June 1, 2012 |
A rash of troubling economic data kicked U.S. oil prices as low as $82.56 a barrel on the New York Mercantile Exchange, its lowest level in nearly eight months. John Kilduff, founder of Again Capital in New York, said the slide Friday was prompted by more news overnight about a slowing Chinese economy, and then accelerated once it was learned that the U.S. economy added just 69,000 new jobs in May. "It's fueled several concerns that demand for oil is going to drop," he said.
May 21, 2012 |
Crude oil prices have rebounded slightly after falling last week to their lowest levels in six months. Retail gasoline prices were falling in California after a painful 18.6-cent jump over the last two weeks. Nationally, the average retail price for gasoline was entering its seventh straight week of declines. The U.S. oil commodities trading benchmark, West Texas Intermediate, was up 61 cents to $92.09 a barrel during trading on the New York Mercantile Exchange. In London, European benchmark Brent North Sea crude was up 86 cents to $108 a barrel on the ICE Futures Europe Exchange.
May 17, 2012 |
Analysts said that a crude-oil glut from increasing domestic production and imports from Canada helped drive U.S. oil prices below $100. They added that a change in the flow of a key U.S. oil pipeline that begins this week could help reduce retail gasoline prices. The U.S. Energy Department says that crude oil inventories at a storage hub in Cushing, Okla., reached a record 45.1 million barrels on May 11, breaking the old record of 41.9 million barrels set in early April 2011.
May 9, 2012 |
NEW YORK -- Stock markets opened sharply lower on Wall Street, continuing a slide in the face of continued political and economic turmoil in Europe. The Dow Jones industrial average fell 101 points, or 0.8%, to 12,831 in early trading. The broader Standard & Poor's 500 index was down 12.9 points, or 1%, to 1,351. The technology-heavy Nasdaq gave back 6 points, or 1%, to 607. Investors also sold positions in commodities, a sign of perceived weakening demand. Oil prices continued to slide, with the price of crude dropping $1.06, or 1.1%, to $95.95 a barrel.
May 8, 2012 |
California's streak of seven straight weeks of gasoline price declines has ended because of widespread refinery maintenance shutdowns that have reduced fuel supplies by nearly a third compared with a year ago. In California, the average price of a gallon of regular gasoline was $4.213 a gallon, up 2.7 cents from a week earlier, according to the Energy Department's weekly survey of service stations, released Monday. The U.S. average continued to fall, dropping 4 cents to $3.790 a gallon, the Energy Department survey showed.
May 5, 2012 |
WASHINGTON - The nation's long, hard ride to recovery went off track in the spring: Job growth slowed for the second straight month, raising fresh fears about the underlying strength of the economy. In a disappointing development for President Obama's reelection campaign, employers added a modest 115,000 jobs in April, barely enough to keep up with the natural growth of the workforce. The unemployment rate inched down to 8.1% - not because more people got jobs but because more discouraged workers dropped out of the labor market.
May 1, 2012 |
Retail gasoline prices continued to fall nationally and in California over the last week, the Energy Department said. The U.S. average price for a gallon of regular gasoline fell 4 cents to $3.830, according to the Energy Department's weekly survey that was released Monday. The U.S. average hit its peak for the year of $3.941 a gallon on April 2 and has fallen for four straight weeks. A year earlier, U.S. drivers spent 5.1 cents more for a gallon of gas. In California, the average cost for a gallon of regular gasoline fell 1.7 cents to $4.186.
April 30, 2012 |
Only once in the last 20 years have gasoline prices peaked before mid-May. Oil prices haven't been that remarkably predictable, but one could usually expect them to peak sometime during the U.S. summer driving season, experts say. But in 2012, the old patterns don't seem to apply. The U.S. average for a gallon of regular gasoline has dropped steadily since April 5, when it reached its high for the year, so far, of $3.926 a gallon, according to Marie Montgomery, a spokeswoman for the Automobile Club of Southern California.
April 28, 2012 |
Chevron Corp. said first-quarter profit rose 4.2% as rising oil prices offset falling natural gas prices. Net income for the first three months of the year increased to $6.47 billion, or $3.27 a share, from $6.21 billion, or $3.09,a year earlier, the San Ramon, Calif., company reported Friday. Revenue for the world's third-largest publicly traded oil company rose to $60.71 billion, compared with $60.34 billion in the first quarter last year. The company's financial performance was hurt by a sharp year-to-year decline in natural gas prices, but that drop was more than offset by sharply higher oil prices.
April 27, 2012 |
Occidental Petroleum Corp. posted a slight increase in first-quarter profit on higher oil prices and record production as energy giants Exxon Mobil Corp. and Royal Dutch Shell reported lower net income. Westwood-based Occidental, the fourth-largest U.S. oil company, said it generated net income of $1.56 billion in the first quarter, or $1.92 a share, up from $1.55 billion, or $1.90, in the same quarter of 2011. Revenue jumped to $6.27 billion from $5.73 billion a year earlier. Occidental Chief Executive Stephen I. Chazen said production rose to the equivalent of 755,000 barrels of oil a day, "the highest in Occidental's history," from 730,000 barrels a day in the first quarter of 2011.