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
Unit Corp.'s net income for 1994 saw a significant increase of 24 percent compared to the previous year. The company's 1994 net income was $4.8 million, or $.23 per share, on revenues of $88.0 million. This improvement in net income was largely driven by
Petroleum
Seitel, Inc., a diversified energy company, has received commitments from its banks to provide a total of up to $100 million in credit lines to support its operating growth. The company's wholly-owned subsidiary, DDD Energy, Inc., will be eligible for a revolving line of credit of up to
Petroleum
The fate of the reformulated gasoline (RFG) program continues to be a topic of speculation, with the Environmental Protection Agency (EPA) denying reports that it had refused to allow Wisconsin to opt out of the program. Industry sources have expressed concern that if Wisconsin is allowed to suspend the program,
Petroleum
Commodity futures contract prices for the week showed mixed results, with some contracts experiencing significant price changes while others remained relatively stable. March crude oil futures contracts increased in price on both the New York Mercantile Exchange (Nymex) and the London International Petroleum Exchange (IPE), while natural gas futures decreased
Petroleum
Crude oil prices took a steep drop on the New York Mercantile Exchange (Nymex) due to forecasts of increased output from Norway, outweighing continued cold weather in the Northeast and technical indicators suggesting a rise in crude prices. The news sent light, sweet crude futures plummeting to $18.59 per
Petroleum
In a move that buoyed the market, the New York Mercantile Exchange (Nymex) confirmed that it would maintain a 2.7% oxygen specification for its gasoline futures contracts, prompting a 1.4 cent increase for the Nymex March gasoline contract. The news came as traders breathed a sigh of relief
Petroleum
Washington's weekly report by the American Petroleum Institute (API) showed a decline in U.S. crude oil stocks for the week ended January 27, falling to 320.4 million bbl, a decrease of 1.3 million bbl from the previous week. This marks a 10.1 million bbl
Petroleum
Washington -- The futures contract for February delivery of gasoline on the New York Mercantile Exchange (Nymex) surged 1.55cts. to 57.76cts./gallon on Tuesday due to news about reformulated gasoline (RFG). The news from New Jersey Gov. Christine Todd Whitman that the state would phase in its new
Petroleum
Crude oil futures prices on the New York Mercantile Exchange (Nymex) were unable to make decisive moves on Wednesday, despite a bullish inventory data report from the American Petroleum Institute (API). The API report showed that U.S. crude stocks fell by 6.2 million barrels last week, which initially
Petroleum
Monday's trade on the New York Mercantile Exchange (Nymex) saw crude and products futures decline, yet analysts and traders believe this downward correction will pave the way for a larger price rally. The market was generally quiet, with most energy complex trading confined to narrow price ranges. March
Petroleum
Oceaneering International's production contracting division, Oceaneering Production Systems (OPS), has been selected by Soekor (Proprietary) Limited to develop and produce the offshore E-BT oil field and adjacent discoveries. The E-BT oil field is a joint venture between Soekor (80 percent) and Engen (20 percent). OPS has commenced funded
