Joshua's Feed
May 4, 2011

Americans go from rage to resignation over $4 gasoline

NEW YORK (Reuters) – When U.S. gasoline prices shot to $4 a gallon in 2008, sticker shock cut fuel demand and helped send world oil prices tumbling by more than $100 a barrel in just five months.

Pump prices have returned to near those highs, averaging $3.95 a gallon after rising 36 percent in a year. Oil has also soared, with Brent trading above $122 a barrel.

May 4, 2011

Analysis: Americans go from rage to resignation over $4 gasoline

NEW YORK (Reuters) – When U.S. gasoline prices shot to $4 a gallon in 2008, sticker shock cut fuel demand and helped send world oil prices tumbling by more than $100 a barrel in just five months.

Pump prices have returned to near those highs, averaging $3.95 a gallon after rising 36 percent in a year. Oil has also soared, with Brent trading above $122 a barrel.

Apr 15, 2011

Oil rises on rosier consumer sentiment, China

NEW YORK (Reuters) – Oil rose on Friday, with Brent crude surging past $123 a barrel, as improving U.S. consumer confidence and industrial production eased concerns about rising fuel costs.

Concerns about the impact of surging fuel on the economic recovery and cons hit prices earlier in the week, knocking Brent off 32-month highs. It had risen over $126 a barrel on expectations the conflict in Libya would lead to a prolonged disruption of the OPEC nation’s supplies.

Apr 7, 2011

Oil to soar above $130 later in 2011

NEW YORK/LONDON (Reuters) – Oil prices will soar above $130 a barrel by late 2011, a new Reuters poll found, and one in five traders said they expected oil to hit $150 this year, levels some economists say could trigger recession.

With no end in sight to the unrest in the Middle East and North Africa, the majority of the 32 major oil traders, bank analysts and hedge fund managers surveyed by Reuters since Monday said they expect oil prices to resume their climb later

Apr 6, 2011

Oil to soar above $130 later in 2011: Reuters poll

NEW YORK/LONDON (Reuters) – Oil prices will soar above $130 a barrel by late 2011, a new Reuters poll found, and one in five traders said they expected oil to hit $150 this year, levels some economists say could trigger recession.

With no end in sight to the unrest in the Middle East and North Africa, the majority of the 32 major oil traders, bank analysts and hedge fund managers surveyed by Reuters since Monday said they expect oil prices to resume their climb later this year after a short-term retreat.

Apr 6, 2011

Oil surge to $123 seen stalling, but not for long: poll

NEW YORK/LONDON (Reuters) – Brent oil’s four-day rally above $120 a barrel will soon fizzle out, a majority of traders and analysts say. But it will roar back above $130 a barrel in the second half of this year, with no end in sight to the unrest in the Middle East and North Africa.

That’s the scenario most commonly foreseen by 32 major oil traders, bank analysts and hedge fund managers surveyed by Reuters since Monday in a poll launched after Brent jumped above $120 a barrel for the first time since 2008, rising almost $8 over the past five days.

Apr 6, 2011

Oil surge seen stalling, but not for long

NEW YORK/LONDON (Reuters) – Brent’s four-day rally above $120 (73.79 pounds) a barrel will soon fizzle out, a majority of traders and analysts say. But it will roar back above $130 a barrel in the second half of this year, with no end in sight to the unrest in the Middle East and North Africa.

That’s the scenario most commonly foreseen by 32 major oil traders, bank analysts and hedge fund managers surveyed by Reuters since Monday in a poll launched after Brent jumped by above $120 a barrel for the first time since 2008, rising almost $8 over the past five days.

Apr 6, 2011

Brent’s surge above $120 seen stalling, but not for long

NEW YORK/LONDON (Reuters) – Brent’s four-day rally to above $120 a barrel will soon fizzle out, a majority of traders and analysts say. But it will roar back above $130 a barrel in the second half of this year with no end in sight for unrest in the Middle East.

That’s the scenario most commonly foreseen by 32 major oil traders, bank analysts and hedge fund managers surveyed by Reuters since Monday, in a poll launched after Brent jumped by $7 in just four sessions to hit a 2-1/2-year high.

Apr 1, 2011

Natgas evangelist Pickens gains a convert in Obama

NEW YORK (Reuters) – This week when President Barack Obama touted an initiative to slash U.S. oil imports by a third by 2020, he gave a major nod to a billionaire financier who could be central to the plans.

T. Boone Pickens, 82, a Texas hedge fund manager and former corporate raider who made his billions in the U.S. oil patch, is now a leading evangelist for U.S. natural gas.

Mar 29, 2011

Saudi scrambles to maintain spare oil capacity

NEW YORK/ABU DHABI (Reuters) – Saudi Arabia’s plans to expand its drilling rig count by 28 percent signal a rush to deliver the 12.5 million barrels a day (bpd) of capacity that Riyadh has long claimed is in place.

Two Saudi officials told Reuters on Tuesday that the extra rig activity would maintain rather than increase the kingdom’s oil capacity. It completed a multi-year expansion in 2009 meant to boost spare capacity by more than 3 million barrels per day.