The slide of natural gas appears to be never-ending, as prices hit new lows not seen since 2002. In some producing regions, “working gas stocks are at a record high for the 17-year EIA history” according to the Energy Information Administration. Stock piling for the winter has also supplemented inventories, far ahead of the seasonal averages.
Oil prices dipped again Tuesday despite new indications that the U.S. manufacturing and housing industries may be on the mend.
Oil prices gave up earlier gains this evening, extending losses from the previous day as rising stockpiles of US crude outweighed positive economic data.
Iran has discovered a huge oil reserve of over 8.8 billion barrels in Soussangerd oilfield, Khuzestan province, Oil Minister Gholam-Hossein Nozari announced here on Monday.
Oil prices have risen to above 74 dollars per barrel and are at their highest point in almost 10 months at 74.09 dpb. The first positive economic data since the beginning of the crisis and a weak dollar have boosted crude oil – which last week was at +9.45%. Also rising is the Brent, by 46 cents to 74.65 dpb.
Crude oil prices rebounded Tuesday on the New York Mercantile Exchange, gaining much of the ground lost in the past three trading sessions.
Oil topped $70 a barrel on Monday, extending the previous session’s gain of nearly 4 percent, as positive Chinese economic data and gains in equities helped bolster hopes that the global economic recovery was picking up speed.
French oil giant Total said yesterday that its second-quarter net profit fell 54% from the figure 12 months earlier to €1.7bn ($2.38bn) as crude prices tumbled.
Oil prices climbed to near 69 dollars a barrel on Tuesday, rebounding from overnight falls on hopes of a recovery for the ailing global economy.
The price of oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) rose for the sixth straight day and passed the $65-mark Tuesday, the Vienna-based group said Wednesday.
