LONDON (AP) -- Oil prices rose more than $1 a barrel Friday as traders bought up contracts after a plunge in the previous session sent crude to its lowest price in more than a year and a half.
Light, sweet crude for February delivery gained $1.01 to $52.89 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract had fallen $2.14 to settle at $51.88 a barrel on Thursday after touching a low of $51.80 a barrel, a level not seen since May 2005.

Heating oil futures gained 2.2 cents to $1.5020 a gallon while natural gas prices rose 3.3 cents to $6.325 per 1,000 cubic feet.

http://biz.yahoo.com/ap/070112/oil_prices.html?.v=7

Yesterday's closes
Light Crude (NYM)
February 07 ($US per bbl.) 51.88 -2.14 54.70 51.80 51.88 1/11 2:54pm
Heating Oil (NYM)
February 07 ($US per gal.) 1.48 -0.05 1.55 1.48 1.48 1/11 2:45pm
Natural Gas (NYM)
March 07 ($US per mmbtu.) 6.40 -0.43 6.80 6.36 6.40 1/11 3:07pm
Unleaded Gas (NYM)
February 07 ($US per gal.) 1.39 -0.04 1.46 1.39 1.39 1/11 3:02pm

http://mauberly.blogspot.com/

VIENNA, Austria (AP) -- Oil prices were up Monday, as traders weighed possibilities that OPEC may hold an emergency meeting as early as this week to try to reverse the 13 percent plunge in oil prices this year.

Light, sweet crude for February delivery was up 17 cents at $53.17 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. No floor trading was scheduled Monday because the Nymex was shut for Martin Luther King Jr. Day, a public holiday in the United States. Analysts expected trading volume to be thin.

Heating oil and natural gas were essentially steady at $1.5066 a gallon and $6.600 per 1,000 cubic feet.

http://biz.yahoo.com/ap/070115/oil_prices.html?.v=6

http://mauberly.blogspot.com/

LONDON (Reuters) -- Oil prices plunged more than $1.50 to below $52 a barrel Tuesday after Saudi Arabia's oil minister said OPEC production cuts were working well and there was no need for an emergency meeting of the producer group.

http://money.cnn.com/2007/01/16/markets/bc.markets.oil.reut/index.htm

Light Crude (NYM)
February 07 ($US per bbl.) 51.52 -1.47 52.35 51.15 52.99 1/16 12:13pm
Heating Oil (NYM)
February 07 ($US per gal.) 1.49 -0.02 1.50 1.48 1.50 1/16 12:17pm
Natural Gas (NYM)
March 07 ($US per mmbtu.) 6.65 -0.05 6.79 6.55 6.70 1/16 12:06pm
Unleaded Gas (NYM)
February 07 ($US per gal.) 1.39 -0.05 1.42 1.38 1.43 1/16 12:18pm

http://mauberly.blogspot.com/

Jan. 17 (Bloomberg) -- Crude oil rebounded after failing to break through $50 a barrel in New York as cold weather moved into the Northeast.

Futures approached $50 in early trading today. Below-normal temperatures will cover most of the U.S. from Jan. 22 through Jan. 26, the National Weather Service said yesterday. Mild weather in the Northeast during December and the first two weeks of this month curbed heating-oil consumption.

``We found some key support and just couldn't hit $50,'' said Phil Flynn, vice president of risk management with Alaron Trading Corp. in Chicago. ``Also, the weather is getting colder. There is going to be some strong heating-oil demand in the Northeast.''

Crude oil for February delivery rose $1.03, or 2 percent, to close at $52.24 a barrel on the New York Mercantile Exchange. Futures touched $50.28, the lowest intraday price since May 25, 2005.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aAXauHMw9yf4&refer=worldwide

http://mauberly.blogspot.com/

LONDON (AP) -- Oil prices nudged above $53 a barrel Monday following a blast of frigid temperatures, snow and freezing rain in parts of the United States, the world's largest heating oil market. Light, sweet crude for February delivery jumped $1.04 to $53.03 a barrel in morning trading on the New York Mercantile Exchange.

An unusually warm winter in the United States and numbers showing growing crude inventories helped drag oil prices below $50 a barrel last Thursday for the first time since May 2005.

But over the weekend, snow, sleet and freezing rain hit the East Coast, and winds up to 60 mph (100 kph) piled snow into drifts as high as 3 feet (nearly 1 meter) in parts of Colorado, the U.S. National Weather Service said.

"It seems that the only factor holding the market higher, and dissuading the bears from reinstituting short positions at this stage, is the colder weather in the US," Man Financial analyst Edward Meir said in a report.

Heating oil futures gained 3 cents to $1.5508 a gallon on the Nymex while natural gas rose 34.7 cents to $7.233 per 1,000 cubic feet. Gasoline futures edged up 2 cents to $1.4221.

http://biz.yahoo.com/ap/070122/oil_prices.html?.v=15

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Jan. 23 (Bloomberg) -- Repsol YPF SA, the Spanish oil company struggling to find new reserves, plans to sign a $4.3 billion agreement in Iran this week to help develop the world's biggest natural gas field.

The preliminary contract would allow Repsol and partner Royal Dutch Shell Plc to develop two blocks of Iran's South Pars deposit, according to a document obtained by Bloomberg News. The gas would feed a $2.5 billion liquefied natural gas plant to be built near the site, which may start exporting the fuel in 2011.

Securing LNG supply from Iran may help Repsol regain investor confidence a year after writing off 25 percent of its reserves because of declining production in Argentina. The Madrid-based company, along with Shell, is proceeding in the face of sanctions imposed on the country by the United Nations because of Iran's determination to pursue nuclear research.

``Building up their presence in Iran is a good thing, even though there are risks associated with investing there,'' said Antonio Gallego, who helps manage $7.8 billion, including Repsol shares, at Gesfinmed in Alicante, Spain. ``Everyone is looking into LNG so Repsol needs to be in that business too.''

A Repsol spokeswoman, who wouldn't be identified, declined to comment. Wim van de Wiel and Andre Romeyn, press officials at Shell in The Hague, weren't immediately available for comment.

Phases 13 and 14 of the South Pars field will give Repsol and Shell access to an estimated 27.7 trillion cubic feet of gas reserves, the document said. The South Pars field, discovered in 1966 by Shell, contains an estimated 600 trillion cubic feet of gas, about a 10th of the world's gas reserves.

http://www.bloomberg.com/apps/news?pid=20601085&sid=aWXEcXhhvhNU&refer=europe

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NEW YORK (AP) -- Oil prices rose Wednesday as traders shrugged off news that oil inventories grew last week and worries resurfaced that cold weather and reduced OPEC production could drain supplies.The market initially sold off more than $1 on the U.S. government report that stocks of crude, gasoline and distillates rose last week. Prices later rebounded back above $55 a barrel, extending Tuesday's increase of more than $2 a barrel, which was sparked by President Bush's announcement to increase the nation's emergency oil stockpile.

http://biz.yahoo.com/ap/070124/oil_prices.html?.v=17

Light Crude (NYM)
March 07 ($US per bbl.) 55.37 +0.33 55.45 53.70 55.37 1/24 2:53pm
Heating Oil (NYM)
March 07 ($US per gal.) 1.60 +0.00 1.60 1.56 1.59 1/24 2:30pm
Natural Gas (NYM)
March 07 ($US per mmbtu.) 7.38 -0.18 7.47 7.27 7.56 1/24 2:29pm
Unleaded Gas (NYM)
February 07 ($US per gal.) 1.46 +0.01 1.47 1.41 1.45 1/24 2:40pm

http://mauberly.blogspot.com/

NEW YORK (AP) -- A worse-than-expected manufacturing report and falling natural gas prices pulled the plug Thursday on a two-day oil rally that saw prices jump more than $4 a barrel.

Light, sweet crude for March delivery fell 84 cents to settle at $57.30 a barrel on the New York Mercantile Exchange. The contract rose $1.17 a barrel on Wednesday and by $2.96 on Tuesday.

Declining natural gas also weighed down on crude oil. On the Nymex, natural gas prices settled at $7.530 per 1,000 cubic feet, down 13.7 cents, after the government reported that underground supplies of natural gas were bigger than expected.

In other Nymex trading, heating oil dropped nearly 2.5 cents to settle at $1.6589 a gallon. Gasoline futures settled at $1.5253 a gallon, down 2.7 cents.

http://biz.yahoo.com/ap/070201/oil_prices.html?.v=16

http://mauberly.blogspot.com/

LONDON (AP) -- Oil prices edged lower Tuesday, extending a drop of more than $2 a barrel a day earlier as the market shrugged off a new report predicting a strong increase in demand through the year.

The International Energy Agency said demand is expected to grow at nearly double the pace of 2006. The agency raised its 2007 global oil demand growth forecast to 1.55 million barrels per day for the year compared with growth of 800,000 barrels per day last year.

Light, sweet crude for March delivery on the New York Mercantile Exchnge fell 11 cents to $57.70 a barrel in electronic trading by afternoon Tuesday in Europe.

On Monday, the contract dropped $2.08 a barrel because of moderating U.S. temperatures and expectations that there will be a crude surplus in the spring.

Natural gas fell 6.7 cents to $7.159 per 1,000 cubic feet on the Nymex and heating oil fell half a cent to $1.6395 a gallon.

http://biz.yahoo.com/ap/070213/oil_prices.html?.v=4

Light Crude (NYM)
March 07 ($US per bbl.) 57.81 -2.08 59.10 57.40 57.81 2/12 2:49pm
Heating Oil (NYM)
March 07 ($US per gal.) 1.65 -0.08 1.68 1.64 1.65 2/12 2:49pm
Natural Gas (NYM)
April 07 ($US per mmbtu.) 7.33 -0.51 7.49 7.30 7.33 2/12 3:06pm
Unleaded Gas (NYM)
March 07 ($US per gal.) 1.55 -0.06 1.59 1.54 1.55 2/12 3:03pm

http://mauberly.blogspot.com/

Light, sweet crude for April delivery rose 39 cents to $61.53 a barrel in electronic trading on the New York Mercantile Exchange at midday in Europe. Friday's closing price of $61.14 was the highest since Dec. 22.

April Brent crude on London's ICE Futures exchange rose 50 cents to $61.38 a barrel.

Heating oil prices gained 0.78 cent to $1.7583 a gallon while natural gas futures rose 10.5 cents to $7.860 per 1,000 cubic feet.
http://biz.yahoo.com/ap/070226/oil_prices.html?.v=3

Unleaded Gas (NYM)
March 07 ($US per gal.) 1.76 +0.01 1.77 1.73 1.76

http://mauberly.blogspot.com/

Light Crude (NYM)
April 07 ($US per bbl.) 61.50 +0.11 62.25 60.50 61.39 2/27 2:30pm
Heating Oil (NYM)
April 07 ($US per gal.) 1.77 +0.02 1.78 1.74 1.75 2/27 2:41pm
Natural Gas (NYM)
April 07 ($US per mmbtu.) 7.53 -0.17 7.75 7.51 7.53 2/27 2:49pm
Unleaded Gas (NYM)
April 07 ($US per gal.) 1.85 +0.02 1.87 1.83 1.85 2/27 2:54pm

Oil ETF is lower on the day.

http://mauberly.blogspot.com/

March 7 (Bloomberg) -- Crude oil was little changed near $61 a barrel after rising on signs colder weather in the U.S. Northeast will boost demand for heating oil.

Heating fuel consumption in the region, where 80 percent of U.S. heating oil is used, will be 13 percent above normal in the week starting today, said Weather Derivatives, a forecaster based in Belton, Missouri. U.S. stocks broke a weeklong slump and posted their biggest gains since July on expectations rising mortgage defaults won't undermine economic growth.

``The U.S. is experiencing a bitter cold snap and that's supported prices,'' said Chikako Inoue, an assistant manager at futures broker Taiheiyo Bussan in Tokyo. ``As shares rise there may be more concern that gasoline supplies in the U.S.'' are insufficient to meet demand.

Crude oil for April delivery traded at $60.80 a barrel, up 11 cents, in after-hours electronic trading on the New York Mercantile Exchange at 11:44 a.m. Singapore time. Prices have fallen 1.3 percent from a year ago.

Yesterday, oil rose 62 cents, or 1 percent, to close at $60.69 a barrel, the biggest one-day gain since Feb. 22.

Brent crude oil for April settlement was at $61.50 a barrel, up 11 cents, on the London-based ICE Futures exchange at 11:46 a.m. Singapore time.

http://www.bloomberg.com/apps/news?pid=20601012&sid=ayQRNBVLKysA&refer=commodities

Light Crude (NYM)
April 07 ($US per bbl.) 60.69 +0.62 60.65 59.95 60.69 3/6 2:50pm
Heating Oil (NYM)
April 07 ($US per gal.) 1.75 +0.02 1.75 1.72 1.75 3/6 2:42pm
Natural Gas (NYM)
April 07 ($US per mmbtu.) 7.47 +0.22 7.49 7.27 7.47 3/6 3:01pm
Unleaded Gas (NYM)
April 07 ($US per gal.) 1.85 +0.01 1.84 1.82 1.85 3/6 2:50pm

http://mauberly.blogspot.com/

March 29 (Bloomberg) -- Nabors Industries Ltd., the world's largest onshore oil driller, said first-quarter profit will miss analysts' estimates because of more idle rigs and higher costs.

Earnings per share will be about 80 cents to 85 cents in the quarter, the Bermuda-based company said in a statement distributed on PR Newswire today. Analysts expected $1.02 a share, according to estimates complied by Bloomberg.

The main reasons for the reduced outlook are lower use of the company's land-drilling and well-service rigs in the U.S. and Canada, and higher costs because of startup and moving delays in the company's offshore and international units, the company said. A review of Nabors' options-granting routines and higher litigation reserves also contributed, it said.

http://www.bloomberg.com/apps/news?pid=20601072&sid=atbCxcXQyJ1M&refer=energy

http://mauberly.blogspot.com/

SINGAPORE (AP) -- Oil prices slipped on profit-taking Monday but remained supported by anxiety over the tensions between Iran and Britain and news of another oil worker kidnapped in Nigeria.

Light, sweet crude for May delivery fell 17 cents to $65.70 a barrel in electronic trading on the New York Mercantile Exchange mid-afternoon in Singapore.

In other Nymex trading, heating oil futures for May delivery lost 0.79 cents to $1.8690 a gallon (3.8 liters) while natural gas prices fell a cent to $7.720 per 1,000 cubic feet.

http://biz.yahoo.com/ap/070402/oil_prices.html?.v=4

http://mauberly.blogspot.com/

NEW YORK (AP) -- The price of crude oil fell nearly $3 and settled below $62 a barrel Monday on a supply glut at a key North American delivery point as geopolitical tensions loomed.

An oversupply at the storage hub in Cushing, Okla., while localized, had a disproportionate effect on prices, said Citigroup Global Markets energy analyst Tim Evans.

Because the hub serves as a delivery point for oil, the facility is the "Achilles heel" for the petroleum market, he said. As it nears capacity, dealers have no place to store more oil should they want to take advantage of low prices on the May futures contract, which expires April 20, Evans said.

"We simply woke up on the wrong side of the bed," he said, adding that traders knew of the glut last week. "Somebody's alarm went off and it was time to sell May crude."

Light, sweet crude for May delivery fell $2.77 to settle at $61.51 a barrel in electronic trading on the New York Mercantile Exchange.

In other Nymex trading, natural gas fell 6.1 cents to settle at $7.546 per 1,000 cubic feet, and heating oil futures dropped 4.52 cents at $1.8157 a gallon.

http://biz.yahoo.com/ap/070409/oil_prices.html?.v=15

http://mauberly.blogspot.com/

NEW YORK (AP) -- Oil prices dipped slightly Friday, as traders took profits following the prior day's surge of nearly $2 per barrel.
Light, sweet crude for May delivery slipped 22 cents to settle at $63.63 per barrel on the New York Mercantile Exchange. Brent crude for May delivery rose 25 cents to $68.97 on the ICE Futures exchange in London.

Gasoline futures slipped 1.21 cents to $2.1797 per gallon on the Nymex.

http://biz.yahoo.com/ap/070413/oil_prices.html?.v=15

http://mauberly.blogspot.com/

In its monthly report, the International Energy Agency [IEA] warned this morning that OPEC output is at its lowest level in over two years due to production outages and self-imposed quotas, which should lead to a marked drain on global oil stocks in the coming months. Production outages in Nigeria, Saudi Arabia led to a March output of just over 30 million barrels, the lowest since March 2005. The agency is concerned by the global drawdown: "... we are not seeing the normal seasonal build in crude inventories that we typically see at this time of year." Early data indicates crude stockpiles dropped by 80.5 million barrels in February to 2.597 billion barrels. If confirmed, the report said, the fall would be the biggest 2-quarter stock draw since 1999. The report notes an 'astonishing' 12.3% burst in Chinese oil demand in February.
http://biz.yahoo.com/seekingalpha/070412/32131_id.html?.v=1

http://mauberly.blogspot.com/

HOUSTON (AP) -- With permits in hand, land surveys done, and hundreds of 20-foot holes dug over several square miles of a Rocky Mountain ranch, a crew of 50 to 80 is nearly ready for the series of dynamite blasts that will allow it to create an image of the earth below.

Boom! In an instant, the blast sends seismic waves below ground, while thousands of sensors about the size of large gum balls, spread for miles across the ranch, record the subsurface activity. The process can be repeated more than 100 times a day, for a week or even months. The idea is to determine how the waves react with the structures below and spot possible structural traps that could contain crude oil and natural gas.

"This stuff gets in your blood," said Stephen Jumper, chief executive of Midland-based Dawson Geophysical Co., which does such work for oil companies across the continental U.S. "It's incredibly exciting."
http://biz.yahoo.com/ap/070415/seismic_boom.html?.v=3

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NEW YORK (AP) -- Oil prices rose above $63 a barrel Friday ahead of the weekend presidential election in Nigeria, where gunmen attacked a boat carrying oil workers near the nation's southern oil region and gunfire broke out in a state capital.

Light, sweet crude for May delivery rose $1.55 to settle at $63.38 a barrel on the New York Mercantile Exchange. The June contract, which moves to the front month Monday, settled at $64.11, up 79 cents.

In other Nymex trading, heating oil futures rose 2.67 cents to settle at $1.8325 a gallon, while natural gas dropped 11.1 cents to $7.381 per 1,000 cubic feet. Gasoline futures settled at $2.1374 a gallon, up 4.86 cents.

http://biz.yahoo.com/ap/070420/oil_prices.html?.v=11

http://mauberly.blogspot.com/

April 23 (Bloomberg) -- Whether it's $50 to fill up your Prius or $130 for the Ford Expedition, $4-a-gallon gasoline is coming to a pump near you.

Fuel prices are rising at a pace not seen since Hurricanes Katrina and Rita knocked out a third of the U.S. oil refining industry in 2005. Gasoline consumption is climbing twice as fast as last year and will accelerate when summer travel begins late next month.

``What we're surprised by is the increased demand,'' said James Mulva, chief executive officer at ConocoPhillips, whose refineries from California to New Jersey produce 56 million gallons of gas a day, enough to meet 14 percent of the country's needs. ``Even though the price of gasoline is up, the demand is up,'' he said in an April 12 interview in Houston.

Population gains and U.S. economic growth are causing an increase in fuel purchases, according to Orlando, Florida-based AAA, the nation's largest organization for motorists. The U.S. economy will expand at a 2.4 percent annual pace in the second quarter, up from 1.8 percent in the first three months, according to the median estimate of 74 economists surveyed by Bloomberg. Gasoline use is rising almost 5 percent above the five-year average.

Americans are resigned to higher prices, says David Pursell, a principal with Pickering Energy Partners, a consulting firm in Houston.

``Last year, we had pump prices well over $3 for the summer and gasoline demand was up,'' Pursell said in an interview. ``Would $4 gasoline cause demand contraction? I think it will, but I also thought $3 gasoline would.''
http://www.bloomberg.com/apps/news?pid=20601109&refer=exclusive&sid=afOlUzd30YOo

http://mauberly.blogspot.com/

NEW YORK (AP) -- Oil prices fell more than $1 Wednesday on a U.S. inventories report showing the first rebound for gasoline stocks in three months. The increase could relieve pressure on U.S. retail gasoline prices, which have risen to near-record levels ahead of the summer driving season. Inventories remain well below levels a year ago, however, and persistent problems at the nation's refineries and escalating violence in Nigeria's oil region could drive prices still higher.

Light, sweet crude for June delivery fell $1.16 to $61.10 a barrel in afternoon electronic trading on the New York Mercantile Exchange. June Brent crude dropped $1.01 to $64.53 a barrel on London's ICE Futures exchange.

Gasoline futures slipped 1.45 cent to $2.1900 a gallon.
http://biz.yahoo.com/ap/070509/oil_prices.html?.v=12

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NEW YORK (AP) -- Gasoline prices hit a new record at the pump on Monday, but gas futures prices fell on concerns that $3 gas will crimp demand. Oil prices, meanwhile, rose on reports of refinery problems in the U.S. and abroad.

The average national price of a gallon of gas hit $3.073 on Monday, up almost a penny from Sunday's also record-setting price, according to AAA and the Oil Price Information Service. Gasoline is now well above the previous record of $3.057, set on Sept. 5, 2005, soon after Hurricane Katrina.

But gasoline futures for June delivery fell 5.09 cents to settle at $2.3012 on the New York Mercantile Exchange. Light, sweet crude for June delivery rose 9 cents to settle at $62.46 a barrel on the Nymex.

Heating oil futures fell 1.55 cents to settle at $1.8668 per gallon on the Nymex, while natural gas prices gained 5.3 cents to settle at $7.952 per 1,000 cubic feet.

Brent crude for June settled unchanged at $66.83 a barrel on the ICE Futures exchange in London.

http://biz.yahoo.com/ap/070514/oil_prices.html?.v=10

http://mauberly.blogspot.com/

CAMARILLO, Calif. (AP) -- The average price of self-serve regular gasoline hit a record high of $3.18, rising more than 11 cents over the past two weeks, according to a nationwide survey released Sunday.
The latest figure topped the record of $3.07 set two weeks ago, which had been the highest price since the average cost of a gallon of gas hit $3.03 on Aug. 11, 2006, according to the Lundberg Survey of 7,000 gas stations across the country.

The latest price also beat the previous inflation-adjusted record of $3.15 per gallon in March 1981.

http://biz.yahoo.com/ap/070520/gas_prices.html?.v=5

http://mauberly.blogspot.com/

Light Crude (NYM)
June 07 ($US per bbl.) 64.94 +0.08 65.62 64.65 64.94 5/18 3:05pm
Heating Oil (NYM)
July 07 ($US per gal.) 1.92 -0.02 1.93 1.92 1.92 5/18 2:56pm
Natural Gas (NYM)
July 07 ($US per mmbtu.) 8.13 -0.11 8.43 8.09 8.13 5/18 3:11pm
Unleaded Gas (NYM)
June 07 ($US per gal.) 2.41 -0.03 2.44 2.40 2.41 5/18 3:02pm

http://mauberly.blogspot.com/

NEW YORK (AP) -- Oil prices dropped below $65 a barrel as investors sold contracts before their expiration Tuesday, and before the government's weekly inventory report. News of a partial oil production shutdown in Alaska and a government report predicting a busy hurricane season failed to boost prices.

The June contract for light, sweet crude, which expired Tuesday, lost $1.30 to settle at $64.97 a barrel on the New York Mercantile Exchange. The July contract also fell $1.36 cents to close at $65.51 a barrel.

Gasoline futures also ended lower ahead of the report, declining 9.5 cents to $2.3063 a gallon.

http://biz.yahoo.com/ap/070522/oil_prices.html?.v=16

http://mauberly.blogspot.com/

NEW YORK (AP) -- Oil prices plunged by more than $2 a barrel Tuesday on hopes that the inauguration of a new president in OPEC member Nigeria would contribute to a stable supply from the Niger Delta region.

Light, sweet crude for July delivery dropped $2.05 to settle at $63.15 a barrel on the New York Mercantile Exchange. Before the long weekend, U.S. crude oil climbed more than $1 to $65.20 Friday. Monday there was no floor trade and no closing price in the U.S. because of the Memorial Day holiday.

Brent futures for July lost $1.58 to close at $68.15 a barrel on London's ICE Futures exchange.

In other trading, gasoline futures fell 10.58 cents to settle at $2.2979 a gallon after several refineries restarted on Tuesday. Dow Jones Newswires reported that Alliance Oil's refinery in Belle Chasse, La., and Valero Energy Corp.'s refinery Delaware City, Del., are both restarting. Together, the refineries process 428,500 barrels of crude oil a day.

Heating oil futures slipped 7.01 cents to finish at $1.8690 a gallon on the Nymex, while natural gas prices fell 4.9 cents to $7.591 per 1,000 cubic feet.

http://biz.yahoo.com/ap/070529/oil_prices.html?.v=21

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NEW YORK (AP) -- A foiled plot to blow up a jet fuel pipeline under John F. Kennedy International Airport drew attention to what counterterrorism experts have warned could be a key target.

On Saturday, three men, one of them a former member of Guyana's parliament, were arrested and one was being sought in Trinidad as part of a plan that intended to "cause greater destruction than in the Sept. 11 attacks" in a neighborhood surrounding the airport, according to an indictment.

It was the first threat against Buckeye Pipe Line Co., which operates petroleum conduits in 18 states, the company said. Its pumping facility in Linden, N.J., has 45 storage tanks pumps turbine fuel, gasoline, diesel and other fuel and heating oils through two 12-inch pipes to customers in New York City, including JFK and LaGuardia airports. The network totals 35 miles within the city alone.

Roy Haase, a spokesman at Buckeye Partners LP, in Breinigsville, Pa., declined to discuss details of the plot or the security measures of the company, which operates pipelines ranging more than 5,000 miles.

http://biz.yahoo.com/ap/070602/terrorism_plot_pipeline.html?.v=1

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NEW YORK (AP) -- Crude oil futures settled at $68 a barrel on Friday, their highest close since September, while gasoline futures extended their rally, raising the prospect that prices at the pump will stabilize and possibly even rise after falling for several weeks.

Light, sweet crude rose 35 cents to settle at $68 a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose 15 cents to settle at $73.98 a barrel on London's ICE Futures exchange.

Meanwhile, retail gasoline prices, which typically lag the futures market, fell again by 1.4 cents overnight to a national average price of $3.029 a gallon, according to AAA and the Oil Price Information Service. Prices peaked at $3.227 a gallon on May 24.

"Unfortunately, I think this is about as good as it gets," said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service, predicting a higher price in the near future.

Gasoline futures for July jumped 3.54 cents to settle at $2.2601 a gallon on the Nymex.

Also on the Nymex, heating oil futures fell 0.55 cent to settle at $2.0106 a gallon while natural gas prices added 11 cents to settle at $7.918 per 1,000 cubic feet.

http://biz.yahoo.com/ap/070615/oil_prices.html?.v=17

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WASHINGTON (AP) -- A push from Congress and the White House for huge increases in biofuels, such as ethanol, is prompting the oil industry to scale back its plans for refinery expansions. That could keep gasoline prices high, possibly for years to come.

Oil industry executives no longer believe there will be the demand for gasoline over the next decade to warrant the billions of dollars in refinery expansions -- as much as 10 percent increase in new refining capacity -- they anticipated as recently as a year ago.

Biofuels such as ethanol and efforts to get automakers to build more fuel-efficient cars and SUVs have been portrayed as key to countering high gasoline prices, but they are likely to do little to curb costs at the pump today, or in the years ahead as refiners reduce gasoline production.

A shortage of refineries frequently has been blamed by politicians for the sharp price spikes in gasoline, as was the case last week by Sen. James Inhofe, R-Okla., during debate on a Senate energy bill.

http://biz.yahoo.com/ap/070617/ethanol_refineries.html?.v=17

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NEW YORK (AP) -- Oil and gasoline futures rose Monday after Nigerian oil unions called a strike for this week, pushing crude prices past Friday's $68 close. Retail gas prices, meanwhile, continued to fall, despite analyst predictions Friday that gas prices would fall no further.

Nigerian oil unions called a general nationwide strike to begin Wednesday in protest of a government price hike on automobile fuel. Also supporting energy prices were attacks on two Nigerian oil facilities by angry villagers and gunmen, which cut oil output.

"You've got kind of a double-whammy out of Nigeria," said Kevin Saville, managing editor for the Americas energy desk at Platts, the energy research arm of the McGraw-Hill Cos.

Nigeria was the third-biggest exporter of oil to the U.S. in March, behind Canada and Mexico, with an average of 1.35 million barrels a day, according to Energy Department statistics.

Light, sweet crude for July delivery rose 75 cents to $68.75 a barrel on the New York Mercantile Exchange. Brent crude for August delivery added 40 cents to $71.87 a barrel on the ICE futures exchange in London.

http://biz.yahoo.com/ap/070618/oil_prices.html?.v=16

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NEW YORK (AP) -- Oil prices rose on Tuesday, edging above the nine-month closing high reached a day earlier, after labor unions in Nigeria rejected the government's efforts to avert a nationwide strike.

Light, sweet crude for July delivery rose 34 cents to $69.43 a barrel in afternoon trading on the New York Mercantile Exchange. The contract had risen $1.09 on Monday to settle at $69.09 a barrel, the first closing above $69 since Sept. 1.

In other trading on the Nymex, gasoline futures slipped 2.03 cents to $2.2440 a gallon. Heating oil futures dropped 0.68 cent to $2.0274 a gallon on the Nymex, and natural gas prices fell 13 cents to $7.560 per 1,000 cubic feet.

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The market, which until this week had been fixated on U.S. domestic supply concerns, has shifted more of its focus to international developments. So the news about Iran and Nigera sent light, sweet crude for August delivery up 26 cents to $68.91 a barrel on the New York Mercantile Exchange, and gasoline for July up 1.86 cents to $2.2653 a gallon. August Brent crude rose 54 cents to $70.76 a barrel on the ICE Futures exchange in London.

In other Nymex trading, heating oil futures for July rose 1.08 cents to $2.0355 a gallon while natural gas prices fell 19.8 cents to $7.15 per 1,000 cubic feet. A government report on Thursday showed natural gas supplies rose by 89 billion cubic feet in the week ended June 15, in line with expectations.
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Oil prices fell nearly $1 a barrel Monday after labor unions halted a strike in Nigeria, where the work stoppage had shut down most major economic activity in Africa's biggest oil producer.

Nigerian labor unions called off their strike aimed at overturning a government fuel-price hike on Saturday, ending a four-day work stoppage. The unions said they had accepted the government's proposal to hold off on raising fuel prices for a year, while accepting an earlier proposition to halve a previous price increase that sparked the strike.

"The calling off of the Nigerian strike is the primary news item driving the oil market this morning," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore, adding the strike did not seem to affect the country's oil exports. "With no disruptions, it was a threat and now that the threat has at least been temporarily removed, crude oil futures are therefore falling."

Also on Monday, Royal Dutch Shell said it would resume crude oil exports from its Forcados terminal in Nigeria in July, but the move is not a sign of resumption of production from the field, which can produce up to 380,000 barrels a day.

"The oil will be coming out of storage in July, not producing," said Shell spokeswoman Eurwen Thomas, adding that the exports hadn't resumed in June as planned for "security reasons."

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NEW YORK (AP) -- Oil futures rose above $70 a barrel in New York trading Thursday for first time since Sept. 1 and retail gasoline prices stopped falling after a government report showed that gasoline inventories dropped unexpectedly just as the summer driving season is about to peak.

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Light Crude (NYM)
August 07 ($US per bbl.) 70.30 +1.33 70.50 70.00 68.97 6/28 11:42am
Heating Oil (NYM)
August 07 ($US per gal.) 2.05 +0.02 2.05 2.04 2.03 6/28 10:43am
Natural Gas (NYM)
August 07 ($US per mmbtu.) 6.78 -0.31 7.04 6.76 7.08 6/28 11:43am
Unleaded Gas (NYM)
August 07 ($US per gal.) 2.22 +0.02 2.22 2.22 2.20 6/28 11:33am

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PORT HARCOURT, Nigeria (AP) -- Europe's great powers once scrambled for dominance across vast, underdeveloped African lands rich in raw resources, including the scarlet palm oil used to grease the first cogs of the industrial revolution.

A century later, a new group of nations are competing for a different valuable, viscous material, with Sub-Saharan Africa closing in on the Persian Gulf as the prime overseas supplier of oil to the last remaining superpower.

As China and India increasingly prospect for resources here, terrorism concerns rise and the U.S. military seeks a permanent military presence in Africa, the continent has its greatest international influence in decades. Whether Africa can use its newfound might to end its longtime blight is a separate issue.

"There's a new dynamic in play" for African nations, says Antony Goldman, an independent risk-analysis consultant based in London. "And the challenge for those countries is how to manage that."

An AP analysis of U.S. oil import figures shows the stakes.

In 1993, the earliest year for which there are full figures, the main African oil producing countries -- Nigeria, Angola, Cameroon, Chad, Equatorial Guinea and Gabon -- shipped about 494,000 barrels per day of oil to the United States, data from the official Energy Information Administration show. That's about 7 percent of total U.S. imports. In the same year, the Persian Gulf nations averaged 1.6 million barrels per day, or about one quarter of all U.S. imports.

By 2006, sub-Saharan African oil constituted about 18 percent of all U.S. imports, or about 1.8 million barrels per day; the Persian Gulf made up 2.2 million barrels per day, or 21 percent of total daily imports.

But the oil producers are among the sickest countries in Africa. While poorer nations such as Senegal, Mali, Liberia, Burundi, Ghana and others have made democratic advancements, the oil countries are still mostly run by weak, or illegitimate leaders.
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NEW YORK (AP) -- Oil prices rebounded Monday from early declines to settle above $71 for the first time in 10 months as traders focused on a refinery outage in Kansas and new accusations about Iran's role in Lebanon and Iraq.

Early in the day, investors sold to lock in profits from last week's rally, which drove prices above $70 a barrel for the first time since August. But as the day wore on, light, sweet crude for August delivery rose, settling up 41 cents at $71.09 a barrel on the New York Mercantile Exchange and up from a session low of $69.57. On Friday, oil prices rose to close above $70 a barrel for the first time in 10 months.

On Monday, gasoline futures for August rose 0.59 cent to settle at $2.2487 a gallon. Earlier in the day, gas futures were off by more than 4 cents a gallon.

August Brent crude futures rose $1.22 to settle at $72.63 a barrel on the ICE Futures exchange in London.

Nymex heating oil futures for August rose 1.94 cents to $2.0618 a gallon, while natural gas prices fell 0.9 cent to settle at $6.764 per 1,000 cubic feet.

Retail gasoline prices extended their decline despite the recent surge in futures prices. The average national price of a gallon of gas fell to $2.957, down 0.4 cent overnight and off 27 cents from its May peak of $3.227, according to AAA and the Oil Price Information Service.
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NEW YORK (AP) -- Retail gas prices rose overnight Friday for the first time in more than a month as the closure of a Kansas refinery sent prices in the center of the country sharply higher. Oil futures, meanwhile, surged $1 a barrel to another 10-month high.

The average national price of a gallon of gas inched up 0.3 cent to $2.952, according to AAA and the Oil Price Information Service. Retail prices, which typically lag futures, had fallen steadily since their late May peak of $3.227 a gallon.

Analysts have long argued that the slide was due to end and that prices were likely to start following futures prices higher. Futures have rallied in recent weeks on concerns about domestic refining capacity.

It's unclear how much prices will rise. Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service, said the overnight increase is almost all attributable to price jumps in Plains and some Rockies states. Supplies there have been cut by the flooding and closure of a refinery in Coffeyville, Kan., that can produce 2.1 million gallons of gasoline per day.

"They just lost about one-seventh of their gasoline supply for the summer," Kloza said.

However, if retail gas prices are destined to follow futures higher, then they're likely to keep rising. Oil and gasoline futures rose Friday on continuing concerns about violence and kidnappings in Nigeria and a sense that domestic refiners are struggling to produce enough gas.

Light, sweet crude for August delivery gained $1 to settle at $72.81 a barrel on the New York Mercantile Exchange. That was the front-month contract's highest settlement since Aug. 15. August Brent crude rose 87 cents to $75.62 a barrel on the ICE Futures exchange in London.

August gasoline rose 2.53 cents to settle at $2.3096 on the Nymex.

Nymex heating oil futures rose 0.78 cent to $2.0951 a gallon, while natural gas prices fell 17.4 cents to settle at $6.444 per 1,000 cubic feet. The government reported that natural gas inventories rose by 78 billion cubic feet last week, in line with analyst expectations.

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July 9 (Bloomberg) -- The steepest decline in ethanol since 2001 may be ending, buoying profits at Archer Daniels Midland Co., VeraSun Energy Corp. and Aventine Renewable Energy Inc.

Ethanol tumbled 43 percent in the past 12 months, making the corn-based fuel additive cheaper than gasoline for the first time in two years. The difference in price will persist through 2007, spurring ethanol sales as oil refiners use it to stretch fuel supplies, said Ian Horowitz, an analyst at Soleil Securities Corp. in New York.

``We're getting close to the bottom and optimism is building with new markets opening up,'' said Randy Stratton, chief executive officer of Stratton Group, a Sioux Falls, South Dakota, adviser to distillers. ``That means a lot of cash will be made.''

Profits for ADM, the largest U.S. ethanol maker, VeraSun and Aventine probably will rise 46 percent next year, while earnings drop at Exxon Mobil Corp. and Chevron Corp., according to analyst forecasts compiled by Bloomberg. Bumper corn crops in the U.S. and China, the two biggest growers, will reduce costs for ethanol distillers and President George W. Bush's support for the fuel may increase demand.

Ethanol was the pick of energy investors in 2005 and 2006 as record oil prices lured Microsoft Corp. Chairman Bill Gates and venture capitalist Vinod Khosla to alternative fuels. Publicly traded ethanol makers lost a combined $2 billion in market value this year.

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NEW YORK (AP) -- Gas prices dropped a cent at the pump overnight, following a futures market that has plunged more than 25 cents a gallon over five days on news of growing inventories and refineries returning to service.

Oil prices slid lower after rising above $75 earlier on concerns about disruptions in supplies of the light, sweet crude that is most in demand by refineries as they ramp up their operations to produce more gasoline. Trading across the energy futures complex was choppy, with prices changing direction several times.

Analysts have been mystified by the different directions oil and gasoline futures have taken over the past several Nymex sessions, predicting that one contract was bound to follow the lead of the other at some point.

The national average price of a gallon of gas dropped a cent overnight to $3.04, according to AAA and the Oil Price Information Service. It was the second straight decline after gas had risen a dime over 10 days amid Midwestern refinery problems. Gas prices peaked at $3.227 a gallon in late May.

In the gasoline futures market, word that several refineries were returning to service and last week's government report of rising inventories has sent prices plummeting in recent days. Retail prices typically lag the futures market.

Gasoline for August added to those losses Tuesday, falling 2.55 cents to settle at $2.1007 on the New York Mercantile Exchange after rising more than 3 cents a gallon earlier.

Light, sweet crude for August delivery fell 13 cents to settle at $74.02 a barrel on the Nymex. The last time a front-month contract closed over $75 was Aug. 9.

Heating oil futures fell 2.24 cents to settle at $2.0332 a gallon, while natural gas prices fell 6.9 cents to settle at $6.307 per 1,000 cubic feet.
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July 27 (Bloomberg) -- Crude oil surged to $77.02 a barrel in New York, 1 cent short of a record close, after a government report showed that the U.S. economy grew more than expected in the second quarter, indicating fuel demand will rise.

The economy expanded 3.4 percent last quarter, the fastest pace in more than a year. The U.S. consumes 24 percent of global oil production. The International Energy Agency said on July 13 that world oil demand will rise 1.8 percent next year. The Organization of Petroleum Exporting Countries hasn't raised output to keep pace with growing consumption.

``The economy is growing at a comfortable pace in spite of high prices, which has to be bullish,'' said Eric Wittenauer, an energy analyst at A.G. Edwards & Sons Inc. in St. Louis. ``One thing we've seen from the earnings this week is that the major oil companies aren't replacing reserves, so when OPEC sits on its hands there's going to be a shortfall.''

Crude oil for September delivery rose $2.07, or 2.8 percent, to settle at $77.02 a barrel at 3:09 p.m. on the New York Mercantile Exchange. Futures reached $77.24 yesterday, the highest intraday price for a front-month contract since Aug. 9. The September contract is up 1.6 percent this week.

Oil in New York touched a record $78.40 a barrel on July 14, 2006, on concern fighting in Lebanon between Israel and Islamic militia Hezbollah would spread through the Middle East. Futures settled at a record $77.03 that day.

Global oil consumption peaks during the Northern Hemisphere winter.

Brent crude oil for September settlement increased $1.08, or 1.4 percent, to $76.26 a barrel on the London-based ICE Futures exchange.

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NEW YORK (AP) -- Oil prices set another one-year record Tuesday on expectations that crude inventories fell last week and reports of new violence in Nigeria, a large oil producer and key supplier to the U.S.

Investors believe Wednesday's inventory report by the Energy Department's Energy Information Administration will show that refiners drew down oil inventories as they continued to increase gasoline production last week, analysts said.

News that a Nigerian construction worker was kidnapped Tuesday added to the bullish tone of a market that seems determined to test last year's record highs, analysts said.

"They want to get back to $78.40," the intraday price record set July 14, 2006, said Jack Hunter, an energy trader at FC Stone Group in Kansas City.

Light, sweet crude for September delivery gained $1.31 to $78.14 a barrel on the New York Mercantile Exchange. That put futures within striking distance of the intraday record, and of the settlement price of $77.03 set the same day.

The August gasoline contract, which expires after the close of trading Tuesday, rose 6.34 cents to $2.149 on the Nymex. Expiring futures contracts are often subject to volatile swings as investors square positions.

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WASHINGTON (AP) -- Declaring a new direction in energy policy, the House on Saturday approved $16 billion in taxes on oil companies, while providing billions of dollars in tax breaks and incentives for renewable energy and conservation efforts.

Republican opponents said the legislation ignored the need to produce more domestic oil, natural gas and coal. One GOP lawmaker bemoaned "the pure venom ... against the oil and gas industry."

The House passed the tax provisions by a vote of 221-189. Earlier it had approved, 241-172, a companion energy package aimed at boosting energy efficiency and expanding use of biofuels, wind power and other renewable energy sources.

"We are turning to the future," said House Speaker Nancy Pelosi.

The two bills, passed at an unusual Saturday session as lawmakers prepared to leave town for their monthlong summer recess, will be merged with legislation passed by the Senate in June.

On one of the most contentious and heavily lobbied issues, the House voted to require investor-owned electric utilities nationwide to generate at least 15 percent of their electricity from renewable energy sources such as wind or biofuels.

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Oil prices fell Monday on speculative selling, extending a decline prompted at the close of last week by news of a cooling U.S. job market. Light, sweet crude for September delivery fell $1.28 to $74.20 a barrel in electronic trading on the New York Mercantile Exchange, midday in Europe.

Nymex gasoline dropped 3.20 cents to $1.9970 a gallon (3.8 liters) while heating oil prices lost 2.10 cents to $2.0130 a gallon.

Natural gas prices fell 16.8 cents to $5.922 per 1,000 cubic feet.

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NEW YORK (AP) -- Oil and gasoline futures plunged Monday on concerns about the economy's health and as investors sold to lock in profits from last week's record-setting rally.

September oil fell more than $3 a barrel, and gas futures slid more than 10 cents to settle below $2 a gallon. Both contracts extended declines that began Friday after the government issued weaker-than-expected employment numbers. That data added to the sentiment of a series of other government reports analysts say suggest the economy might be slowing.

Light, sweet crude for September delivery fell $3.42 to settle at $72.06 a barrel on the New York Mercantile Exchange. The contract has fallen more than $6 from the intraday price record of $78.77 it set last week.

September gasoline was off 10.31 cents to settle at $1.9259 on the Nymex.
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Light, sweet crude for September delivery dropped 37 cents to $72.05 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract had risen 36 cents to settle at $72.42 a barrel on Tuesday.

Heating oil futures lost 0.45 cent to $1.9596 a gallon (3.8 liters) while gasoline prices lost 0.73 cent to $1.9369 a gallon. Natural gas futures fell 1.5 cents to $6.186 per 1,000 cubic feet.

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Light Crude (NYM)
September 07 ($US per bbl.) 72.38 +0.76 72.50 71.40 72.38 8/14 2:28pm
Heating Oil (NYM)
September 07 ($US per gal.) 1.98 +0.02 1.99 1.96 1.98 8/14 2:29pm
Natural Gas (NYM)
October 07 ($US per mmbtu.) 7.13 +0.11 7.15 6.96 7.13 8/14 2:29pm
Unleaded Gas (NYM)
September 07 ($US per gal.) 1.97 +0.04 1.98 1.94 1.97 8/14 2:30pm
http://money.cnn.com/data/commodities/

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Aug. 23 (Bloomberg) -- PetroChina Co., Asia's biggest oil company by market value, posted an unexpected gain in first-half earnings as refineries returned to profit and tax payments fell.

Net income rose 1.4 percent to a record 81.83 billion yuan ($10.79 billion) from 80.68 billion yuan a year earlier, the company said in a statement today. That beat the median estimate of 78.9 billion yuan in a Bloomberg News survey of 11 analysts.

PetroChina's output from fields in Kazakhstan, Algeria and Venezuela jumped 6.6 percent as the Beijing-based company stepped up supplies to the fastest-growing major economy. Refineries reversed their year-earlier loss as lower crude prices reduced raw material costs.

``PetroChina has demonstrated its capability of delivering earnings resilience amid volatile oil prices,'' said Lei Wang, co-portfolio manager of $11 billion in stocks at Thornburg International Value Fund in Santa Fe, New Mexico. ``It's a happy surprise set of results.''

Sales climbed 20 percent to 392.7 billion yuan. PetroChina, 88 percent owned by the Chinese government through China National Petroleum Corp., will pay a first-half dividend of 0.205690 yuan a share, compared with 0.202806 yuan a year earlier. Per-share earnings rose to 0.46 yuan from 0.45 yuan.

The shares advanced 2.6 percent to HK$11.04 before the earnings announcement, which came after the Hong Kong market's 4 p.m. close. They have gained 0.2 percent this year, trailing a 15 percent increase in the benchmark Hang Seng Index.
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Light, sweet crude for October delivery dropped 17 cents to $69.66 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. October Brent crude lost 21 cents to $69.65 a barrel on the ICE futures exchange in London.

Gasoline prices fell 0.22 cent to $1.9210 a gallon on the Nymex, while heating oil futures dropped 0.75 cent to $1.9535 a gallon (3.8 liters). Natural gas prices fell 5.1 cents to $5.571 per 1,000 cubic feet.

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