Petroleum
China's announcement on March 11, 1994, to suspend the importation of crude oil and refined petroleum products has sent shockwaves through the worldwide oil market. This move is designed to aid China's domestic refining industry, which has struggled to compete with imported oil products. The ban
Petroleum
The oil market remained under pressure Tuesday, following a sharp decline on Monday, as concerns over a possible return of Iraqi crude to the market persisted. Traders speculate that the United Nations will not lift sanctions on Iraq before the end of the year, which is contributing to the market&
Petroleum
Oil prices continued to fall Monday, hitting near-five-year lows, as the Organization of Petroleum Exporting Countries (OPEC) failed to provide any direction on production reductions. The absence of a signal from a weekend meeting of Middle East oil ministers triggered a selling frenzy, pushing crude oil prices close to the
Petroleum
Oil industry consultants testifying at a House subcommittee hearing emphasized the need for federal regulations requiring power companies to maintain minimum oil inventories, citing the recent winter weather-related surge in demand. They highlighted the concerns of sudden price and supply strains in the Northeast and Midwest, including rolling blackouts and
Petroleum
Favorable new data on refined products demand and stocks, combined with continuing winter storms, helped ignite sharp gains in oil markets. No. 2 heating oil futures for March delivery rose 1.64 cents to 48.86 cents a gallon, while spot prompt No. 2 at New York Harbor rose 2.
Petroleum
Canadian natural gas producers experienced significantly higher earnings in 1993, largely due to a 28% increase in natural gas prices over 1992 levels. This surge in gas prices helped boost the profit margins of major gas producers, while oil producers struggled with severely depressed global oil prices. The financial results
Petroleum
Crude oil prices experienced a brief recovery on Thursday, but market analysts are skeptical about the rally's durability. West Texas Intermediate (WTI) crude oil futures for March delivery rose 30 cents to $14.23 per barrel, but most of the buying was attributed to short-covering, a strategy where
Petroleum
Increased North Sea crude oil supplies put downward pressure on futures prices in March 1994, despite strong demand for heating fuels in the United States and Europe. The scheduling of 41 Forties Blend cargoes in March helped undermine April Brent futures, which declined 9 cents to $13.27 per barrel.
Petroleum
Traders sold off oil and natural gas futures for the third straight day, eroding significant price gains built up during extremely cold weather in January 1994. The New York Mercantile Exchange saw contracts for March delivery of natural gas futures fall by 2.2 cents to $2.347/MMBtu, while
Petroleum
Oil prices continued to decline on Friday, contradicting the high demand for heating oil and natural gas during the winter season. Traders are predicting that this decline could lead to renewed buying of heating oil and natural gas futures, but the downward pressure on crude oil may be longer-lasting due
Petroleum
Temperatures plummeting to sub-zero levels in the Midwest and Northeast have created a surge in demand for natural gas and home heating oil, driving prices up. However, the rise in gasoline prices pulled down crude oil futures. As winter weather continues to dominate the market, energy prices remain volatile. The
Petroleum
U.S. energy producers are expected to make more money from natural gas production than from oil production throughout the decade from 2000 to 2010, according to the Energy Information Administration's (EIA) annual long-term forecast of energy trends. Even in the 1990s, gas revenues are rapidly catching up
