Petroleum industry
Investigators probing a tanker intercepted in the Persian Gulf last week believe it was carrying distillate from Iraq to Iran, shipping sources said. The 29,687-ton Katerina P was carrying approximately 123,500 barrels (bbl) of distillate when it was intercepted and boarded by the U.S. Navy force enforcing
Petroleum industry
Rumors of a potential oil workers strike in Brazil contributed to a significant increase in crude and petroleum product futures prices on October 19, 1994. Meanwhile, natural gas futures plummeted to life-of-contract lows for November 1994 through February 1995 delivery, amidst concerns about supply and a lack of demand. Brent
Petroleum industry
As the US sent troops and planes to the area in response to Iraqi troop movements at the Kuwait border, international oil prices remained relatively unaffected. West Texas Intermediate crude oil futures for November delivery closed down $0.29 to $17.70/bbl on the New York Mercantile Exchange, while
Petroleum industry
Burlington Resources, a major natural gas production giant, reported record production in the third quarter of 1994, but was offset by sharply lower gas prices. The company's net income for the quarter ended September 30 came in at $20.7 million on revenues of $314 million, a decline
Petroleum
Crude and product futures suffered a significant decline Monday, following news that striking Brazilian oil workers were ordered back to work. The Brazilian Supreme Labor Tribunal's decision was a major factor in the market's downturn. The strike, which began over the weekend, had already led to
Petroleum industry
Russian President Boris Yeltsin's visit to the US has netted his country's oil industry $1 billion in financial support from the Export-Import Bank, the Overseas Private Investment Corp (OPIC), and the World Bank. The US government's support is aimed at encouraging investment in Russia&
Petroleum industry
A potential merger between the Independent Petroleum Association of America (IPAA) and the Mid-Continent Oil and Gas Association (Mid-Con O&G) could simplify the industry's voice in Washington, according to Charles Alcorn. Alcorn, a former chairman of Mid-Con O&G and CEO of Vaalco Energy Inc.
Petroleum
Gasoline prices plummeted on Tuesday, driven by profit-taking after a four-day price hike and expectations of high refinery runs and increased inventories. Analysts' estimates, although often wrong, heavily influence trading. The sharp decline in prices comes as oil companies continue to reduce wholesale unleaded regular prices, cutting 0.34
Petroleum
Gasoline prices in the United States made a rebound on Friday, reversing a decline that had caused spot-market gasoline to become cheaper than manufacturing it. This significant drop in prices sparked speculation among traders that refineries might reduce their output, leading to a subsequent rise in futures prices. The recovery
Petroleum
Markets for crude oil and refined products have been trending lower as the seasonal shift in demand approaches. The wholesale price of unleaded regular gasoline has decreased to $57.44/gallon, while the premium for December reformulated gasoline over November unleaded regular has risen to over 6.5/gallon. The
Petroleum
Arco Alaska Inc., a subsidiary of Atlantic Richfield Corp., plans to invest $800 million in its Alaskan operations over the next five years, including $200 million in new exploration projects. The company intends to drill 600 new development wells in producing North Slope oil fields, such as the Kuparuk, Milne
Petroleum industry
In the week preceding the Labor Day holiday, crude oil futures prices remained relatively unchanged, while distillate fuel oil futures rose and gasoline futures fell. The trading was characterized as extremely light, with many players squaring positions as early as Thursday and international trading experiencing reduced activity due to lower
