Archive for April, 2009

April 29 (Bloomberg) — Crude oil fell for a third day on concern that fuel demand will drop as the swine-flu outbreak curtails travel and delays a recovery from the global recession.

Oil, gold and copper declined yesterday as the World Health Organization raised its global pandemic alert to the highest since the warning system was adopted in 2005, saying the disease is not containable. Crude rose in eight of the past 10 weeks as the stock market climbed on speculation that the economy and energy consumption would rebound later this year.

Full Story

April 29 (Bloomberg) — Crude oil and gasoline rose after a government report showed an unexpected drop in U.S. inventories of the motor fuel as refiners reduced operating rates.

Gasoline supplies declined 4.7 million barrels to 212.6 million last week, the biggest reduction since September, the Energy Department said. Stockpiles were forecast to rise by 200,000 barrels, according to a Bloomberg News survey. Prices also increased after stocks rallied and the dollar dropped.
Full Story

NEW YORK – Oil prices rose Wednesday even though the government reported that the United States is consuming less than it has in years and inventories are bloated with the most surplus crude in nearly 19 years.

Still, gasoline prices have largely stagnated since rising above $2 for the first time this year in late March.

Full Story

WASHINGTON, DC, Apr. 29 — Democratic leaders of the US House Energy and Commerce Committee agreed to hold another hearing on climate change legislation on May 1, but said their record in working with the minority is better than their Republican predecessors.

“Our extensive hearings and the many accommodations we have provided to the minority far surpass the process you provided Democrats when you and your Republican predecessors controlled the committee,” Chairman Henry A. Waxman (D-Calif.) and Energy and Environment Subcommittee Chairman Edward J. Markey (D-Mass.) said on Apr. 27.

Full Story

WASHINGTON, DC, Apr. 29 — Colorado Gov. Bill Ritter Jr. said that new oil and gas regulations would allow the industry to grow in a sustainable way compatible with the state’s economy as he signed them into law on Apr. 22. Producers remain concerned that the rules will simply create more delays and expenses.

“These rules were shaped with valuable input from people all across the state and unanimously adopted by the Colorado Oil & Gas Conservation Commission [COGCC]. They strike the right balance, a balance that recognizes the importance of a healthy industry and the importance of healthy communities, water supplies and wildlife,” the governor said.
Full Story

WASHINGTON, DC, Apr. 27 — US refiners have serious concerns about proposed climate change legislation’s ability to support new technologies for reliable, affordable, and clean energy fuels, a leading petroleum trade association’s president told Congress.

A law to address climate change should set a realistic carbon reduction target without political preconceptions or punitive provisions, Charles T. Drevna, president of the National Petrochemical & Refiners Association, told the House Energy and Commerce Committee on Apr. 24.
Full Story

HOUSTON, Apr. 27 — Crude prices continued a 4-day rally Apr. 24 on the New York market, led by a surge in the general equity market on reports of better-than-expected earnings by top companies in various industries.

“Surprisingly perhaps, stock markets have rallied in the past month, and it will be interesting to see in the next few weeks if it can last,” observed analysts at KBC Market Services, a division of KBC Process Technology Ltd. in Surrey, UK.
Full Story