Petroleum
The weekly report from the American Petroleum Institute (API) reveals a significant increase in crude oil stocks, with a total of 9 million bbl added to the 337.3 million bbl in circulation as of March 31. This surge in crude stocks marks a 319,000 bbl increase compared to
Petroleum industry
Crude prices surged on the New York Mercantile Exchange (Nymex) on Tuesday, driven by expectations of bullish inventory data and a fire at the Russian Black Sea port of Novorossiisk. The blaze was quickly extinguished, and despite the initial spike in Brent prices, no shipping delays were reported. Analysts and
Petroleum industry
The energy markets on the New York Mercantile Exchange (Nymex) experienced a day of corrective trading on Monday, with futures contracts for gasoline, crude oil, and heating oil experiencing declines. Analysts predicted several days of continued corrective trading, which was triggered by a rally in gasoline prices last week. The
Petroleum
Crude prices maintained their momentum on the New York Mercantile Exchange (Nymex) on Friday, despite gasoline prices experiencing profit-taking and a lack of demand. The decision by Wisconsin to drop plans for the reformulated gasoline (RFG) program in three counties contributed to the decline in gasoline prices. Meanwhile, crude contracts
Petroleum industry
The New York Mercantile Exchange (Nymex) saw a significant surge in gasoline prices on Thursday, with the April contract settling at a life-of-contract high of 61 cents/gallon. This rally was largely driven by the disruption at Tosco Corp.'s Bayway, N.J., refinery, which remained down without an
Petroleum industry
The traditional notion of stopping at a service station for a quick fuel-up is fading, replaced by a new era of comprehensive retailing and customer engagement. Oil companies, hit hard by industry challenges, are shifting focus to convenience shopping and food to drive customer loyalty and revenue growth. As part
Petroleum
Oil prices softened on the New York Mercantile Exchange (Nymex) on Tuesday, with the May crude contract settling down 2 cents at $19.05 per barrel. The recent rally on Nymex prompted profit-taking in morning trading, but some traders remained optimistic about a recovery from the day's losses.
Petroleum
Gasoline futures continued their upward trajectory on the New York Mercantile Exchange (Nymex) on Friday, with analysts predicting a further rise in prices as the April contract neared expiration. However, seasonal fundamentals weighed on futures prices for heating oil, while the news of the end of the oil workers'
Petroleum industry
Bearish inventory reports from the American Petroleum Institute (API) hit the energy sector hard, causing a significant drop in crude futures contracts on the New York Mercantile Exchange (Nymex). The April crude contract settled at $18.33/bbl, a 30-cent loss, after falling through crucial support levels. The weakness in
Petroleum industry
Crude oil futures contracts on the New York Mercantile Exchange (Nymex) declined on Monday, influenced by forecasts of mild temperatures and changes in regulations. The April crude contract settled at $18.59/bbl, down 4 cents from the previous day's close. Analysts predict a long-term bullish market for
Petroleum
Stocks of crude oil, gasoline, distillate, and residual fuel all declined for the week ended Feb. 24, according to data from the American Petroleum Institute (API) and the Energy Department's Energy Information Administration (EIA). The biggest drop in crude inventory was seen on the West Coast, where levels
Petroleum
Trading on the New York Mercantile Exchange (Nymex) saw an unexpected decline in gasoline futures prices, with April and May contracts falling to 56.74 cents/gallon and 56.29 cents/gallon, respectively. The drop in price of methyl tertiary butyl ether (MTBE) may further contribute to the decline in
