Posted by handrecord on May 28, 2008
Crude oil prices were lower Tuesday, falling below $129 even though there was news of supply disruptions from several regions of the world.
In Nigeria, more bombings of pipelines disrupted supply while there was an unexpected shutdown of a drilling platform in the North Sea and reports from Mexico said that crude production was down by 13 percent there in April.
The declines came on demand concerns; last week the US Energy Department said that fuel consumption was down 1.3 percent in the week ending 16 May, from the same period last year.
At-the-pump prices for gasoline in the United States was still up overnight, but only slightly.
Unleaded regular gasoline was up 0.1 percent to a record $3.937 per gallon on average nationwide, while diesel also hit a new record at $4.768 per gallon according to AAA and the Oil Price Information Service, but the gains were smaller than recent overnight price rises.
At right around the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for July delivery had dropped $3.34 to $128.85 per barrel, while Brent crude was recently down $4.20 to $128.17 per barrel.
Nymex June gasoline was down a cent to $3.38 per gallon while July heating oil dropped 2 cents to $3.84 per gallon and July natural gas was 6 cents lower to $11.92 per million British thermal units.
Article source: http://www.oilmarketer.co.uk/2008/05/27/crude-prices-drop-below-129-per-barrel/
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Posted by handrecord on May 26, 2008
Crude oil prices behave just like any other commodity with wide price swings of shortage and oversupply. The crude oil price cycle can extend over a long period of time depending on the non-stop change in demand for oil as well as oil supply produced by Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil supply companies. Oil price history shows that the petroleum industry especially in the United States has been heavily regulated in terms of production and price controls throughout the duration of the 20th century.
Crude oil is a substance that is needed for all of the industrial and residential purposes. To make sure that there is enough crude oil for our needs we must pay a certain amount of money to the countries that we import the oil from. These companies have a set crude oil price.
The price of oil in the world market continues to increase much to the dismay of the general public. It recently made a run towards the $130 per barrel. In New York, the price of crude oil reached $133 per barrel at the end of the day. But even with that development, experts are expecting that crude oil price per barrel will hit the 130 dollar mark in the very near future.
Light sweet oil is short and well-known name of Light sweet crude oil which is the most sought-after version of crude oil as it contains a disproportionately large amount of these fractions that are used to process gasoline, kerosene, and high-quality diesel. Crude oil is the world’s most actively traded commodity. crude oil trading is the world’s largest-volume futures contract trading on a physical commodity. the NYMEX Division light sweet crude oil futures contract is the world’s most liquid form for crude oil trading.
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