Brent Crude Slides to Three-Week Low
Bloomberg reported that the Brent crude prices have slipped for the third day this week, touching its lowest price in three weeks. WTI for July delivery was down $1.61 to $92.67 a barrel.
Oil & Gas Market News Directory
Gas Price Drop Weighs Down April Consumer Price Index
USA Today reported that a drop in the price of gas has pulled April's consumer price indext figures down 0.4% from March — the lowest since December 2008.
Oil Prices Below $93 On Weak Economic Data
The Washington Post reported that oil prices fell below $93 on the back of disappointing economic reports from Europe and the U.S.
WTI Crude Advances on Economic Stimulus Optimism
Bloomberg reported that West Texas Intermediate crude has reached its highest level in over 2 weeks as SPX approached a record on optimism that the economic stimulus will remain in order to bolster growth.
U.S. Congress May Extend Oil & Gas Tax Benefits to Renewable Energy Developers
Bloomberg reported that U.S. Congress may be extending some of the same tax benefits that they give to oil and gas companies to renewable energy developers.
Natural Gas Bullish for Long-Term Despite Decline
Reuters reported that natural gas futures fell on Friday and are on track to post a weekly loss.
OPEC Plans to Increase Exports on Rising Demand in Asia
Bloomberg reported that according to Oil Movements, the Organization of Petroleum Exporting Countries (OPEC) will increase shipments by 60,000 bpd until mid-May due to a rising demand in Asia.
Oil Options Volatility Lowest in 2 Weeks, Futures Advance
Bloomberg reported that crude oil options declined to a 2-week low at 20.58% as futures advanced on better-than-expected US jobless claims.
China Oil Companies See Refining Gains Amid Market-Driven Pricing
Bloomberg reported that China Petroleum & Chemical Corp. has made a profit of 2.2 billion yuan from processing crude for the first time since 2011 while PetroChina Co was able to cut refining losses to 1.56 billion yuan as China enters market-driven pricing to fulfill its energy needs
World’s Biggest Oil Companies Fail to Increase Earnings as Trades Drop, Costs Soar
Bloomberg reported that major oil companies, Royal Dutch Shell Plc, BP Plc, Exxon Mobile Corp., and Total SA all reported lower quarterly profit as crude trades close to a 9-month low and spending costs rise.
