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Daily: Brent and U.S. crude end lower as U.S. gasoline prices decline
Brent and U.S. crude oil futures tumbled on Friday dragged down by the decline of U.S. gasoline futures following expectations of firmer imports and as an expected U.S. Midwest-to-Gulf Coast crude oil pipeline expansion began to narrow the spread between Brent and U.S. crude prices. Meanwhile, Brent February crude slipped $1.25, or 1.12 percent, to settle at $110.64 a barrel, having traded from $109.60 to $111.95 and posting a weekly loss of 0.6 percent. U.S. crude futures eased by 26 cents, or 0.28 percent, to settle at $93.56 a barrel, having traded from $92.65 to $94.13, however posting a weekly gain of 0.5 percent.
read more... 14/01/2013
Italian Eni to sell 1.7 million tonnes of LNG to Japan and South Korea
The Italian oil and gas giant Eni has inked a three-party deal with Korea Gas Corporation and Japan's Chubu Electric Power Company envisaging selling 1.7 million tonnes of liquefied natural gas (LNG) to Japan and South Korea between 2013 and 2017.
read more... 14/01/2013
Daily: European power prices hit new lows despite strong oil prices
Brent and U.S. crude oil futures edged up on Thursday, being supported by Chinese trade data which spread expectations for improving demand, while news that Saudi Arabia has slashed its oil output in the previous two months also contributed to lift oil prices. Brent February crude climbed 13 cents, or 0.12 percent, to settle at $111.89 a barrel. Meanwhile, U.S. February crude boosted 72 cents, or 0.77 percent, to settle at $93.82 a barrel, having traded from $93.08 to $94.70.
read more... 11/01/2013
U.S. crude oil output at the highest level in 20 years due to shale fracking
U.S. oil production surpassed 7 million barrels a day for the first time since March 1993, recording the highest production level in 20 years, being underpinned by the shale revolution, which has boosted exploration across the country and bolstered a shift toward energy independence.
read more... 11/01/2013
Turkey beats Norway as Europe’s largest oil producer
Turkey has surpassed Norway as the largest oil producer of Europe, increasing the number of its drilling rigs to 34 rigs in comparison to 26 at the end of last year.
read more... 11/01/2013