Petroleum
The price of crude oil broke the $18/bbl threshold on the New York Mercantile Exchange (Nymex) for the first time since late June 1995, driven by a significant drop in oil supplies to their lowest level since 1979. The October crude oil contract reached $18/bbl on August 22,
Petroleum
Crude futures prices on the New York Mercantile Exchange (Nymex) surged to $17.68/bbl on Thursday due to trader concerns over a potential US military response to Iraqi movements along the Kuwaiti border. The September contract later settled at $17.66/bbl, up 11 cents from the previous day.
Petroleum
Crude futures prices showed remarkable resilience, shrugging off a larger-than-expected stock build, as traders described the move as "very positive". The September crude contract on the New York Mercantile Exchange (Nymex) settled up 8 cents at $17.55/bbl, after recovering from a new daily low of $17.
Petroleum
Traders were intent on extending the weeklong rally on the New York Mercantile Exchange (Nymex) as news of Hurricane Erin's waning storm failed to weaken support for oil prices. The rally, which began on July 26 with a 57 cents surge in crude futures, continued unabated, with the
Petroleum
The Canadian government is intensifying its efforts to reduce greenhouse gas emissions from industries, with Natural Resources Minister Anne McLellan writing to 1,564 company presidents and chief executives to ask for letters of intent to cut carbon dioxide and other gas emissions. This move comes as Canada is still
Petroleum
Crude prices saw a slight dip on the New York Mercantile Exchange (Nymex) as the September contract settled down 6 cents at $17.42 per barrel. However, gasoline prices rose due to disruptions at several refineries, including a fire at Lyondell Citgo Refining Co. Ltd.'s Houston plant and
Petroleum
Major oil companies posted outstanding earnings for the second quarter of 1995, driven by high crude oil prices, improving refining margins, and strong chemical sector performance. The only underperforming sector was natural gas, which remained low throughout the period. These factors combined to propel many oil giants to post record
Petroleum
Mobil Corporation reported a significant increase in operating income for the second quarter of 1995, with estimated earnings per common share of $0.42 compared to $0.46 in the same quarter last year. The company's Chairman, Lucio A. Noto, attributed the increase to higher income in the
Petroleum
Rising inventories and concerns about global supply glut have triggered a sharp decline in crude oil prices, with the New York Mercantile Exchange's (Nymex) August crude contract closing at $17.33 per barrel on July 19, down 2 cents from the previous day. Meanwhile, gasoline futures prices also
Petroleum
Crude oil stocks continued to shrink last week, dipping to an eight-year low as refineries operated at higher levels of capacity. Despite increased import volumes, the decline in crude inventories was the largest in the West Coast region. Meanwhile, gasoline and heating oil production increased, with stocks of both products
Petroleum
The Agway Petroleum Corporation has reached an agreement with the U.S. Environmental Protection Agency (EPA) to spend $500,000 on two projects beneficial to the environment and pay $100,000 in fines for Community Right-To-Know violations at 150 of its New York facilities and 14 New Jersey facilities. The
Petroleum
Chevron Chairman Ken Derr emphasized the need for business leaders to be involved in efforts to reform the nation's regulatory and civil justice systems. He stated that unnecessary regulations waste valuable resources, stifling innovation and job growth. Derr highlighted the ballooning costs of regulatory and tort liabilities, which
