The price of crude oil has been exceptionally volatile in the last year. It has nearly doubled since January, topping $70 per barrel in June, even though the global economy and demand for oil remains sluggish. The United States and Europe have signaled possible crackdowns on oil speculators - the investors who trade daily in the fuel. They argue that the sharp price changes are not borne out by the small shifts in supply or demand for oil.
Japan Energy Corp, the nation’s sixth-biggest oil refiner, declared that it plans to cut its crude oil processing volumes for July-September by 9 percent from a year earlier due to slow domestic demand. For full story, click here
Indian Oil Corp., the nation’s biggest refiner, will raise spending 23 percent to boost capacity even as it borrows more to cover losses from selling fuels below the cost of crude oil. For full story, click here
Indian private refiner Essar Oil Ltd. has surged the retail prices of auto fuels by 2.5-6.5 percent from Tuesday to keep pace with international crude oil prices. For full story, click here
India’s leading state-owned refiner, Indian Oil Corp, has issued a second tender to purchase August sweet crude, after having bought four million barrels last week. For full story, click here
According to weekly financial newspaper Barron, Hess Corp’s emphasis on exploration and recent drilling success will help the oil producer and refiner outshine its rivals in 2010. For full story, click here
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
India’s leading state run refiner, Indian Oil Corp, bought four million barrels of West African crude oil via its third tender for June loading sweet crude. For full story, click here
The market in Toronto jumped significantly, in part due to the merger announcement between Suncorp (TSE:SU) and Petro-Canada (TSE:PCA). Petro-Canada was up 20 per cent at the end of the day and many of the other Canadian oil patch companies rose along with it. EnCana (TSE:ECA), Canadian Natural Resources (TSE:CNQ) and Talisman Energy (TSE:TLM) all closed up significantly.
The jump was all too clear. A surprise drop in U.S. oil inventories caused crude prices to jump 14 per cent on Thursday, in New York, powering a broad commodities rally that pushed copper and corn higher. The only noticeable drop was in gold, which closed lower for the first time in three days.
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