NEW YORK, Jan 14 (Reuters) – Brent crude oil edged up in
choppy trading on Monday, seesawing with the U.S. dollar, as
investors weighed a statement from Saudi Arabia disputing claims
OPEC’s largest producer has altered its output policy.
Traders also eyed the start-up of a key pipeline expansion
in the United States, which should help reduce the glut of crude
oil that has depressed benchmark U.S. prices in the Midwest
relative to international rivals.
NEW YORK Jan 8 (Reuters) – U.S. crude oil production is
expected to rise by the largest amount on record in 2013, the
Energy Information Administration said on Tuesday, and is set to
soar by almost a quarter over the next two years.
The EIA, the independent statistical arm of the Department
of Energy, said U.S. crude oil production would grow by 900,000
barrels per day (bpd) in 2013 to 7.3 million bpd. The agency’s
forecast in the monthly Short-Term Energy Outlook is 300,000 bpd
higher than its estimate in December.
NEW YORK, Jan 7 (Reuters) – Brent crude oil prices slipped
toward $111 a barrel on Monday while the U.S. futures contract
held firm, narrowing the spread between the two benchmarks to
the lowest level since September as traders eyed the anticipated
start-up of a Midwest pipeline.
The Seaway Pipeline expansion project, which will increase
the amount of crude oil flowing from the bottlenecked
midcontinent market around Cushing, Oklahoma, to premium-priced
refiners on the Gulf Coast, is due to be completed by Friday,
the companies involved said last week.
NEW YORK, Dec 21 (Reuters) – When federal regulators
proposed a six-month penalty on JPMorgan Chase & Co’s
electricity trading arm last month, they took aim at what is now
a rare sight on Wall Street: a large and growing power sales
After five years of rapid and lucrative growth, the world’s
biggest investment banks are now dramatically scaling back their
U.S. power operations, a Reuters analysis of electricity sales
NEW YORK Dec 13 (Reuters) – U.S.-based refiner Phillips 66
said Thursday it would support exports of crude oil from the
United States, arguing the boost they would give the country’s
economy would trump the higher costs for the company and for
The share price of the second largest U.S. refiner has
soared by 56 percent since it was spun off by oil major
ConocoPhillips in May, partly because of the boom in North
American energy production.
NEW YORK, Dec 12 (Reuters) – Oil prices rose sharply on
W ednesday, with Brent crude pushing toward $110 a barrel after
the U.S. Federal Reserve announced plans for more monetary
stimulus, while a Texas refinery fire lifted refined product
The Fed’s announcement overshadowed a decision by the
Organization of the Petroleum Exporting Countries (OPEC) to
leave its output targets unchanged, despite estimates indicating
demand for its crude will be lower next year in the face of
rising shale oil output in the United States.
NEW YORK, Dec 5 (Reuters) – Oil prices fell by around 1
percent on Wednesday after data showed a huge increase in
gasoline stockpiles in the United States last week, while
disappointing euro zone and U.S. economic figures hurt sentiment
about energy demand.
An increase in production by U.S. refiners helped boost
gasoline inventories by the biggest weekly margin since
September 2001, the Energy Information Administration said, with
stocks rising by 7.9 million barrels.
NEW YORK, Nov 14 (Reuters) – Brent oil prices rose more than
1 percent toward $110 a barrel on Wednesday, snapping a two-day
slide as Israel launched a major offensive against Palestinian
militants in Gaza, reinforcing concerns about tensions across
the Middle East.
Hamas’s military chief was killed when his car was hit by an
Israeli air strike, the Palestinian Islamist group said, as
multiple Israeli attacks rocked the Gaza Strip.
NEW YORK, Nov 12 (Reuters) – Oil slipped in choppy trading
on Monday, as markets balanced concerns about U.S. fiscal
problems against geopolitical tensions and strong oil demand in
Prices seesawed throughout the day before heading lower in
the afternoon as worries about looming U.S. tax increases and
spending cuts – the so-called fiscal cliff – weighed on markets.
NEW YORK (Reuters) – New York City began rationing gasoline on Friday for the first time since the energy shortages of the 1970s, seeking to ease a fuel crisis in the U.S. Northeast brought on by devastating Superstorm Sandy.
The former hurricane that hammered the East Coast on October 29 killed at least 120 people and caused an estimated $50 billion in damage or economic losses.