NEW YORK (Reuters) – Bulging U.S. oil and natural gas inventories should protect consumers from price spikes this summer even if the U.S. Gulf Coast gets slammed with a monster hurricane season, as forecasters have predicted.
Oil and gas prices rose last week after the U.S. government forecast up to 14 hurricanes, second only to a record 15 storms in 2005. Then, Hurricanes Katrina and Rita shut offshore oil platforms for weeks and some refineries for months.
Consumer confidence is perking up and with summer around the corner, Americans might be feeling a little more liberal with their travel budget, according to some trendwatchers and people in the travel industry.
“Our train counts are three times what they were last year,” said Bruce Brossman, director of reservations and sales at the Grand Canyon Railway, which expected to sell out on Memorial Day weekend.
NEW YORK (Reuters) – After a two years of penny-pinching during the recession, more Americans are planning to kick off the summer driving season by getting on the road this Memorial Day holiday weekend as increased consumer confidence prompts people to splurge on trips.
But the U.S. summer driving season, traditionally a key indicator of sentiment and demand in the top energy consumer and a regular feature for oil traders attuned to subtle shifts in consumption, ain’t what it used to be.
NEW YORK (Reuters) – Major oil and grain shipping channels through the Gulf of Mexico are not being affected by the massive oil slick, officials said on Thursday amid concerns that it could disrupt operations in the region.
While oil traders braced for potential freight restrictions that could curtail crude oil imports to the nation’s refining hub, the Coast Guard sought to prevent the spreading slick from affecting traffic and the nation’s biggest oil import terminal off Louisiana said it did not anticipate a disruption for now.
CHICAGO/NEW YORK, April 28 (Reuters) – Saudi Arabia and the
International Energy Agency presented differing views on
current oil prices on Wednesday, highlighting the potential for
a new schism to emerge between consumers and producers as crude
tops $80 a barrel.
Oil Minister Ali al-Naimi reiterated that current prices
were “more sustainable” as the worst of the economic crisis had
passed. He has hailed as “beautiful” an oil price between $70
and $80 that, he says, benefits both producers and consumers.
NEW YORK (Reuters) – U.S. oil fell below $85 a barrel on Monday as the U.S. dollar rose against the euro on the back of lingering doubts over Greece’s debt crisis.
U.S. crude for June delivery fell 36 cents to $84.76 a barrel by 11:04 am EST (1504 GMT), after settling up $1.42 on Friday.
NEW YORK (Reuters) – Oil prices fell below $80 a barrel on Friday after data showed the U.S. economy grew less than expected last quarter, and a plan to bail out Greece from a fiscal crisis failed to quell concern over fragile economic recovery.
“You had the GDP revised lower and there’s still concern about the euro and the euro zone economy,” said Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago.
NEW YORK (Reuters) – Oil fell more than $1 a barrel on Wednesday after U.S. Energy Department data showed a larger-than-expected rise in crude stocks, but gasoline demand figures helped stem the price decline.
U.S. crude oil futures for May fell $1.15 to $80.76 a barrel after touching a session low of $79.88 a barrel.
NEW YORK (Reuters) – Oil slipped more than 1 percent to below $81 a barrel on Friday, as data showing a drop in consumer confidence brought back investor concerns about energy demand.
The front-month U.S. crude fell $1.12 to $80.99 a barrel by 1:42 p.m. EDT (1842 GMT), reversing earlier gains. The contract had climbed as high $83.16, the highest since $83.95 on January 11.
NEW YORK (Reuters) – Oil prices settled higher on Wednesday in choppy trading after a government report showed that gasoline stocks in the United States dropped unexpectedly.
But after reaching a fresh eight-week high of $83.03, oil prices pared some of their gains on profit-taking.