China Is Reaping Biggest Benefits of Iraq Oil Boom
Since the American-led invasion of 2003, Iraq has become one of the world’s top oil producers, and China is now its biggest customer.
China already buys nearly half the oil that Iraq produces, nearly 1.5 million barrels a day, and is angling for an even bigger share, bidding for a stake now owned by Exxon Mobil in one of Iraq’s largest oil fields.
GOLD SINKS BELOW $1500
The shiny yellow metal hasn’t traded below $1500 since July 2011.
Meanwhile, oil is getting whacked for the second straight day. It’s off 3 percent.
The chart below show’s this morning’s action in the gold market.
The Gold Collapse Is Great News
The big story today (and actually for awhile) is the collapse in gold, which has just fallen below $1500/oz.
If you look on Twitter, or anywhere else econ types chat, there’s a lot of [...]
February 8, 2013
Gold prices fell on Friday after European Central Bank President Mario Draghi warned that the eurozone economy won’t see noted recovery until closer to the end of the year.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down 0.24% at USD1,667.35 a troy ounce in U.S. trading on Friday, up from a session low of USD1,665.95 and down from a high [...]
U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, making the world’s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said.
Growing supplies of crude extracted through new technology including hydraulic fracturing of underground rock formations will transform the U.S. into the largest producer for about five years starting about 2020, the Paris-based adviser to [...]
Gasoline station owners in the Los Angeles area including Costco Wholesale Corp. (COST) are beginning to shut pumps as the state’s oil refiners started rationing supplies and spot prices surged to a record.
Valero Energy Corp. (VLO) stopped selling gasoline on the spot, or wholesale, market in Southern California and is allocating deliveries to customers. Exxon Mobil Corp. (XOM) is also rationing fuel to U.S. West Coast terminal customers. Costco’s outlet in Simi Valley, 40 miles (64 kilometers) [...]
Gasoline station owners in the Los Angeles area including Costco Wholesale Corp. (COST) are beginning to shut pumps because of supply shortages that have driven wholesale fuel prices to record highs.
Costco’s outlet in Simi Valley, 40 miles (64 kilometers) northwest of Los Angeles, ran out of regular gasoline yesterday and was selling premium fuel at the price of regular, Jeff Cole, Costco’s vice president of gasoline, said by telephone. The company hasn’t [...]
Federal Reserve Bank of Philadelphia President Charles Plosser said new bond buying announced by the Fed this month probably won’t boost growth or hiring and may jeopardize the central bank’s credibility.
“We are unlikely to see much benefit to growth or to employment from further asset purchases,” Plosser said in a speech today at the district bank in Philadelphia. “Conveying the idea that such action will have a substantive impact [...]
Hurricane Isaac and a deadly blast at Venezuela’s Amuay refinery pushed gasoline to an almost four- month high and threatened to revive a debate about energy costs in the run-up to the presidential election in November.
Futures jumped yesterday in New York as Isaac forced closures of Gulf Coast refineries and reduced rates at others. That market is also reeling from an Aug. 25 explosion in Venezuela that killed at least 48 people [...]
Oil entered a bear market in New York as it headed for the biggest monthly drop in more than three years on speculation Europe’s worsening debt crisis and a slowing U.S. economy will reduce fuel demand.
Futures today are 20 percent lower than their highest settlement this year, a definition of a bear market. Prices slipped as the cost of protecting Spanish bonds against default climbed to a record yesterday and a [...]
From Carpe Diem:
1. Natural gas futures prices fell to another 10-year low today, to $2.208 per million BTUs on the New York Mercantile Exchange. In nominal dollars, that’s the lowest price for natural gas since February 2002… And adjusting for inflation, it’s the lowest price since July 1995, almost 17 years ago.
2. Michigan-based Consumers Energy announced today that it will lower natural gas prices starting next month for 1.7 million [...]
The U.S. exported more gasoline, diesel and other fuels than it imported in 2011 for the first time since 1949, the Energy Department said.
Shipments abroad of petroleum products exceeded imports by 439,000 barrels a day, the department said today in the Petroleum Supply Monthly report. In 2010, daily net imports averaged 269,000 barrels. U.S. refiners exported record amounts of gasoline, heating oil and diesel to meet higher global fuel [...]
Brent crude hits all-time high of $121.10 per barrel in London
February 21, 2012
Oil prices jumped to nearly 105 dollars a barrel – a nine-month high – in Asia today, after Iran said it halted crude exports to Britain and France in a dispute over its nuclear programme.
Benchmark crude was up 1.75 to 104.99 dollars a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. Earlier [...]
The International Energy Agency, the adviser to U.S., Germany andJapan, isn’t planning an immediate release of emergency oil stockpiles (DOESCRUD) in response to the tension in the Middle East.
“We remain prepared to respond to any significant oil supply disruption, but as no specific supply disruption is under way, we are not actively considering any action at the present time,” the Paris-based adviser said on its website today.
Crude oil gained over the last three [...]
Oil prices slipped below $98 a barrel Tuesday on worries about slowing economies in Europe, despite expectations that U.S. crude inventories are falling and demand could be increasing.
By early afternoon in Europe, benchmark crude for December delivery was down 52 cents at $97.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 85 cents to settle at $98.14 in New York on Monday.
In London, Brent [...]
Sept. 23, 2011, 11:16 a.m. EDT
Gold trades under $1,700, loses 4%
Silver plunges 10%; copper also lower as global selloff continues
SHARE: MORE Email Print Comment 302 By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures slid below $1,700 an ounce on Friday, losing more than 4% as turmoil in global financial markets continued and investors rushed to sell metals positions to raise cash.
Gold for [...]
September 4, 2011
(Kitco News) – Renewed worries in Europe over Greek debt and a lack of job growth in August in the U.S. are just two of the reasons market watchers expect gold to post price gains next week.
The most-active December gold contract on the Comex division of the New York Mercantile Exchange settled at $1,876.90, up 4.4% on the week. December silver settled [...]
By Claudia Assis and Chris Oliver, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold surged to a record Monday, finishing just below $1,900 an ounce amid ongoing concerns about the health of the global economy and talks U.S. officials may offer a fresh round of economic stimulus.
Federal Reserve Chairman Ben Bernanke is set to discuss his economic outlook Friday at the annual gathering of central bankers in Jackson [...]
August 9, 2011
Photo: Mark Herpel.
Commodity analysts at JP Morgan are predicting the price of gold may hit $2,500 or higher per ounce by the end of the year, the Financial Post reported on Monday.
Prior to Standard & Poor’s downgrading of the debt rating of the United States, the bank thought spot gold would reach $1,800 by the end of 2011. It has since revised its projection.
On Tuesday, [...]
Crude raced higher Tuesday as energy bulls pushed Nymex oil back toward the $100-a-barrel mark, prices last seen before world governments said they would release crude from their reserves last month.
IEA Oil Reserves
West Texas Intermediate jumped 2.1 percent to $96.89 a barrel on the New York Mercantile Exchange, decidedly above the $94.45 close of June 22, the day before the announcement on the release [...]
Oil dropped in New York, headed for its first monthly decline since August, on speculation that fuel demand will falter amid a slowdown in the U.S. economic recovery and Europe’s continuing debt crisis.
Futures slipped as much as 1 percent before reports this week that may show U.S. employers hired fewer workers in May and manufacturing cooled. Concern that European governments will struggle to resolve the region’s debt crises weakened the [...]
As gas prices hover near $4 a gallon, nearly seven in 10 Americans say the high cost of fuel is causing financial hardship for their families, a new USA TODAY/Gallup Poll finds.
More than half say they have made major changes to compensate for the higher prices, ranging from shorter trips to cutting back on vacation travel.
For 21%, the impact is so dramatic they say their standard [...]
Oil prices tumbled 4 percent on Wednesday as U.S. gasoline futures plunged limit down, triggering a brief halt in trade on the New York Mercantile Exchange.
Gasoline traded down 25 cents at midday in New York, a move that stopped trade on NYMEX crude, heating oil and gasoline futures.
Losses carried on as trading resumed with a new limit of 50 cents. Prices completed erased gains from Monday and Tuesday, when traders [...]
NEW YORK—Silver futures posted fresh losses, trading well below $40 an ounce, as some investors opted to shed positions rather than put up additional capital required by a new round of trading-cost increases by exchange-operator CME Group Inc.
Gold prices echoed silver’s losses, with the yellow metal dangling close to $1,500 an ounce.
Silver for May delivery was down $1.908, or 4.8%, at $37.475 per troy ounce in early morning trade [...]
CME Group Announces Further Margin Hikes For Comex Silver Futures http://www.kitco.com/reports/KitcoNews20…
CME Group is hiking silver margins again, with a late-Wednesday notice the fourth such announcement in the last two weeks.
CME Group, which operates the Comex division of the New York Mercantile Exchange, announced margin increases that will become effective at the end of business on Thursday, with yet another increase [...]
(AP) Gasoline futures on Tuesday traded at the highest level since July 2008 after three Texas refineries were idled following a power outage.
Here’s how energy contracts traded on Tuesday.
On the New York Mercantile Exchange:
—Benchmark crude lost 7 cents to settle at $112.21 per barrel.
—Heating oil gained 2.84 cents to settle at $3.2273 per gallon.
—Gasoline futures gained 2.87 cents to settle at $3.3072 per gallon.
—Natural gas lost less than a [...]
NEW YORK – Gas pump prices continue to climb, hitting $3.87 per gallon on Tuesday, though experts say the national average should fall eventually as Americans drive less.
Retail gasoline prices have increased for 35 straight days, adding 32.2 cents per gallon since March 22. They’re above $4 per gallon in California, New York, Michigan, Illinois, Connecticut, Washington D.C., Alaska and Hawaii.
Pump prices, which have followed oil higher this year, got [...]
NEW YORK, N.Y. – The price of crude oil was stable Monday, dipping one cent to settle at US$112.28 per barrel on the New York Mercantile Exchange as the U.S. dollar pulled back from lows set earlier in the day..
In London, Brent crude lost 33 cents to settle at $123.66 per barrel on the ICE Futures exchange
Oil is priced in U.S. dollars, so crude tends to fall as the greenbak [...]
Oil prices rose to near $113 a barrel Monday in Asia after Libyan rebels said they won’t produce crude for at least a month as they repair fields damaged in fighting.
Benchmark crude for June delivery was up 32 cents at $112.61 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.
Oil markets were closed Friday for the Easter holiday. The June [...]
LONDON (AP) — Oil prices jumped above $112 a barrel Thursday to near the highest level since 2008 amid signs U.S. demand remains robust despite rising fuel costs.
Benchmark crude for June delivery was up 62 cents at $112.07 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange.
In London, Brent crude for June delivery was up 67 cents to $124.53 a [...]
The International Monetary Fund lowered its forecast for U.S. growth this year, predicting higher oil prices and the pace of job gains will restrain the recovery.
The world’s largest economy will expand 2.8 percent this year, down from the 3 percent projected in January, the IMF said today. Global gross domestic product will grow 4.4 percent in 2011, matching the previous estimate, according to the Washington-based lender’s World Economic Outlook report.
The price of oil jumped to a fresh 30-month high on Monday as fighting in Libya and unrest in the Middle East continued to raise doubts about future supplies. Here’s how energy contracts traded.
On the New York Mercantile Exchange:
Crude rose 53 cents to settle at $108.47 per barrel.
Gasoline gained 1.75 cents to settle at $3.1688 a gallon.
NEW YORK (AP) — The price of oil rose to a 30-month high on Thursday as fighters loyal to Moammar Gadhafi pushed back rebels from key areas in eastern Libya.
Benchmark West Texas Intermediate crude rose $2.45, more than 2 percent, to settle at $106.72 a barrel on the New York Mercantile Exchange. At one point it hit $106.83, the highest it’s been since September, 2008. [...]