Crude Oil Settles Lower after US Oil Data

Crude oil futures prices settled 1.3% lower Wednesday, hit by a steep fall drop in U.S. oil demand and a sharp rise in fuel stockpiles. Prices ended at the lowest level so far in 2012, but were supported above $100 a barrel by growing concerns about the reliability of near term crude oil supply from Iran and Nigeria.

A Nigerian union leader said Wednesday that workers at oil platforms are on "red alert" and ready to shut down facilities in a growing national strike that erupted in response to soaring fuel costs after the government abruptly halted a $7 billion fuel subsidies program. Nigeria pumped 2.2 million barrels a day in December, according to U.S. estimates, and supplied 9% of U.S. crude oil imports in the first 10 months of 2011.

Meantime, U.S. Treasury Secretary Timothy Geithner on Wednesday urged top Chinese officials to significantly reduce imports of Iranian crude, after a new U.S. sanctions policy focused on nations that continue trading with Iran. Countries can avoid those sanctions by showing a significant reduction in Iranian oil imports.....Read the entire Rigzone article.


Could Crude Oil Prices Intensify a Pending SP 500 Sell Off?

Oil Trades Little Changed on Forecast U.S. Fuel Stockpiles Rose

Crude oil traded little changed, poised for its biggest quarterly gain since 1990 before a report tomorrow expected to show an increase in U.S. gasoline stockpiles. Gasoline inventories in the U.S. probably climbed 2 million barrels in the week ended June 26 from 208.9 million the previous week as refineries increased production, a Bloomberg News survey showed. Oil fell back after climbing as much as 2.6 percent as a weaker dollar drove investors to commodities as a hedge against inflation and Nigerian rebels attacked oil installations.....Complete Story

Oil Settles Above $71, China to Boost Reserves

Oil prices settled above $71 a barrel Monday, as China said it would boost oil reserves and Nigerian militants partly shut down an offshore oil platform belonging to Royal Dutch Shell PLC. Benchmark crude for August delivery gained $2.33 to settle at $71.49 a barrel on the New York Mercantile Exchange. Alaron Trading Corp. analyst Phil Flynn said China's plans to increase its strategic crude oil reserves by 60 percent should provide the market with some long term support.....Complete Story

Oil, Gasoline Rise as Nigerian Militants Attack Shell Field

Crude oil and gasoline rose after an attack by Nigerian militants shut a field operated by Royal Dutch Shell Plc, cutting output from Africa’s largest producer. Shell said it closed the Estuary field near the Forcados export terminal after the assaults. Hostilities in the Niger River delta have cut more than 20 percent of the country’s oil exports since 2006. The International Energy Agency, an adviser to 28 developed nations, lowered its five-year forecast.....Complete Story

Crude Oil and Gasoline Futures Jump, Chevron Delays Nigerian Projects

"Crude Oil, Gasoline Futures Jump on Signs of Stronger U.S. Demand for Fuel"
Crude oil rose more than $2 a barrel and gasoline surged to a three-month high after U.S. stockpiles of the motor fuel dropped....Complete Story

"Chevron Delays 3 Nigerian Projects, Raises Cost Estimates as Much as 103%"
Chevron Corp., the world’s fourth- largest energy company, delayed the start of production at three Nigerian projects and raised cost estimates as much as 103 percent on some of its biggest new sources of output....Complete Story

"Compromise Energy Policy Within Reach"
BP's Chief Executive, Tony Hayward, writes that a collapse in world energy demand and the fall of energy prices present a rare once in a generation opportunity to craft an innovative energy policy for the United States....Complete Story

Crude Oil Industry Headline News

"Total in Fresh Talks with Venezuela on Expanding Ops"
Total is in fresh talks with the Venezuela government about expanding its operations in the South American nation....Complete Story

"Exxon, Chevron Top Analyst Earnings Estimates on Refining Gains"
Exxon Mobil Corp. and Chevron Corp., the biggest U.S. oil companies, exceeded analyst earnings estimates as increased fourth quarter refining profits blunted the impact of a record drop in crude prices....Complete Story

"Mexico's President Meets with Top Oil Cos, Talks Energy Reform"
Mexican President Felipe Calderon met with top executives from some of the world's largest oil companies at the World Economic Forum in Davos....Complete Story

"Nigerian Militants to End Truce in Oil-Rich Delta"
Nigeria's main militant group said on Friday it was calling off a ceasefire after a military strike on one of its camps in the Niger Delta, warning of a "sweeping assault" on the oil industry....Complete Story

"California Rejects Offshore Oil Deal"
California's Land Commission said no to an offshore oil drilling deal saying it would open the door for further offshore development. Environmental groups and the Plains Exploration and Production company....Complete Story