Category: Peak Oil Review

“After a quiet start to the week, crude futures climbed to a three-month high on Thursday after Beijing’s export data showed an increased demand for Chinese goods. On Friday, however, Beijing released data showing inflation rising, largely due to the impact of record cold weather on food prices, sending crude prices down again. Analysts feared that China would turn to fighting inflation rather than stimulating the economy, thus reducing the demand for oil. At week’s end NY futures were down to $93.56 a barrel, and London was down to $110.55…”

“Oil trading was dominated last week by machinations in the US Congress and the prospects for the US economy. During the week, however, NY futures sustained the biggest weekly gain in three months on the euphoria surrounding the settlement of the fiscal cliff. NY oil closed Friday at $93.09 while Brent closed at $111.31…”

“This week the oil markets have been dominated by the course of negotiations in Washington over the fiscal cliff. Prices surged on Wednesday following news that President Obama was returning from vacation in an attempt to revive the stalled negotiations. By Friday’s close NY oil prices were up about 2.4 percent for the week to settle at $90.80 with London oil settling at $110.62…”

“The gradual price increases which took oil up some $4-5 a barrel in the last two weeks ended on Friday when budget negotiations in Washington broke down. This news sent prices down $1.20-$1.40 a barrel to settle at $88.66 in NY and $108.97 in London…”

“Oil traded in a narrow range last week with NY hovering around $86 a barrel and London $21 higher around $108 for most of the week. Prices climbed 84 cents in NY on Friday and $1.78 in London where Brent closed at $109.15 on the news of increased manufacturing in the US and China. NY oil has now fallen about 12 percent during 2012 due to the glut in the Midwest, while London oil has now climbed 1.6 percent this year…”

“Oil prices fell last week on bad economic news from the EU and US, the uncertainty in Washington over the “fiscal cliff” negotiations, slumping gasoline and heating oil prices, and by a weaker euro. Brent crude which on Monday was trading above $112 a barrel closed Friday at $107.02. New York crude fell about $3 a barrel during the week to close at $85.93…”

“Oil prices were little changed last week, but managed to close out November a few dollars higher than the October closing thereby registering the first monthly increase since August. New York futures ended the week at $88.91 and London at $111.23. Better economic news, including higher US GDP numbers, offset concerns about the coming “fiscal cliff” and bad economic news from the EU…”

“With the Gaza cease-fire announced Wednesday still holding, the markets were quieter later in the week. On Friday prices increased a bit due to some better economic news from Germany and a stronger dollar. Oil closed at $88.28 in NY, up about 1.6 percent for the week, and at $111.38 in London. With the spread between NY and London oil holding at around $23 a barrel, most analysts do not foresee much change in the immediate future…”

“A week that began with the markets’ attention focused on the Greek bailout, concerns about the global economy and the US’s fiscal cliff, ended with a major upswing in Middle Eastern violence which some fear could result in constraints on oil exports. For much of the week fears for the economy kept prices edging down, but on Friday as the exchanges of rocket fire and air strikes between Gaza and Israel increased, the markets moved higher with NY oil closing at $86.67 and London at $108.96…”

“The re-election of President Obama and Democratic gains in Senate seats sent oil futures in NY tumbling by $4.27 a barrel Wednesday. Behind the selloff were concerns that a divided government could take the country over the “fiscal cliff” in January reducing the demand for oil. London oil fell by a similar amount on Wednesday. On Thursday and Friday, however, oil rebounded to close out the week about a dollar higher in NY at $86.07 and $109.40 in London…”