Some more good articles have come out in the past couple of days on the prospects for the oil industry of regime change in Iraq, including this LA Times article exploring whether regime change would weaken OPEC. The experts interviewed have mixed opinions on whether Iraq would leave OPEC under a new regime, but all …
As reported by the Financial Times, the Chicago Tribune, Bloomberg Energy News, OPEC officials meeting in Japan have decided not to change the existing quotas. Crude prices in New York are still flirting with $30 per barrel, the OPEC benchmark price is close to $28 per barrel, and OPEC officials know that this relatively high …
Canadian scientists have found huge deposits of natural gas deep in Pacific ice. These gas hydrates have the potential to increase our energy supplies dramatically. This article suggests something that’s crucial to our continuing economic growth, and will also lead to environmental benefits — technological change in identifying, finding, and extracting energy from sources that …
As I expected, the mounting arguments and persuasion efforts toward attacking Iraq have kept oil prices high, both in New York and in London. This CBS Marketwatch article and this Bloomberg News article summarize the oil market’s movements. Prices are high and hovering, waiting to hear how different countries respond to President Bush’s UN speech …
Crude oil prices have gone above $30 again, according to a Bloomberg Energy News story. Still working with this prevailing uncertainty … it will be interesting to see what happens to prices Monday, after Bush and Blair meet this weekend.
According to Bloomberg News, OPEC may boost its quota by as much as 750,000 barrels per day. Even with all of the Iraq talk, Nymex crude closed at only 58 cents higher than Wednesday, at $28.92. Remind me again why people think that markets are unpredictable … ? Even when folks like OPEC try to …
Even with the threat of military action in the Persian Gulf and the upcoming Labor Day holiday weekend, both crude oil and gasoline prices are pretty darn stable (although oil prices, especially, are high; more on that in a second). On gasoline, this Reuters article summarizes the results of the regular Lundberg survey of gasoline …
This DOE Energy Information Administration presentation does a really nice job of explaining the complex interactions among different distilled products, foreign and domestic sources, etc. It’s well worth a scroll through. Note that the EIA folks are less sanguine about distillate inventories than the API folks. That’s the beauty of “redundant” investigation — we use …
The July American Petroleum Institute report indicates that the inventory of distillate for heating oil and diesel fuel increased 7.2 percent relative to July 2001. This is a good thing, because it gives refiners a jump on the seasonal demand for home heating oil, which (all other things equal) should lead to more stable heating …
This Financial Times article recounts today’s close at $30.11, attributing it to war fears. I think it’s more complicated than that, but it’s not worth quibbling. The next OPEC meeting will be quite interesting …
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