Gas industry
Crude oil prices on both sides of the Atlantic rallied on Friday, with West Texas Intermediate (WTI) futures for April delivery rising 30*/bbl to $14.44/bbl on the New York Mercantile Exchange (Nymex), while April North Sea Brent prices surged 46*/bbl to $13.65/bbl on London&
Gas industry
Despite harsh winter weather and favorable reports on demand, inventories, and refinery runs, the oil markets showed little enthusiasm, with prices making slight gains late in the session. One trader noted that the winter weather was preventing prices from plummeting further. The American Petroleum Institute (API) reported a 3.9
Gas industry
Weak gasoline prices and pessimistic forecasts by Venezuela's oil minister, Erwin Arrieta, contributed to a significant drop in crude futures prices on Friday. Arrieta's comments, which suggested that a production cut by the Organization of Petroleum Exporting Countries (OPEC) would not lead to higher prices, fueled
Petroleum industry
Crude oil prices took a rollercoaster ride on Thursday as the market weighed a potential production cut by the Organization of Petroleum Exporting Countries (OPEC). Despite a late-day rally, West Texas Intermediate (WTI) crude oil futures for March delivery closed down 0.04 cents per barrel to $14.56 per
Petroleum industry
Harsh winter weather finally grabbed the attention of traders on the New York Mercantile Exchange (Nymex), prompting a halt in trading more than an hour early. The snowstorm outside their windows sent prices for natural gas and other energy commodities surging. Natural gas futures for March delivery rose 6.4
Petroleum
Traders sold off oil and natural gas futures for the third straight day, eroding significant price gains built up during extremely cold weather in January 1994. The New York Mercantile Exchange saw contracts for March delivery of natural gas futures fall by 2.2 cents to $2.347/MMBtu, while
Petroleum
Oil prices continued to decline on Friday, contradicting the high demand for heating oil and natural gas during the winter season. Traders are predicting that this decline could lead to renewed buying of heating oil and natural gas futures, but the downward pressure on crude oil may be longer-lasting due
Gas industry
Imperial Oil Ltd., Canada's largest integrated oil company, experienced a significant boost in profits during 1993, driven largely by its refining and marketing operations. The company's total revenues reached $6.9 billion, with earnings of $213 million, a notable increase from the $149 million earned in
Gas industry
Alfred C. DeCrane, Jr., Texaco's Chairman of the Board and Chief Executive Officer, attributed the company's strong operational performance in 1993 to redesigned business processes and restructured operations, which contributed to a 4 percent reduction in operating and overhead expenses. Despite depressed crude oil prices, Texaco&
Gas industry
Despite the severe cold temperatures gripping the nation, heating oil futures on the New York Mercantile Exchange plummeted 2.12 cents to 47.96 cents per gallon on January 20, 1994, for February delivery. Spot prices also fell significantly, by 2.4 cents per gallon at the Gulf Coast and
Gas industry
An unusual cold snap in the Midwest and Northeast has failed to prevent a massive sell-off of heating oil, leading to lower prices despite increased demand. The sell-off on January 18, 1994, was largely driven by profit-taking and the expectation of a return to normal temperatures. As a result, heating
Petroleum industry
Market analysts say that Tuesday's rally on the New York Mercantile Exchange (Merc) was fueled by fresh reports that the Organization of Petroleum Exporting Countries (OPEC) may agree to cut its output by 1 million barrels a day, while Saudi Arabia's state oil company, Aramco, will
