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Daily: Brent and US crude settle lower on metals sell-off
Brent crude oil futures dropped on Wednesday in line with a sell-off in precious metals and copper, while worries that Saudi Arabia envisages boosting production added pressure to oil. Meanwhile, Brent April crude declined $1.92, or 1.63 percent, to settle at $115.60 a barrel, having traded from $115.05 to $117.66.
read more... 21/02/2013
EIA: US oil production expected to increase in 2013
U.S. crude oil production is expected to increase by an unprecedented level - 815,000 barrel per day to 7.25 million barrels per day in 2013, according to a report by the Energy Information Administration.
read more... 21/02/2013
UK energy bills set to rise
According to Ofgem Chief Executive Officer Alistair Buchanan, UK household energy bills are probable to increase significantly in the coming years, with the share of generating capacity from gas doubling as old oil and coal stations close.
read more... 20/02/2013
Daily: European power prices drop significantly after CO2 vote
Brent and U.S. crude oil futures increased on Tuesday after choppy trading supported by strong equities on Wall Street, with worries about France's economic growth capping any support from supportive data out of Germany. Brent April crude climbed 14 cents, or 0.12 percent, to settle at $117.52 a barrel, having traded from $116.55 to $117.60. Meanwhile, U.S. March crude gained 80 cents, or 0.83 percent, to settle at $96.66 a barrel, having traded from $95.25 to $96.73.
read more... 20/02/2013
Statoil to build a new oil hub in Europe
Norway's Statoil is to build an oil terminal in the Arctic, which according to the Norwegian group could spark “a new industrial era” in the region. Norway's Minister of Petroleum and Energy, Ola Borten Moe said that Statoil ASA's plan to bring oil by pipeline from the Barents Sea to a new terminal in the country's far north could lead the way to a permanent oil hub in the Arctic.
read more... 19/02/2013