Crude Oil News

free 9969271Yesterday after  foreign ministers from the U.S., Europe, China and Russia made unscheduled trips to Geneva  the third round of talks in six weeks  reached to a conclusion. 

The deal releases some of Iran’s oil assets.
“Sanctions have been hitting Iran oil dramatically. There is hope that in the long term the supply dynamics will improve. High commodity prices are one of the key costs to businesses and consumers so a decline in oil equates to lightening up the tax burden.”

Iran Crude oil Capcity IEA MTOGM 2011source:crudeoilpeak.info/iran-crude-oil-decline-to-2016

 

 The powers are offering a gradual rollback of sanctions that have crippled Iran’s economy, raising concerns of an influx of Iranian oil into world markets at a time of already abundant supplies.

At the Multi Commodity Exchange, crude oil for delivery in December fell by Rs 25, or 0.42%, to Rs 5,969 per barrel in 252 lots.  

Crude oil for December delivery shed 31 cents to $93.53 a barrel on the New York Mercantile Exchange.

 

consolidationhttp://sscf.ucsd.edu/ "Brent crude oil slipped further below $107 a barrel on Friday on concerns about higher supply and faltering demand, despite signs of faster economic growth in major consumer China .

Reuters:"EU oil pricing probe spurs lawsuit against BP, others"

A Chicago-based commodities trading firm has filed suit against three of the world's largest oil companies, accusing them of colluding to fix oil prices after European authorities opened an investigation last week. 

bloomberg-newfound-oilPhoto credits: BloombergRoosevelt’s method, known as carbon dioxide-enhanced oil recovery, or CO2 EOR, may speed up America’s resurgence as a fossil-fuel superpower - and do so under a president elected as a green-energy championa. “Independence day is coming,” says Ed Morse, global head of commodities research at Citigroup Inc. in New York. 

One of armored limousines U.S. President Barack Obama has failed in Israel because it was fueled with diesel instead of petrol station reports Israeli Channel 2.

Brent crude oil rose above $117 a barrel on Thursday as traders awaited word from the European Central Bank (ECB) on the region's troubled economy while keeping an eye on renewed tensions over Iran's nuclear program.

Petróleos Mexicanos or Pemex is the Mexican state-owned petroleum company. The oil giant is Mexico’s largest company by sales and provides revenue that accounts for more than a third of Mexico’s budget. A deadly blast at Mexican state oil firm Pemex's headquarters is the first key test

The last week, several economical and political events turned the crude oil prices in a climbing direction.

The West Texas Intermediate and also the Brent light are climbing on a straight way upward.

It looks like there has to be every year some oil catastrophe somewhere in the world. Last year the Gulf of Mexico, now the coast of New Zealand - not to talk about the sad events in the North Sea, where the Wappenmeer is one of the most endangered seas of the world.

Nowadays it is a trend to shot down old, polluting coal plants and renovate them into modern high-technical natural gas burning facilities. A great idea for the environment, as far as natural gas is much cleaner and cheaper than coal or crude oil, but even that doesn’t minimize the costs of a plant like this.

Obama's dream factory, Solyndra, which had to spread the power of solar panels and clean energy in the U.S.A., was on the wreck since February 2011. Today, Solyndra is not just a special political topic about corruption and lies, but also a big hole full with debts.

The last one in summer didn’t showed that results the international industry expected. As for their meet in December, it looks like the members of the Organization of Petroleum Exporting Countries will not change their decision about their plans about oil futures.

Crude oil prices dropped down a lot in the last few weeks. However, the first week of October seems to show a new raising with it, but just in a very moderate tempo.

India and Mangalore bought African crude oil, Reuters reported.

After the catastrophe in Japan this spring, several calls in Germany asked to stop the nuclear power plants and nuclear-based energy processes. Now, the Kanzlerin Merkel made it official: Germany ceases nuclear energy and it will turn back to coal plants. More than 20 coal plants are under construction now. But does this plan fit the green energy politics of this great European country?

The European economical crisis leads the course of events in the crude oil market. According to the traders, the demand of crude oil and other resources speculates based on this crisis. However, the stocks are decreasing.

We have to admit: there are indeed other ways to produce and use energy without damaging the environment. But these environmental-friendly solutions are often premature and too expensive. Even the facilities are not always the best.

After the raises of the past week, the crude oil prices stopped to increase and dropped back. WTI dropped with 0.26% to $87.01 per barrel, and the barrel of Brent Crude costs $112,77. There are several factors that led to this prices.

Crude Oil Prices is actually not a political blog. Here, we are only talking about crude oil, the future and the prices of this resource and other news in connection with it. But seeing how fanatical some “big” and “important” persons try to replace this strong and effective material, it is hard for us not to write about that too.

As every fairy tale, the story doesn't seem to fit the reality. I think, it is the same with wind energy. They promise you clean, environmental-friendly energy, no pollution, no natural catastrophes or incidents that destroy life, the save of not renewable resources an much more. We all hear this stuff everyday. But, just ask a neighbour of a wind turbine, how nice it is to live next to this bio monster.

A great misunderstanding characterizes the today's public opinion: fuel becoming less and less, the danger of the global warming and jobs, where you don't need to work much, but you earn a wealth. But this is not the reality. The reality is hit by natural catastrophes, that influence every single human's further plan, and that lets people suffer.

Have you ever ask yourself what to do with all that newspaper and advertises you find in your mail box? I'm not talking about emails and spams, but about that old-fashion paper, that we barely use today in our Internet-age. Of course, the old copies can be archived as historical exemplars, but what to do with the new ones? The Tulane University came with an answer, and that is the “TU-103” bacteria.

Let us start this weeks stories with Hurricane Irene. The East Coast endangered and New York in fear. Even the crude refineries and plants were in danger. Now, the hurricane passed away, and the refineries weren't even touched by it. An impact on the crude prices was awaited, and it also happened, however, in an opposite way.

Before the Libyan civil war begun, the North African country was OPEC's 13th crude oil exporter. More than a million barrels left the refineries, daily. Most of them were transported to Europe. And even European countries built their own refineries on Libyan ground. The Italian concern ENI, for instance, exported 280,000 barrels, today, however, barely 50,000 barrels. When the fights against Gaddafi started end of February, the crude oil prices hiked extremely fast. In April, Brent crude reached the maximum of $126. However, after rebels entered Tripoli these days, new hopes started to grow.

At the end of the week, the crude oil prices dropped down $3, again. A barrel of Brent crude costs $108.12 and the US light oil WTI $81.35. The tension on the raw material stocks gets bigger and bigger.

The first leak have been discovered last week, and according to Shell, everything is under control on their crude oil platform in the North Sea.

Since the economy showed up so extravagant changes, with a such expensive crude oil and extremely expensive fuel prices, people started to look after answers to the question: How to use less fuel?

The last week was full of stress, economy panic attacks and buyer war. Everybody was afraid of enormous losses, prices were hiking up and down and the US. Recession made all this more worse. But this week starts with an unusual relaxed economy life.

According to the Energy Intelligence blog, today's energy development has a great impact on the crude oil prices, which influences also the gas and fuel prices. On Tuesday, crude oil reached $79 per barrel. The last time the WTI showed this value was last September.

Crude oil showed such high prices this year, like never before. This expensive barrels of around $100.00 have also a big influence on the gasoline and fuel prices.

If we think about the last events of the past months, we can speak about a new world's largest consumer 2010, which is China. As the annual BP Statistical Review of World Energy announced, China's energy consumption over-exceeded the consumption of the United States. It reached officially the state of the world’s largest energy consumer in 2010, and also the carbon emissions levels showed up new highs.

The last 8 months of 2011 were full of action. Economy analytics and experts talk about a versatility, that haven't been experienced since the Iraq war in 2003.

The fight between this two countries of the Near East, Egypt and Israel, is part of the history. The religious and the political points of view were always a great cause for their misunderstanding. But now, this fight influences also the industry and economy of both nations.

In the last few days, after an almost-bankrupt, the US dollar enhanced, the crude oil prices fell and the stocks almost sold out.

The crude oil prices are in a free fall right now. WTI and Brent have never been as low for the past weeks. All this because of the US politics of the last days. But even the further developments in the Government and the future of Spain and Italy have a great impact on the barrel prices.

At the start of the week, the US government accepted the deal to raise the country's borrowing limit by $2.1 trillions. This way, they could avoid the bankrupt in the last minute, but everybody knows, this situation is not a stable one.

One of the largest oil companies, created in the late 19th century, may break up with the traditional system they followed. The company plans to take absolutely new ways than those that John D. Rockefeller, one of the richest men in history, had followed.

During this stormy days, that we're living, the crude oil prices experience a great variety. On the one side there is the economy crisis of the United States, on the other the hurricane season in the Gulf of Mexico.

The US crisis is going deeper and deeper. If the Obama Administration will not fix the situation, the dollar will loose his value and the inflation will take over inevitably the whole economy. Even if the government has to fight against such serious problems, the Department of Energy has a mandate to spend $50 million dollars a year for renewable energy researches.

The Keystone XL Pipeline is that pipeline, that brings Canadian oil sands to Texas. The line is crossing through the Yellowstone National Park. In the last days, we all heard about an accident, when the line got damaged and 750-1000 barrels of oil streamed in the Yellowstone River. Everybody got scared, of course, since everybody saw the great catastrophe in the Gulf of Mexico. The Keystone pipeline has been closed and these days a great debate splits the public opinion: does the US industry needs to keep this crude oil import source or not?

The South American Energy Organisation OLADE surprised the public opinion. As their statistics showed, the Latin American countries have a much larger reserve stock on crude oil, as excepted. Almost 40 % more, as so far knowned.

As we may see, all around the World, crude oil is that number one trade element, of which price won't stabilize. The White Texas Intermediate is raising with 1.22%, $98.69 per barrel. For the European light oil Brent you have to pay $118.32 per barrel. A raising of 0.12%. Can this process be stopped?

As we may see, all around the World, crude oil is that number one trade element, of which price won't stabilize. The White Texas Intermediate is raising with 1.22%, $98.69 per barrel. For the European light oil Brent you have to pay $118.32 per barrel. A raising of 0.12%. Can this process be stopped?

Even today, the demand on crude is getting higher and higher. IEA's statistics say, the daily consume of oil will increase 2012 worldwide to 1,5 million barrels. It doesn't sound as bad, but if we consider that this rate will get up to 100 million barrel per day in 2030, we can not say, this process would be good.

Even today, the demand on crude is getting higher and higher. IEA's statistics say, the daily consume of oil will increase 2012 worldwide to 1,5 million barrels. It doesn't sound as bad, but if we consider that this rate will get up to 100 million barrel per day in 2030, we can not say, this process would be good.

Crude Oil prices don't show any kind of recovering signs any more. A barrel of WTI costs $96.78, Brent $112.74 per barrel. Even if we have had this prices months ago, the gasoline prices in the United States are now hiking up very fast.

After the successful crisis pass in Greece, the international economy points its attention on the Indian and Chinese inflation. However, the fourth-largest crude oil buyer country of the east region of Asia, South Korea, showed up with impressing results at the end of the month.

The actual situation in international economy shows recovery signs for Europe, unstable prices of crude oil and the renewal of a crisis in East-Asia.

The shock after IEA's plan with the release of 30 million of emergency barrels to change the crude prices last week, it's over. Although Brent reached on Monday barely the $100 per barrel, the situation seems to return to “normal”.

As reported on Friday, the prices of crude oil are getting lower and lower in a very fast rhythm. Of course, everybody was waiting  for this after the state in April, but this situation now has several other, unexpected, reasons too. Brent is dropping about 1.06%, WTI 1.04%.

The crude oil prices had a really bad time during the last month, from the view of the buyers. Almost $114 cost per barrel in April. The last time the prices were as high as they were in 2008. Then came another raising after the OPEC meeting. The dollar was still low and the economy not just catching up in the United States, but also in Europe there are no sunny days. But at the start of the second half of this year the IEA proposed a solution for this problem.

The dollar took a good curve after the declining new boom helps, although the US economy does not shows any sign of recovery. While the Euro dropped below $1.43, the Crude oil prices are lowering.

Brent crude price is climbing up again, but the refining margins of Northwest Europe show their lowest levels 2011.

Green energy is less of a technological and more of a political issue. Not the best outcome for energy consumers though. Watch this clip and judge for yourself. 

Sen. Rand Paul on Consumer Choice in Energy Committee Hearing

 

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The latest BP Statistical Review of World Energy statement declared China to be the world's leading energy consumer in 2010. However, such an over-exceeded energy consumption needs also a lot of fuel, and China outdid its last month's crude oil imports. But with this it also influenced the prices of oil.

On yesterday's one-day OPEC-meeting, all the hopes and plans, mentioned in the opening speech of Iran's Oil minister Mohammad Aliabadi, proved to be just fantasies. Although Saudi Arabia, one of the most important countries In the oil industry, wanted to introduce new productivity levels and lower prices, big changes haven't been voted.

Today takes place the official one-day meeting of the Organization of the Petroleum Exporting Countries in Vienna. Even at the opening speech were the actual different opinions of several oil ministers perceptible.

Although the media and the Greenpeace organization try to change the reputation of crude oil, everybody knows that this type of resource is one of the most important fuel for the industry. Same know the industry leaders of Canada as well, who plan to renew and increase their oil productivity.

The US-Combine Chevron suffered last week an unexpected shock. Their oil refinery from Wales exploded on Thursday afternoon during maintenance work. 4 workers lost their lives, one got hardly injured and has been taken to the hospital.

The weekend is coming, the sun is shining and it seems like even the oil prices would live good times. Of course, it is relative to say "good times," but the actual state of oil prices panders the providers.

During last week the WTI price raised a bit over $100 per barrel. It seemed to be a fast recovering since the fall after April's $113/ barrel. Now, the price amounts $99.82 per barrel, just with $0.17 higher than last week.

The crude oil prices had a bad start this month. For almost two weeks prices went lower then 96$ and the fall assumed to go on. But this week the value seem to change. A small “recovery” happened.