America's LargestPosts Tagged Russia
Oil Prices Climb on Cold Weather, Growing Asian Economies
As of 8:58 am EST, the price of crude had risen by 2.42 percent to reach $81.28 a barrel and the price of heating oil had gained 2.52 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.01
Morning projection (for Tuesday’s average price per gallon): Up $0.06
Heating oil continues to rally on [...]
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 Prices Go Along WIth Stock Market Recovery, Boosted by Inventory Data
Oil prices rose sharply this morning, getting in on a rally on stock markets around the world. Prices also received unexpected support from the EIA’s inventory data that were released this morning. The EIA numbers showed a 700,000-barrel-decrease in crude stockpiles, contrary to predictions of a 1.2-million-barrel increase, CNBC reported. The EIA data also showed [...]
Read More »U.S. Can’t Buy Iraq’s Oil Directly
In a recent “Q & A” article, the Associated Press responded to a good question from a reader: why can’t the U.S. import its oil directly from Iraq to help boost the Iraqi economy and take oil revenues away from anti-American nations?
It is a perfectly reasonable idea—the U.S. spends billions on dollars on imported oil [...]
Putin Pushes Energy Sales as Pillar of Russia’s Future, Cheats in Grad School
A front page article in today’s New York Times describes the deep knowledge of and intense interest in the business of energy exhibited by Russian Prime Minister Vladimir Putin, who has unofficially designated the energy industry as the centerpiece of Russia’s return to Soviet-era standing as a world superpower.
Putin’s aggressive stance on Russia’s energy exports [...]
FINAL UPDATE: Russia and Ukraine Sign Off on Gas Deal, Supplies to Europe to Resume
The nearly two week-old standoff between Russia and Ukraine that caused the cutoff of Russian gas to several areas of Europe was ended with an agreement on Sunday following intense late nigh negotiations over the weekend, the International Herald-Tribune reports. The Russian national energy company, Gazprom, and its Ukrainian counterpart, Naftogaz, signed a 10-year deal [...]
Read More »Oil Prices Down as World Political Conflicts Cool
The two geopolitical conflicts that have affected oil prices over the last two weeks both reached shaky resolutions over the weekend, driving down crude and heating oil prices. In Gaza, Israel and Hamas both announced unilateral cease fires on Sunday, laying the foundation for a long-term peace agreement. In Moscow, the Prime Ministers of Russia [...]
Read More »Natural Gas Fight Update: Still No Resolution Between Russia and Ukraine, European Nations Short on Gas for 10th Straight Day
18 nations in Europe are scrambling to find fuel to replace natural gas supplies from Russia that remain cut off due to a dispute between Russia and Ukraine. Finger pointing continued to be the message of choice in statements by the Russian and Ukrainian governments, both of which accused the other of unilaterally cutting [...]
Read More »Cold Weather, Gas Conflict Outweigh IEA Demand Forecast Cut, Oil prices Jump
The bitter standoff between Russia and Ukraine over the price of natural gas drags on, keeping gas supplies to Europe low while a major cold snap spreads across the Northern Hemisphere. The combination of below-average temperatures and the natural gas shortage in Europe caused oil prices to leap this morning after a flat opening [...]
Read More »Russia and Ukraine Playing Dangerous Political Hardball in Gas Conflict
Clockwise from top left: Russian Prime Minister Vladimir Putin, Ukrainian Prime Minister Yulia Tymoshenko, Russian President Dmitry Medvedev, and Ukrainian President Viktor Yushchenko. (Images: The Independent/EPA, Ukraine Observer, Wikipedia.com, and ChinaDaily.com)
Although the current diplomatic conflict between Ukraine and Russia is ostensibly about the price Ukraine pays for Russia’s natural gas, it is really a manifestation [...]
Russia vs. Ukraine Natural Gas Fight Drags On, European Supply Still Disrupted
Yesterday, it appeared as that the leadership of Russia and Ukraine had reached an agreement that would restore Russian gas supplies to Europe, which travel through Ukrainian pipelines. This morning’s planned re-opening of supply lines turned out to be nothing more than a “test run,” and 18 Europeans nations’ gas supplies are still falling short, [...]
Read More »OPEC Quietly Meeting Production Cut Targets
The past two weeks have been turbulent ones for world oil markets. Israel’s attacks on Hamas in Gaza dominated oil-related news for several days, stoking fears of the conflict sparking supply disruption in the Middle East, and helping to drive crude prices to a one-month high of just over $50 a barrel on January 6th. [...]
Read More »Russia/Ukraine Deal to Resume European Gas supplies Finalized
The deal between Russia and Ukraine to reopen natural gas lines from Russia to Europe was finalized over the weekend, and gas is set to resume flowing tomorrow morning the International Herald-Tribune reports. Negotiations facilitated by the European Commission in Brussels resulted in a signed agreement between the two nations in which Russia agreed to [...]
Read More »Russia Agrees to Restore Gas Supplies to Europe, but Conflict with Ukraine Remains Unresolved
Russia has agreed to restore gas flows to Europe through Ukrainian pipelines, pending the arrival of EU monitors in Ukraine, the Los Angeles Times reports. The agreement was reached early today, as talks over the contract price of natural gas sales from Russia to the Ukraine continued without resolution. The EU monitors now [...]
Read More »Russia vs. Ukraine Gas Conflict Goes from Bad to Worse; European Nations Experiencing Major Supply Reductions
All supplies of Russian natural gas through Ukraine have been cut off as the contract dispute between the two former Soviet states hits a fever pitch. The crisis began when, in late December, Ukraine refused to pay Russia’s national oil and gas company Gazprom its set 2009 price of $450 per 1,000 cubic meters of [...]
Read More »Negative Economic News Pulls Down Crude Prices; Heating Oil Prices Fall From Earlier High
Fresh economic data shook the price of crude oil from its four-day rise today, and the price for a barrel of crude lost a fraction of a percent to close at $48.68. The price of heating oil continued to climb, however, gaining over 3% on the day. Estimates released by the Department of Commerce showed [...]
Read More »Oil Prices Continue Climb on Political Events
Crude and heating oil continued on their upswings this morning as the armed conflict in Gaza and contract dispute between Russia and Ukraine once again dominated the news. Crude oil hit a one-month high of $50.10 a barrel and heating oil had gained over 5% as of 10:02 am eastern time.
From CNBC.com: “‘Oil prices continue [...]
Gaza Violence Once Again Leads Oil Prices Up; U.S. Reserve Buildup and Russian Conflict With Ukraine Help Support
Fears that Israel’s ground and air campaign against Hamas in Gaza could disrupt future oil supplies from the Middle East continued to dictate the mood of the market today, lifting crude and heating oil prices by 4.5% and 6%, respectively. Crude oil closed the day at $48.81 a barrel on NYMEX. Last week’s announcement by [...]
Read More »Oil Prices Up on Persistent Geopolitical Concerns in Gaza and Russia
The price of heating oil had risen 2.5% and the price of crude had gained 1.7% to $47.14 a barrel as of 9:52 eastern time this morning on NYMEX. The armed conflict in Gaza continued to lead the market following the Israeli ground invasion that began on Saturday. Fears that the conflict could lead to [...]
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