Oil fell toward $74 a barrel on Monday as low demand for crude oil in the wake of the economic downturn continued to pressure prices, outweighing last week's strong U.S. job report.
Natixis raised ATP Oil & Gas Corp to buy from hold and increased its price target, saying Telemark project in Gulf of Mexico is expected to more than double the company's 2009 average production rate.
The Dow dipped and the S&P 500 clung to a tiny gain on Friday as investors wrestled with the prospect that the Federal Reserve might have to raise interest rates after data showed the economy shed far fewer jobs than expected last month.
Japan's Nippon Oil Corp plans to refine 1 percent less crude oil in December than a year ago, the same rate of annual decline as in November, as it maintains a pessimistic view of demand even with winter approaching.
The euro zone returned to inflation in November, data showed on Monday, as more expensive oil boosted consumer prices by more than expected after five straight months of falls.
Dubai debt default concerns continued to send shockwaves across the world on Friday, with heightened risk aversion pushing global equities sharply lower and prompting investors to take refuge in government bonds.
U.S. stocks slid on Thursday as a brokerage's bearish view of the semiconductor industry hit technology shares and a key economic report raised concerns about the recovery, curbing the appetite for riskier assets.
The Japanese yen rises broadly in Asia today on risk aversion as Japanese Nikkei led Asian stocks lower in general. Nikkei dropped another -1.32% today to close at 9549 and is now farther away from previously mentioned head and shoulder top neckline.
U.S. stocks rose broadly on Monday, sending indexes to fresh 13-month closing highs, after Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates would stay low to spur growth.
U.S. stocks rallied broadly to fresh 13-month highs on Monday after Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates would stay low to spur growth.
The U.S. imported slightly more than 1 million barrels of crude oil per day from Saudi Arabia during the first 8 months of 2009. Despite a decline of more than 33 percent compared to the same period in 2008, Saudi Arabia was still the third largest source of U.S. crude oil imports during the first 8 months of this year, according toEIA import data.
Suspected oil thieves in Nigeria have increased their attacks on Royal Dutch Shell-operated oil facilities, the company said on Friday, reporting five separate incidents already in the last three months.
European shares edged up to a three-week closing high on Thursday with telecom shares leading the advance after soothing earnings results and airlines gaining ground on merger news.
Oil prices fell on Tuesday to $79 a barrel as a late-season hurricane subsided in the Gulf of Mexico and traders awaited key U.S. inventory data.
The Energy Information Administration's (EIA) U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Proved Reserves, 2008 reports that proved reserves of crude oil fell by more than 10 percent in 2008, primarily because of low end-of-year prices used to estimate proved reserves, even though discoveries of crude oil rose for the third year in a row. In contrast, proved reserves of natural gas rose by 3 percent in 2008, despite low end-of-year prices.
Carbon emissions prices could become the driver for other energy commodities within the next 5-10 years, said Jean-Francois Steels, head of Mercuria Energy Group's newly expanded emissions trading team.
Crude oil rose and the dollar fell on Monday on strong worldwide factory data and a surprise jump in U.S. pending home sales, but U.S. stocks see-sawed before ending higher after a sell-off in banking shares.
Exxon Mobil Corp, Royal Dutch Shell Plc and Eni SpA dashed hopes for an imminent turnaround for the oil industry, saying sluggish economic recovery was weighing on energy demand and prices.
Exxon Mobil Corp on Thursday said its quarterly profit fell 68 percent, missing Wall Street estimates, as the global recession bit into fuel demand and crude oil prices fell from year-ago levels.
ConocoPhillips reported a 71 percent decline in third-quarter profit on Wednesday as weak demand for fuel hurt its refining business and oil prices fell from a year earlier, but the results exceeded Wall Street estimates.
ConocoPhillips reported a 71 percent decline in third-quarter profit on Wednesday as weak demand for fuel hurt its refining business and oil prices fell from a year earlier, but the results exceeded Wall Street estimates.
In a supplement to the October 2009 Short-Term Energy Outlook, the Energy Information Administration (EIA) analyzed the inherent volatility of energy prices by looking at the options market. This supplement was the first product under the EIA's Energy and Financial Markets Initiative launched in September. The Initiative is aimed at examining all the variables that affect energy prices and price volatility.
