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Oil Prices Continue Climb on Weak Dollar; OPEC to Maintain Output Quotas
At 9:21 am EDT, the price of crude had risen by 0.7 percent to $71.62 a barrel and the price of heating oil had gained 0.9 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.06
Morning projection (for Thursday’s average price per gallon): UP $0.01
A weakening US dollar and a major buying [...]
Oil Prices Up on Atlantic Storm Warning, Steady OPEC Output
At 9:52 am EDT, the price of crude had risen by 0.2 percent to $71.05 a barrel and the price of heating oil had gained 0.8 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.02
Morning projection (for Tuesday’s price per gallon): UP $0.01
Crude and heating oil prices bounced back to pare [...]
Oil Prices Recover on Weaker Dollar, Stock Market Gains
At 9:05 am EDT, the price of crude had risen by 1.6 percent to $61.10 a barrel and the price of heating oil had gained 1.1 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.06
Morning projection (for Friday’s average price per gallon): UP $0.01
After six straight losing days, oil prices are [...]
Echoing Yesterday’s CFTC Announcement, Heads of France and Britain Call for Curbing Oil Speculation
In an opinion piece in today’s Wall Street Journal Gordon Brown, prime minister of the UK and Nicolas Sarkozy, president of France, called upon other world leaders, the oil industry and the international business community to take steps toward stabilizing oil prices worldwide for the common good.
Their article points out that for the past two [...]
Oil Prices Continue to Fall on OPEC Report, Regulation Talk
As of 9:46 am EDT, the price of crude oil had fallen by 1.3 percent to $62.11 a barrel and the price of heating oil had lost 1.3 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.02
Morning projection (for Thursday’s average retail price per gallon): DOWN $0.01
The belief that the economic [...]
Iran’s Political Unrest and Oil Prices
Reuters reported this week that the election protests in Iran, the world’s fifth biggest oil exporter, have so far had little impact on global supply or prices. Markets would likely react, however, said the report, if unrest escalated and spread to the oilfields or export terminals in the country’s south, where most of the oil [...]
Read More »Heating Oil Dealer Vows to End His Company’s Dependence on Unfriendly Oil
Our soil, our oil—that’s the slogan of a Northeast heating oil dealer who has stopped selling foreign oil. As of May 31st, the company’s 25,000 customers only receive home heating oil produced in North America, the news site lancasteronline reported. The same pledge applies to the other fuels they also sell—diesel and biodiesel immediately, [...]
Read More »Russia Ends Honeymoon With OPEC
Not every oil producer thinks the same way.
Due to the worldwide recession, OPEC has decided to trim back oil production by 5 million barrels per day over the course of the past year. But Russia, another major oil producer, has done the opposite, boosting its production of oil by 6.4 percent during the same time [...]
Oil Speculators and OPEC: Temporary Allies
Usually, OPEC does not look favorably upon oil speculators. But that is now changing
The OPEC cartel enjoys the position of being the world’s most important oil producer; by deciding how much oil to produce, OPEC has significant control over the supply of the world’s crude oil, which means OPEC has significant control over the price [...]
Rising Stock Markets, Weak Dollar Push Up Oil Prices; Crude Touches 7-Month High Price
At 10:26 am EDT, the price of crude had gained 2 percent to reach $67.66 a barrel and the price of heating oil had risen by 3.3 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.05
Morning projection (for Tuesday’s average price per gallon): UP $0.04
Coming off of its biggest Monthly gain [...]
Oil Prices Surge on OPEC Meeting and Inventory Draw
The price of crude rose 2 percent to close at $65.08 a barrel and the price of heating oil rose by 2.6 percent.
HEAT USA Price Report
Evening projection (for Friday’s average retail price per gallon): UP $0.05
Oil Prices Keep Rising After OPEC Meeting
At 9:55 am EDT, the price of crude had gained 0.9 percent to reach $64.04 a barrel and the price of heating oil had risen by 1.2 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.02
Morning projection (for Friday’s average price per gallon): UP $0.02
Saudi Minister’s Comments Keep Oil Prices Higher
The price of crude gained 1.6 percent to close at $63.43 a barrel and the price of heating oil closed 1.1 percent higher.
HEAT USA Price Report
Evening projection (for Thursday’s average retail heating oil price per gallon): UP $0.02
Oil Prices Up on OPEC Statements; Crude Hits New High
At 9:47 am EDT, the price of crude had gained 0.8 percent to reach $62.94 and the price of heating oil had increased by 0.3 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.02
Morning projection (for Thursday’s average price per gallon): UP $0.01
Oil Rises on Improved Consumer Confidence; Crude Hits New 6-Month High
The price of crude gained 1.2 percent today to close at $62.45 a barrel and the price of heating oil rose by 0.4 percent.
HEAT USA Price Report
Evening projection (for Wednesday’s average retail heating oil price per gallon): UP $0.01
Report: Rising Demand, Economic Optimism Could Push Crude to $73 in Near Term
Crude oil prices may reach new highs in the coming months as inventories are drawn down and Wall Street reacts to a new sense of optimism toward the U.S. economy.
Although crude closed on Friday at $61.67 a barrel on the New York Mercantile Exchange, it may be taking a breather as it sprints toward $73, [...]
Oil Prices Down on Strong Dollar Ahead of OPEC Meeting
At 10:38 am EDT, the price of crude had dropped by 0.2 percent to $61.54 a barrel and the price of heating oil had fallen by 0.4 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: NO CHANGE
Morning projection (for Wednesday’s average price per gallon): DOWN $0.01
Oil Prices Down on Stock Losses
The price of crude lost 1.4 percent to settle at $58.02 a barrel and the price of heating oil fell 1.1 percent.
HEAT USA Price Report
Evening projection (for Thursday’s average retail price per gallon): DOWN $0.02
Oil Prices Rebound on Inventory Drawdowns
At 10:53 am EDT, the price of crude had gained 0.2 percent to reach $58.99 a barrel and the price of heating oil had risen 0.4 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.01
Morning projection (for Thursday’s average retail price per gallon): UP $0.02
Chávez Nationalizes Oil Service Companies in Venezuela
Over the weekend Venezuela’s President Hugo Chávez made good on his promise to further nationalize the oil industry in the country. Taking advantage of a law passed in the National Assembly just hours before, President Chaves ordered the military to seize the assets of sixty oil field service companies, several of which are foreign. This [...]
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