economic recovery is weakening.

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The Standard & Poor's 500 Index slumped 2.5 percent on Sept. 2, dragging the gauge to a 0.2 percent weekly loss, after the Labor Department reported the weakest payrolls reading since September 2010. Asian stocks and oil fell for a second day after U.S. job growth stalled last month and amid concern Europe’s sovereign-debt crisis will worsen. The Dollar Index headed for its longest winning streak in eight months.

Asian Stocks, Oil Drop as Dollar Climbs - Bloomberg

DAMASCUS,  (Xinhua) -- Oil embargo lately slapped by European countries on Syria would inevitably overburden its stagnant economy, but experts believe that the country that has been put into a tight squeeze after nearly six months of unrest is still able to withstand the sanctions and find alternatives.

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The EU move came in harmony with earlier sanctions imposed by the United States on Syria in an effort to tighten the screws on Syria and further squeeze its economy, which is likely to hasten the collapse of the Syrian regime that was widely censured for alleged violent crackdown on protesters. Experts believe that the U.S. oil embargo has a limited impact as Syria does not export oil to America and it didn't prohibit foreign companies from working in Syria.

Syria rummages around for other markets after EU oil embargo - Tehran Times

The European Union banned oil imports from Syria Friday in a move that will cost the embattled regime millions of dollars each day as it tries to crush a resilient uprising that has railed against the country's authoritarian government for more than five months.

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President Bashar Assad's assault on protests continued, killing at least 13 people, activists said. Security forces fired on thousands of antigovernment protesters and surrounded mosques to prevent worshipers from streaming into the streets to join the rallies.

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The United Nations estimates about 2,200 people have been killed since March as protesters take to the streets every week, despite the near-certainty that they will face a barrage of bullets and sniper fire. But the government is in no imminent danger of collapse, leading to concerns violence will escalate.

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EU bans Syria oil imports to hinder crackdown - San Francisco Chronicle

European Union members escalated the pressure on Syria's government Friday by banning all imports of Syrian oil in response to its violent suppression of the nearly six-month uprising. It was the most punitive action by the EU to date over the crackdown in Syria, which sells nearly all its oil to Europe and whose government relies heavily on that export income.

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Rebel fighters push closer to Moammar Gadhafi's birthplace of Sirte, despite the extension of a deadline for the town's surrender and negotiations with tribal leaders aimed at avoiding bloodshed. The rebels said military action would be a last resort. Meanwhile, a Libyan official said at least five foreign oil and gas companies are back in the country to work on resuscitating production. Yemeni military and medical officials said 30 al-Qaida suspects were killed in U.S. airstrikes and clashes with Yemeni soldiers in al-Qaida-held cities in the south. A military official said the United States bombed the al-Qaida positions Wednesday and Thursday. The official said militants had seized the positions while taking advantage of the political turmoil in the country. Yemen has seen mass protests against longtime President Ali Abdullah Saleh.

EU bans Syrian oil as crackdown kills 13 - The Seattle Times

Sept. 2 (Bloomberg) -- Oil may fall next week after a storm threatening Gulf of Mexico energy installations dissipates and on concern that the global economic recovery is slowing, a Bloomberg News survey showed.

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Fifteen of 30 analysts, or 50 percent, forecast oil will decline through Sept. 9. Ten respondents, or 33 percent, predicted prices will increase and five estimated there will be little change during the period. Last week 50 percent of surveyed analysts projected a drop.

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Crude traded near a one-month high in New York yesterday as a depression in the Gulf of Mexico that became Tropical Storm Lee today led energy companies to evacuate platforms and rigs. A Chinese manufacturing index hovered near its lowest point in 29 months in August, the China Federation of Logistics and Purchasing said yesterday. President Barack Obama will outline a plan for jobs growth in an address Sept. 8.

Crude Oil May Fall on Economy as Storm Passes, Survey Shows - San Francisco Chronicle

WASHINGTON — A Maryland state senator plans to engage in civil disobedience at the White House to protest a plan to pipe oil from western Canada to the Gulf of Mexico.

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Environmental activists have been gathering outside the White House for the past two weeks to protest the proposed Keystone XL pipeline. Sen. Paul Pinsky, D-Prince George’s, plans to join them Friday, and he says he will risk arrest. Energy Secretary Steven Chu has signaled support for the pipeline, telling the “energyNOW!” TV show that having Canada as an oil supplier is more “comforting” than getting it from other countries.

Md. state senator to join White House protest of plan to pipe oil from Canada - Washington Post

SINGAPORE (Reuters) - Brent crude hovered at $114 a barrel on Friday, on track for its second consecutive weekly gain, as investors eyed key U.S. jobs data for clues on whether the world's largest oil consumer will be able to dodge a recession and leave demand growth intact.

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Weak data may prompt the Federal Reserve to start a fresh round of policy easing at a September 20 meeting. Investors were also watching for potential supply disruption in the Gulf of Mexico as a brewing storm shut nearly 6 percent of output in the key producing region. Front-month Brent fell 16 cents to $114.13 a barrel by 1:01 a.m. EDT. It was on track for a weekly gain of more than 2 percent. U.S. crude was down 16 cents to $88.77 a barrel, but was set for a nearly 4 percent rise this week, its biggest gain since early July.

Brent treads at $114; awaits US jobs data, storms - Reuters


International Business Times

COLUMN-Asia's oil price threshold is critical: John Kemp
Reuters
LONDON, Sept 1 (Reuters) - At the start of the year, soaring oil prices sparked a spirited debate among analysts about the level of prices that would start to choke off demand growth. Like most oil-market debates, discussion was heated, ...
Are Falling Oil Prices a Good Sign?HoweStreet.com
Oil Prices Plunge in August: A 'Tax Cut' for the American PeopleInternational Business Times
The Biggest Drop in Oil Price since MayToTheCenter.com

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COLUMN-Asia's oil price threshold is critical: John Kemp - Reuters

Oil traded near a two-day low in New York after the biggest monthly drop since May as investors bet rising U.S. crude stockpiles indicate that fuel demand is faltering in the world’s biggest consumer of the commodity.

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Futures were little changed after an Energy Information Administration report yesterday showed supplies increased 5.28 million barrels last week to 357.1 million. They were forecast to decline by 500,000 barrels, according to a Bloomberg News survey of analysts. London-traded Brent oil widened its premium to U.S. prices for a third day.

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Crude for October delivery was at $88.78 a barrel, down 3 cents, in electronic trading on the New York Mercantile Exchange at 10:55 a.m. Sydney time. The contract yesterday fell 9 cents to $88.81, the lowest settlement since Aug. 29. Prices dropped 7.2 percent last month and are down 2.9 percent this year.

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Oil Trades Near Two-Day Low as Crude Stockpiles Rise; Brent Premium Widens - Bloomberg