LONDON, May 1 (Reuters) – Market participants expect the
price of Brent to average around $75 per barrel through the rest
of the decade, not much above the current level.
Spot Brent prices have risen around $20 per barrel from
their mid-January low, from $46 to $66, an increase of more than
LONDON, April 30 (Reuters) – California’s gasoline sales are
rising rapidly as cheaper fuel, rising consumer confidence and a
steadily improving economy encourage motorists to use their cars
Fuel wholesalers reported sales of 1.216 billion gallons of
gasoline in January, up by 3.6 percent or 42 million gallons
compared with the same month a year earlier.
LONDON, April 29 (Reuters) – By focusing on operational
improvements, shipping companies are reducing fuel consumption,
saving money and cutting greenhouse emissions, while continuing
to increase the amount of freight transported.
Maersk Line, the world’s largest container carrier, cut fuel
consumption by more than 13 percent between 2012 and 2014, while
increasing the number of boxes carried by 11 percent, according
to company records.
LONDON, April 28 (Reuters) – Flying has become less energy
intensive than driving, at least in the United States, according
to the surprising findings of an analysis of energy consumption
by the University of Michigan’s Transportation Research
Transporting one person a distance of one mile by aircraft
consumed on average the energy equivalent to 2,465 British
thermal units (BTUs), compared with 4,211 BTUs for moving one
person one mile by car, in 2012.
LONDON, April 27 (Reuters) – “Downing Street has discreetly
let it be known in the City that it would oppose any takeover of
BP,” the Financial Times reported on Sunday.
The prime minister’s office has signalled it would make life
difficult for any bidder, although no bid has been mooted yet,
the newspaper said (“UK ministers make Gallic gesture to keep
the British in BP”, April 26).
LONDON, April 22 (Reuters) – Global oil demand is set to
rise by 1 million or even 1.5 million barrels per day (bpd) in
2015, according to a range of forecasters.
Coupled with a fall in shale output in the second half of
the year, as the decline in the U.S. rig count takes effect,
that should be enough to bring the oil market near to balance by
LONDON, April 21 (Reuters) – Lower oil prices are sharply
reducing the cost of shipping merchandise from Asia to the
United States and Europe as the cost of bunker fuel tumbles.
Container shipping companies deal with the volatility in
fuel prices by adding a separate bunker adjustment factor or
fuel surcharge to their freight rates.
LONDON, April 20 (Reuters) – Despite the surge in U.S. oil
prices, hedge funds are still divided about what will happen
next, according to the latest data from the Commodity Futures
Trading Commission (CFTC).
Hedge funds and other money managers held long positions in
WTI-linked futures and options equivalent to 396 million barrels
of oil on April 14.
LONDON, April 17 (Reuters) – Lifting sanctions on Iran’s oil
industry could significantly change the outlook for oil supply
and prices, the head of the U.S. Energy Information
Administration told U.S. legislators.
“If and when sanctions are lifted, EIA’s baseline forecast
for world crude oil prices in 2016 could be reduced $5-$15 per
barrel,” Adam Sieminski said to the Senate’s Committee on Energy
and Natural Resources on Thursday.
LONDON, April 16 (Reuters) – U.S. refiners have come back
unusually early from the maintenance season to maximise
throughput of cheap crude and turn it into valuable products in
time for the summer driving demand surge.
Refinery run rates normally begin to rise around now as
maintenance ends and refineries come back online, but this year
production is rising unusually early and fast.