Petroleum
Crude futures prices declined significantly on the New York Mercantile Exchange (Nymex) as rumors spread that the 21-day Brazilian oil workers' strike could come to an end. The June futures contract closed at $19.81/bbl, down 25 cents from the previous day, while the July contract settled at
Petroleum
As the driving season arrives, a combination of refinery troubles, labor issues, and inventory concerns has driven gasoline futures to a two-month high. The June contract on the New York Mercantile Exchange (Nymex) has risen 0.46 cents to 66.76 cents, with traders expecting prices to continue to climb.
Petroleum
Prices for gasoline futures skyrocketed to a three-year high on the New York Mercantile Exchange (Nymex) on May 16, 1995, reaching 66.3 cents per gallon. The record prices were largely attributed to the ongoing Brazilian oil workers' strike, which has significantly reduced oil imports and availability. The strike&
Petroleum
Crude and product prices witnessed a bounce back on Wednesday as bullish inventory statistics, coupled with the downed U.S. refinery and the ongoing Brazilian strike, helped mitigate the losses. The June crude contract on the New York Mercantile Exchange (Nymex) settled up 14 cents at $19.75/bbl, while
Petroleum
Crude and product prices continued to rise in the US market as refineries faced issues in Brazil, the US, and Norway, leading to a shortfall in supply. The June crude contract on the New York Mercantile Exchange (Nymex) settled up 4 cents at $20.33/bbl, while gasoline prices found
Petroleum
Crude oil futures prices have fallen to below $20/bbl for the first time in over two weeks, with analysts attributing the decline to large amounts of crude being imported to the US, as well as uncertainties in gasoline stocks. The June crude contract on the New York Mercantile Exchange
Petroleum
Unocal Corp. has filed a counterclaim in response to six major oil companies seeking to block its patent of reformulated gasoline (RFG). The patent, awarded in February 1994, covers many of the formulations that refiners might find practical to manufacture to comply with California Phase 2 RFG standards, which go
Petroleum
Crude prices on the New York Mercantile Exchange (Nymex) rebounded from the previous session's losses on the back of bullish inventory statistics and increased refinery runs. The June crude contract settled up 17 cents at $20.29 per barrel, despite the Iraqi Parliament's unanimous rejection of
Petroleum
Despite a five-day rally, crude and product prices experienced a corrective dip on Monday, settling down due to a lack of news and quiet trading. The June crude futures contract on the New York Mercantile Exchange (Nymex) fell by 29 cents to $20.12/bbl, while the May gasoline contract
Petroleum
Occidental Petroleum Corp.'s first-quarter earnings more than doubled, reaching $178 million on revenues of $2.7 billion, a significant improvement from the $40 million loss recorded in the same period last year. The company's Chairman, Ray R. Irani, attributed the success to increased cash flow from
Petroleum
Occidental Petroleum's (OXY) decision to sell its high-density polyethylene plant and other noncore assets in Canada and Pakistan has been viewed favorably by Duff & Phelps Credit Rating Co. The sale is expected to generate approximately $450 million in after-tax proceeds, which will be used to reduce financial
Petroleum
The American Gas Association (AGA) has withdrawn its support from the Domestic Fuels Alliance over concerns about the lobbying group's negative advertising campaign and its support of an anti-oil document. The Domestic Fuels Alliance promotes alternatives to imported oil, but AGA deemed two of the group's
