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Surging US oil production strains distribution system

Agence France-PresseMay 4, 2013 13:01

Surging oil production has put the United States on track toward greater energy independence, pushing US reserves to their highest levels in 30 years. But analysts say bottlenecks in the distribution system are keeping oil from reaching markets. US oil stocks reached 395.3 million barrels last week, a level not seen since US authorities began publishing weekly figures in 1982. The Energy Department's monthly figures show it to be the highest since April 1981.

Oil prices surge on US jobs report

Agence France-PresseMay 3, 2013 16:15

Oil prices surged Friday after an unexpectedly upbeat US jobs report eased concerns about the strength of the world's largest economy and major energy consumer. New York's main contract, West Texas Intermediate for June, settled at $95.61 a barrel, up $1.62 from Thursday's closing level. The European benchmark, Brent North Sea crude for delivery in June, rose $1.34 to $104.19 a barrel in London trade.

Gibson Energy plans new 500,000 bbl storage tank at Hardisty Terminal

The Canadian PressMay 3, 2013 13:00

CALGARY - Gibson Energy Inc. (TSX:GEI) has received committed customer support for a new 500,000-barrel crude oil storage tank at the company's Hardisty Terminal. Gibson said Friday the new tank will be built on the company's eastern Hardisty lands along with two 400,000-barrel tanks announced in September 2012 and a 300,000-barrel tank, since expanded to 400,000 barrels, announced in April. Work on the expansion is underway, with the various tanks expected to come into service between mid-2014 and early 2015.

Oil prices firm after ECB-inspired rally

Agence France-PresseMay 3, 2013 12:46

World oil prices held firm on Friday as investors locked in profits after a strong rally following the European Central Bank's decision to cut interest rates, and at the end of a rollercoaster week that was mostly driven by global economic data, analysts said. The market was also buoyed by hopes of an upbeat US non-farm payrolls report, which is slated for publication later in the day. Brent North Sea crude for delivery in June rose 36 cents to $103.26 a barrel approaching midday in London. New York's main contract, light sweet crude for June gained 18 cents to $94.17.

Shareholders elect former Mont. governor to Stillwater board, but control of company is split

The Canadian PressMay 2, 2013 20:30

NYE, Mont. - Shareholders of Montana's largest public company elected former Gov. Brian Schweitzer and three other outsiders to Stillwater Mining Co.'s board Thursday after alleging mismanagement by the current directors. But the shareholders also re-elected four current board members, including CEO Frank McAllister, meaning the two sides now have even numbers and will be forced to work together after an acrimonious struggle for control of the company.

Oil falls ahead of U.S. monthly report on employment

The Canadian PressMay 2, 2013 06:01

BANGKOK - The price of crude oil fell slightly Friday, a day after posting its biggest jump since late last year, as traders awaited the release of a closely watched U.S. employment report. Benchmark crude for June delivery was down 26 cents to US$93.73 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange.

Gold, silver, other metals fall sharply as inflation expectations ease and China slows

The Canadian PressMay 1, 2013 16:30

Prices for gold, silver and other metals are falling sharply, slowing a comeback they've had since taking a historic plunge in mid-April. Gold fell $25.90, or 1.8 per cent, to $1,446.20 an ounce Wednesday. Silver fell 3.5 per cent and copper fell 3.4 per cent. Traders dumped gold as more signs emerged that inflation would remain at bay. A private survey released Wednesday indicated a sharp slowdown in hiring this month. Traders tend to buy gold when they are fearful of inflation, and sell it when they expect inflation to be tame.

Oil falls on economic data, lofty US supplies

Agence France-PresseMay 1, 2013 16:15

Oil prices Wednesday sank on fresh signs of economic weakness in the United States and China and after a US inventory report showed crude stocks at their highest point in more than 30 years. US benchmark West Texas Intermediate for June delivery settled at $91.03 a barrel, down $2.43 or about 2.6 percent. European benchmark Brent futures lost $2.42 to close at $99.95 a barrel. The decline came after a stream of disappointing economic data from the US and China, the world's top two oil-consuming countries.

Oil prices drop on weak Chinese data

Agence France-PresseMay 1, 2013 08:30

World oil prices slid Wednesday on weak Chinese and US economic data and ahead of the latest weekly snapshot of energy inventories in the United States. Brent North Sea crude for delivery in June fell 80 cents to stand at $101.57 a barrel in London midday deals. New York's main contract, West Texas Intermediate (WTI) for June shed 75 cents to $92.71 a barrel.

Oil stabilizes near $91, day after prices drop on bulging supplies

The Canadian PressMay 1, 2013 04:30

BANGKOK - The price of oil stabilized near US$91 per barrel Thursday after a big fall as traders digested an increase in U.S. crude inventories that suggested weak demand for fuel. Benchmark oil for June delivery was up 17 cents to $91.20 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract plunged $2.43 to finish at $91.03 a barrel on Wednesday after a sharp increase in American crude stockpiles and data from the U.S. and China that showed factory production in both countries grew at a slower pace in April.