America's LargestPosts Tagged demand
Oil Prices Sink on General Economic Concerns
At 10:31 am EDT, the price of crude had fallen by 3.6 percent to $64.35 a barrel an the price of heating oil had lost 3.2 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.07
Morning projection (for Tuesday’s price per gallon): DOWN $0.05
A stiff dose of reality administered to the oil [...]
Oil Prices Fall on Stronger Dollar, Price Correction
At 10:09 am EDT, the price of crude had fallen by 1.6 percent to $70.91 a barrel and the price of heating oil had given up 1.2 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.02
Morning projection (for Tuesday’s average price per gallon): DOWN $0.02
The fundamental forces of low demand and [...]
Oil Prices Slip on Receding Optimism, Stronger Dollar
At 8:57 am EDT, the price of crude had fallen by 2 percent to $71.24 a barrel and the price of heating oil had lost 1.7 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.02
Morning projection (for Monday’s average price per gallon): DOWN $0.03
A sort of reality check shot through [...]
Oil Prices Up on Stock Market Gains, Positive Data
At 9:33 am EDT, the price of crude had risen 1.5 percent to $51.86 a barrel and the price of heating oil had gained 2 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.005
Morning projection (for Monday’s average retail price per gallon): UP $0.02
Crude Oil Prices Continue to Buck Market Trends
The price of crude oil rose for the third straight day today, topping the fifty dollar a barrel mark, after falling to $45.88 on Monday. Now at $51.25 on the New York Mercantile Exchange, oil’s resilience in the face of the general economic woe comes as a surprise to many analysts. It wasn’t long ago [...]
Read More »Stock Markets Lift Price of Crude; Heating Oil Stays Flat
The combination of a weak dollar and rising stock markets in Europe and the US drove up the price of crude this morning in what has become a familiar and somewhat puzzling scenario, as oil fundamentals remain extremely bearish. In the US, oil demand is in the gutter while stockpiles of petroleum products are at [...]
Read More »Oil Prices Split as Inventory Builds Weigh Down and Stock Rally Lifts Up
The price of crude rose and the price of heating oil fell on NYMEX today, as news of yet another increase in US petroleum inventories came from the EIA and a rising stock market provided a boost of economic optimism. The EIA’s weekly inventory report showed that “is using less petroleum than it has in [...]
Read More »Oil Prices Stay Mostly Flat as Positive and Negative Forces Continue to Battle
Oil prices changed only slightly today, as bits of positive economic news in the US were once again counterbalanced by a dismal supply and demand situation. According to CNBC.com, a survey released today showed an increase in consumer confidence this month, which reached its highest level since September of 2008. Better-than-expected first quarter earnings reports [...]
Read More »Oil Prices Inch Upward on Stock Market Surge; Crude Re-Crosses $50 Barrier
Oil prices continued to follow their recent pattern of modest gains this morning boosted by another surge in US stocks following positive corporate earnings reports. Low demand and massive stockpiles of crude and other petroleum products in the US, the world’s biggest oil consumer, continued to loom over the market, limiting gains. The price of [...]
Read More »Crude Down and Heating Oil Up at End of Mixed Day
The unemployment report that put a drag on oil prices this morning kept them low for most of the day, but rippling optimism over the economic agreements reached at the G20 summit yesterday kept falling prices in check. The price of crude closed 0.4 percent lower at $52.51 a barrel while the price of heating [...]
Read More »Oil Prices Fall on Drop in Japanese Exports
News that exports from Japan, the world’s second-largest economy, dropped a record 49.4 percent in February pulled down oil prices this morning. The huge drop off in exports was caused by global demand for Japanese cars and electronics drying up. Data from the oil industry group the American Petroleum Institute (API) showed a 4-million-barrel build [...]
Read More »Oil Prices Drop on Evidence of Worldwide Recession
New data announced this morning showing a severe economic downturn in Japan, the world’s third-largest oil consumer, lead the price of crude down today. Tokyo reported that Japanese GDP contracted by 12.7% in the fourth quarter of 2008, the largest such contraction since 1974. Meanwhile, U.S. crude storage facilities remain at near-full levels and worldwide [...]
Read More »Oil Prices Remain Steady Ahead of Unemployment Stats
Crude and heating oil prices are staying relatively flat this morning, with crude losing 0.2% to $40.23 a barrel as of 9:16 am eastern time. At the same time, the price of heating oil fluctuated slightly before reaching upward 0.9%. Deep production cuts by OPEC continued to counterbalance massive oil stockpiles and diminishing oil demand [...]
Read More »Crude Up, Heating Oil Down as February Crude Contract Expires on NYMEX
The February futures contract for crude oil expired today, leading to a price increase of $2.23 that lifted the final per-barel price to $38.74 at market’s close. The March crude price was higher, but fell 88 cents today to $43.62 a barrel, which will serve as tomorrow’s front month opening price.
The price of heating oil, [...]
Reuters: Heating Oil Prices Will Drop This Week
Today’s “US Products Outlook,” published by Reuters, focused on distillate (including heating oil) supplies and prices in the Eastern U.S. The report outlined unique market circumstances will presumably lead to falling heating oil prices this week. The underlying causes of the projected increase are very low demand and huge oversupply of heating oil in the [...]
Read More »Oil Prices Tumble as Global Demand Concerns Resurge
Crude and heating oil prices dropped sharply this morning as the markets reeled from last week’s unemployment data that reinforced the severity of the U.S. recession. The price for a barrel of crude had fallen by 5.5% and stood at $39.59 at 9:44 am eastern time. The price of heating oil fell less sharply, but [...]
Read More »Oil Prices Up on IEA Demand Predictions, Saudi Output Cut
Two pieces of good news sparked a bullish trend in crude and heating oil prices this morning, lifting crude by 7% and heating oil by 5%. Crude surpassed the $45 per barrel mark and rested at $46.60 at 9:55 am eastern time. The International Energy Agency predicted that world oil demand would grow [...]
Read More »Crazy Crude: What’s Up (and Down) With the Price of Oil?
While the stock market continues to limp through its most turbulent time period in recent history, the price of crude oil has also gone through historic drops in price. As previously stated in the Zone, the price of heating oil tends to follow the price of crude closely, so the first step in understanding recent [...]
Read More »Government Says Sky is Falling for Home Energy Users; HEAT Says Take Warning as a Sign They Are Finally Paying Attention (Not That They’re Right)
The Energy Information Administration (EIA), the statistical branch of the Department of Energy, released its Short-Term Energy and Winter Fuels Outlook report today. The report was covered by many news organizations, including the Associated Press and the Wall Street Journal. News agencies seized upon the harsh declarations in the report, particularly that “Average household expenditures [...]
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