Petroleum
Crude oil prices experienced significant fluctuations on the New York Mercantile Exchange (Nymex) on Thursday, influenced by a combination of factors. The expiration of June crude options contributed to early volatility, with prices rising to $15.68/bbl before declining to a low of $15.20/bbl. Despite this, the
Petroleum
Bearish government reports on U.S. oil inventories kept petroleum futures under downward pressure in New York on Wednesday, with gasoline leading the way. While the American Petroleum Institute's (API) latest weekly stock reports were essentially neutral for crude and heating oil and bearish for gasoline, the Energy
Petroleum
As the deadline for expiring May contracts approached, crude oil prices initially slid on Thursday before rebounding in the late afternoon. In contrast, natural gas futures plummeted by nearly 8 cents following a bearish storage report. The American Gas Association's storage report indicated a larger-than-expected injection into domestic
Petroleum
The Interior Department is pushing back against two congressional attempts to alter the federal oil royalty system. A conference committee vote to delay a pending change in the oil royalty system and a bill to shift the system to payments in kind rather than cash have been met with strong
Petroleum
Petroleum futures on the New York Mercantile Exchange (Nymex) traded higher for most of Tuesday, with market-watchers anticipating a 2 million bbl crude build, according to American Petroleum Institute (API) weekly stock reports. However, the API figures for the week ended April 17 showed a 3.29 million bbl crude
Petroleum
Crude oil futures in New York plummeted on Friday, falling more than 40 cents as profit-taking and ample supplies countered the momentum from Thursday's rally. Despite reaching a session high of $16.20/bbl, the May New York Mercantile Exchange (Nymex) light, sweet crude futures settled at $15.
Petroleum industry
Pennzoil Co. and Quaker State Corp. have agreed to a $1 billion merger that will bring together the nation's top two brands of motor oil, as well as 2,000 oil-change centers and a host of other auto products. The deal is expected to create a company with
Petroleum industry
Pennzoil's decision to split into two companies, with one buying Quaker State Corp., will leave the Houston-based firm focused on finding and selling oil and natural gas, while creating a new company that will dominate the US motor oil market. This move comes after Pennzoil rejected a $6.
Petroleum
As the Canadian oil industry grapples with declining oil prices, producers are persevering in their plans to expand heavy oil production and natural gas projects. The price differential between light and heavy crude oil has increased to C$9-$10/bbl, making operations uneconomic and forcing production shut-ins. Despite these
Petroleum
Three US senators have stepped in to alleviate the financial burden on small and independent oil and gas producers in the face of declining oil prices. Sen. Frank H. Murkowski, chairman of the Senate Committee on Energy and Natural Resources, has introduced two bills, while Sen. Kay Bailey Hutchison proposed
Petroleum
Oil futures prices decreased on Monday as major players awaited the outcome of the OPEC meeting in Vienna, with some doubting the likelihood of significant production cuts. The New York Mercantile Exchange (Nymex) saw light trade, with the May contract for light, sweet crude losing 55 cents to close at
Petroleum
OPEC ministers gathered in Vienna to ratify a plan to cut oil production to shore up prices, as agreed upon by Saudi Arabia, Venezuela, and non-OPEC producer Mexico. The meeting is expected to result in a speedy endorsement of the plan, but obstacles, both internal and external, are threatening to
