All eyes are on oil majors, as they battle a refining slump. BP reports results Tuesday, followed by Conoco on Wednesday, Exxon and Shell on Thursday, and Chevron on Friday. Though the sector is up 20 per cent, refineries are struggling as demand remains limp. Is there a way out?
Continue reading "Down, Down, Down For Oil Majors?"
Wednesday, July 8, 2009
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.
Continue reading "Speculators Under Scrutiny"
Friday, July 3, 2009
China’s crude oil stocks were at record high levels at the end of May, but the gains narrowed compared with past months, as hefty oil imports were largely consumed because of refiners’ record operational levels. For full story, click here
Continue reading "China’s Crude Oil Stocks are at a record in May has gained slow"
Tuesday, June 2, 2009
China’s end-April total crude stocks surged to their highest level since 2008, while refined fuel stocks held by state refiners slipped sharply, as fuel sales rebounded ahead of a retail price rise. For full story, click here
Continue reading "China’s April Crude Stocks Have Expanded, Fuel Stocks Thin"
Tuesday, May 5, 2009
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.
Continue reading "Crude oil headed for $71.55 a barrel"
Tuesday, March 3, 2009
Japanese oil refiners led by Nippon Oil Corp. plan to close down more capacity during the peak spring maintenance season in 2009, lowering demand for crude oil imports from the world’s third-biggest user. For full story, click here
Continue reading "Japan Refiners to enhance Maintenance, Curbing Oil Imports"
Monday, March 2, 2009
Shares in crude refiners fell across the board on Monday in Korea as the won hit a fresh 11-year low against the U.S. dollar. For full story, click here
Continue reading "Crude refiners decline on weaker won"
Monday, September 29, 2008
Another rough day for investors this Monday. As it became clear that the American House of Representatives would reject the authorization law for the executive’s $700 billion financial sector bailout plan, commodities began to tank. Oil futures shed more than $10 of their value during the day, dropping to $96.37 per barrel.
Continue reading "Benchmark: Troubled waters"
Monday, September 15, 2008
Though ConocoPhillips (NYSE:COP) and Placid Refining Company are both receiving hundreds of thousands of barrels of crude from America’s federal reserves to continue refinery operations, and two rigs in the Gulf have been knocked adrift, the overall impact of Ike appears fairly benevolent to energy companies.
Continue reading "Benchmark: Focus on Ike and Nigeria"
Friday, August 29, 2008
Oil prices are being pushed upwards by the impending arrival of tropical storm Gustav in the Gulf of Mexico. Gustav is projected to become “the largest hurricane in the Gulf of Mexico since Katrina”. Workers are already being evacuated from oil and gas rigs in the area, which has pushed up NYMEX oil futures past $117.
Continue reading "Benchmark: August 29"
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Monday, October 26, 2009