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Tag: Price of petroleum

SolarBuzz Jamaica > Blog Classic > Price of petroleum
News Oil

Oil prices fall on Europe’s woes

July 25, 2012

The price of oil is dropping on fresh concerns about Europe‘s economy.

Benchmark oil fell US$1.44 on Friday to US$91.53 per barrel in New York. Brent crude, which is used to price international varieties of crude, was down US$1.42 to US$106.38 in London. A decline would be the first after seven straight gains.

The main focus for traders was Spain, where the government predicted that the country’s recession will extend into next year and the region of Valencia said it needed help from the central government to pay its bills. But Germany was also a concern as finance officials there said growth in Europe’s strongest economy likely slowed somewhat in the second quarter. Meanwhile, in the UK, the government said it had to borrow more than expected last month.

Europe’s lengthy battle with a massive government debt crisis has affected industries in other countries, such as the U.S., that do business there. It also has cut demand for oil and other energy products.

Oil had risen about 10 per cent since July 10 on concerns that renewed tensions between the West and Iran could result in a disruption of oil supplies from the Persian Gulf.

“After the long run-up in prices we’ve had the last 10 days or so, I think (events in Europe) kind of reminded people that the demand picture is still not very rosy,” said Michael Lynch, president of Strategic Energy & Economic Research.

Meanwhile, natural gas prices hit the highest level since early January as businesses and consumers cranked up air conditioning systems to stay cool in the hot weather. Natural gas rose three cents to US$3.01 per 1,000 cubic feet.

The price of natural gas fell below US$2 for the first time in more than a decade in April after a production boom boosted inventories. At the same time, a mild winter kept demand in check. The cheaper prices prompted many utilities to switch to natural gas from coal to fuel their generators.

In other energy trading, heating oil fell 3 cents to US$2.91 per gallon and wholesale gasoline prices fell 3 cents to US$2.91 per gallon.

Read more:

News

Gas Price Rip-Off

July 9, 2012

THE EDITOR, Sir:

Over the past three months, the price of oil on the world market has fallen from a high in March of about US$105 per barrel to just under or around US$80 per barrel.

The drop in Brent crude has been even more precipitous, from US$124.70 in March to around US$91 today. These are reductions of more than 30 per cent since March.

Despite this, our gas, gas oil and oil-related product prices have trended down about five to seven per cent. What is amazing is that no one seems to notice or care.

In all other countries, the prices at the gas pumps, and of other oil-related products have fallen 15-20 per cent, or more, to match this fall since March.

Gas and gas oil at the pumps in Jamaica should be around $85 per litre.

Our gas pumps remain unaffected! Petrojam and the Government apparently remain oblivious.

Where does the buck stop? Who is ripping us off?

TROY VIRTUE

tdvirtue@hotmail.com

http://jamaica-gleaner.com/gleaner/20120709/letters/letters4.html

News Oil

Oil price rises on hopes Fed will boost US economy

June 20, 2012

The price of oil rose Tuesday on hopes that the Federal Reserve will announce new measures to stimulate the US economy.

West Texas Intermediate crude rose by 79 cents to US$84.06 per barrel by midday on the New York Mercantile Exchange.

Brent crude, which helps set the price for oil imported into the US, added 4 cents to US$96.09 in London.

The Fed holds a two-day meeting that ends today, and in the past it has taken action to encourage Americans to spend and borrow. Many analysts think the struggles of the US economy and Europe’s debt crisis will compel the Fed to say or unveil something to try to boost confidence.

Any sign that the Fed is willing to take action could lift oil prices, which have fallen sharply during the last six weeks over fears that growth in the global economy will stall.

“The market is building on a little optimism that they’ll do something,” said Peter Donovan, an oil broker with Vantage Trading in New York.

Concerns about Iran’s nuclear programme also are pushing oil prices higher, Donovan said. Negotiations between six world powers and Iran – a major oil producer – appear to have accomplished little this week in Moscow. That increases the likelihood of a European oil embargo in July. And some analysts are concerned the matter will only be settled by an armed conflict in the Middle East.

Either action – an embargo or an attack on Iran – could cut into the world’s supply of oil.

Even before its sudden drop, the price of oil had declined from a high this year of US$109.77 on February 24.

US gasolene prices continue to follow oil lower. yesterday, the national average fell below US$3.50 per gallon (92 cents a litre) for the first time since February 10, according to auto club AAA, Wright Express and Oil Price Information Service.

The average price of gasolene in the US has dropped 44 cents since peaking at US$3.94 in early April. Along with the impact of lower crude prices, there’s a greater supply of gasolene. Refineries tend to increase stockpiles of summer gasolene after Memorial Day.

In other futures trading, heating oil added 2.2 cents to US$2.64 per gallon while wholesale gasolene fell by 1.2 cents to US$2.649 per gallon. Natural gas lost 5.2 cents to US$2.583 per 1,000 cubic feet.

– AP

http://jamaica-gleaner.com/gleaner/20120620/business/business91.html

News Oil

Petrojam projects slight dip in petrol prices

May 15, 2012

 

Petrojam has projected that consumers could see a slight ease in pumps prices for the current fiscal year.

The refinery which is majority owned by the government, in its forecast for the 2012/2013 fiscal year says while it expects prices to remain strong in spite of continuing economic uncertainties, the average selling prices could fall about 3 percent.

Petrojam did not say how it expects the reduction in oil prices to affect prices at the pumps.

However since the start of the year pump prices have moved up by about 8 percent.

http://rjrnewsonline.com/business/petrojam-projects-slight-dip-petrol-prices

News Oil

Oil Hits Lowest Level In 2012

May 15, 2012

 

The price of oil fell to its lowest for the year Monday on continued doubts about some European countries’ ability to pay off massive government debts.

Benchmark West Texas Intermediate crude lost $1.35 to end the day at $94.78 per barrel on the New York Mercantile Exchange. That’s the lowest level since December 19.

Brent crude, which helps set the price for oil imported by United States (US) refineries, gave up $1.26 to finish at $111 per barrel in London. Brent was last this low at the end of January.

Oil declined as a leadership crisis in Greece raised doubts that it would comply with a eurozone-supported plan to get out of debt. Analysts see Greece as a test case for whether cash-strapped European nations can slash spending and improve their economies. Europe consumes 18 per cent of the world’s oil.

“You have to ask yourself who’s next after the Greeks,” said Gene McGillian, a broker and oil analyst at Tradition Energy. “What happens if Spain or other countries have similar troubles.”

Oil prices have been declining for most of the past two weeks as European leaders wrestled the debt crisis. The US also reported disappointing jobs growth and China’s manufacturing industry grew at a slower pace.

Boosting supplies

As the world’s economy appeared to slow down, major oil producing nations like Libya, Iraq and Saudi Arabia increased oil production, boosting supplies.

The decline in oil prices has helped make retail gasolene cheaper in the US. The national average fell by less than a penny over the weekend to $3.727 per gallon (98 cents a litre), according to auto club AAA, Wright Express and Oil Price Information Service.

In other futures trading, heating oil gave up 3.41 cents to end at $2.9295 per gallon, while wholesale gasolene lost 4.18 cents to finish at $2.959 per gallon. Natural gas dropped 7.8 cents to finish at $2.431 per 1,000 cubic feet.

http://jamaica-gleaner.com/gleaner/20120515/business/business2.html

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