Petroleum
Texaco and Norsk Hydro announced a joint venture to create a new company for the sale of petroleum products in Norway, Denmark, and the Baltic states. The partnership, scheduled to take effect on January 1, 1995, will be a 50-50 joint venture, with both companies holding equal shares. The new
Petroleum
Crude, oil products, and natural gas prices saw significant increases on Wednesday due to a combination of factors, including a Brazilian oil workers' strike, colder weather forecasts, and bullish supply indicators. The strike by Brazilian oil workers, which began on Wednesday, has caught state oil company Petrobras with low
Petroleum
The New York Mercantile Exchange (Nymex) is weighing the option to extend the life of its crude futures contract, potentially pushing it up to five years forward. This move would likely be met with enthusiasm from derivatives dealers, who have been requesting the change. Industry sources indicate that the extension
Petroleum
In quiet trading on Friday, crude and products markets turned bearish ahead of the Organization of Petroleum Exporting Countries (OPEC) meeting in Bali. Light sweet crude for December delivery fell 18 cents to settle at $17.47 per barrel on the New York Mercantile Exchange (Nymex). January contracts also fell,
Petroleum
The Independent Petroleum Association of America (IPAA) is planning to capitalize on growing opposition to government interference in the private sector to advance the industry's agenda. IPAA President Denise Bode emphasizes the need for environmental laws that are based on good science with reasonable economic trade-offs, rather than
Petroleum
The incoming Republican Congress's tax policies on capital gains are leading some investment houses to advise against major oil stocks. However, analysts predict that no significant flight of investment money will occur due to the tax changes. Oil companies rely heavily on dividends, which will still be taxed
Petroleum
Crude and product prices sharply declined Monday in response to the International Energy Agency's (IEA) report indicating a significant increase in member countries' crude stockpiles and a downward revision of fourth-quarter oil demand. The anticipated mild weather in much of the country further contributed to the decline
Petroleum
Despite a surge in downstream profits, fueled by strong petrochemical demand and healthy retail gasoline margins, analysts warn that not all regions have seen a rebound. The East Coast and Gulf Coast markets, in particular, continue to struggle with low margins, while the Midwest and West Coast have seen improvements.
Petroleum
The US oil market focused on the expiring November gasoline contract on Monday, leading to losses in crude and product futures across the board. The regular gasoline futures contract for November delivery fell 1.48 cents to 57.08 cents per gallon on the New York Mercantile Exchange (Nymex), with
Petroleum
Despite a slight 8% increase in net profits, four major petroleum companies reported mixed earnings in the third quarter of 1994. Citgo Petroleum Corp. posted a 29% rise in net income from 1993, while Kerr-McGee Corp. reported lower net income but impressive growth in operating profits. Fina Inc. experienced a
Petroleum
Petroleum traders attribute the recent surge in crude oil and gasoline futures prices on the New York Mercantile Exchange to low industry stocks reported by the American Petroleum Industry (API). The API report, released on October 26, 1994, revealed that gasoline stocks had dropped to 202 million bbl, a decline
Petroleum
The recent rupture of Colonial Pipeline Co.'s main gasoline line to the Northeast and the Houston flood have significantly impacted gasoline stocks in the United States. According to the American Petroleum Institute (API), gasoline stocks plummeted nearly 5.85 million barrels, exceeding traders' predictions of a decline
