Oil Price 2008
December 28th, 2008 at 03:22pm
Under Crude oil+ Historical oil prices+ Oil Price 2008+ Oil Price 2009+ energy prices
Oil prices significantly lower! In London quoted a barrel of Brent oil $ 37.49, its lowest level since December 2004.
The prices of crude oil fell more than expected last week on US oil markets. Due an Oil stock report published on Wednesday by the U.S. Department of Energy. These figures showed a stronger increase than most analysts expected. The stocks of crude oil increased with 3.101 billion barrels to 318.188 billion barrels of crude oil.
In Cushing, Oklahoma, oil stocks rose with 1.2 million barrels to a record high of 28.7 million barrels. This stock is used for the distribution of the oil used for Nymex future trading markets. Petrol stocks rose by 3.336 billion barrels to 207.295 billion barrels. Analysts here calculated an increase of 600,000 barrels. The stocks of heating oil and diesel increased also a lot stronger than expected, 1814 million barrels to a grand total of 135.337 billion barrels. Analysts here assumed a decline of 100,000 barrels. It is obvious our oil specialist, future brokers and technical analysts were betting on the wrong side again the last couple of weeks. Worldwide oil markets are showing drastic volatile downwards moves since the summer of 2008. This picture shows oil prices from 2001 till 2009 and it may be clear that oil prices of 200 USD are far away and we are back on the levels of 2004 within six months time.
Wow what a rollercoaster ride it was!
Our reporters tell us sentiment is on its lowest and that counts the same for the trade. ‘It’s because of the world economy and the underlying feeling that there is no better side on this moment, “said an oil trader in London. “There is also a lack of buyers in the market, the price terms.” Because of the weak outlook for the world economy, many analysts and traders think that the downward trend in oil prices probably will continue for a while. “I expect that we will descend toward the $ 30, then you will see that a few big buyer will be back … It will all depend on the weather and what OPEC exactly will do in 2009,” said associated trader in London.
By Oilism.com
November 12th, 2008 at 05:55pm
Under OPEC+ Oil Price 2008+ Oil Price 2009+ Oil price+ Production levels+ energy prices
NEW YORK – Oil prices fell Wednesday to its lowest level in 22 months time. That was caused by speculation about a reduction in demand due to the deteriorating economic conditions.
A barrel of U.S. crude oil (159 liters) fell by 5.8 percent to 55.86 dollars.
The U.S. government gave an extra boost to speculations by downwards adjusting the forecast for global oil demand for 2009.
Oil Consumption
The U.S. Energy Information Agency (EIA) expects that consumption will decline slightly next year to an average 85.9 million barrels per day.
The demand in the United States, the largest buyer of crude oil in the world, will decrease with more than 1 million barrels per day. That is since 1980 not seen on the world wide oil markets.
OPEC
The Organization of Petroleum Exporting Countries (OPEC) told earlier this week oil productions will further decrease as the oil price continues to fall.
Last week, OPEC reduced production already with 1.5 million barrels per day, but the price of crude oil barely reacted to this production cut.
Last July, oil prices reached another record high of 147 dollars per barrel. Then the price plummet quickly followed by an OPEC production cut not long after that .
By Oilism.com
July 17th, 2008 at 11:31am
Under Oil Price 2008+ Oil Price 2009+ Oil price+ energy prices+ peak oil
The recent hike in prices of crude oil and fuels has affected the life of common man. It was rather a slap on his face which has put the nations with economic problems in serious desperation, affecting their growth. Rather than to criticize the government and putting the blame on each other, we have to go for an analysis which will help in evaluating the reasons behind this increase in prices of essential oils and fuels.
The real reason behind such an increase in the price of oils is the scarcity of oil supply. The critical reason behind such an increase is closely connected to the global financial market. Even though this is not a single reason, this is in fact a primary reason. The increasing demand in the industrialized nations for a huge supply of oil made oil an essential commodity with large volume of trade around the globe.
The oil is sold and priced in dollar. So speculation is the major reason which dominates even the reduced supply, in case of an increase in oil prices. When dollar loses its value, oil producers will have to increase the prices. Then only, they will be able to deal with the losses they are facing in converting the dollar into their local currency. The sinking currency will, hence cause excessive debt. This makes increase in oil price and decrease in dollar value, the two sides of the same coin.
Common men are the direct victims of this high increase of oil prices. When the price of all essential commodities increases, they find life difficult to conquer. The jump in the price of petrol puts them in great trouble. The increased energy bills make life a night mare for them. Global economy is both directly and indirectly affected by the hike of oil prices. The leading countries in the world are subjected to great economic crisis when their customers face financial problems due to hike in oil price.
Inflation will grab the economy as a whole. Almost all countries are subjected to this problem, which causes an immediate attention essential towards this problem. The worst case can even lead to increase of crimes when money becomes a problem for common men. Unemployment caused due to companies trying to reduce the cost on employment will make economy to fall heavily. Economic imbalance and increased travel costs are some other areas where we can see the worst sides of increased oil price.
By Oilism.com
February 12th, 2008 at 04:52pm
Under Crude oil+ Fossil fuels+ Fuel Oil+ Fuel Prices+ Oil Price 2008+ bio ethanol+ energy prices
As the world knows, the prices of crude oil are jumping up fast, and show no signs of slowing down. The same price effect is seen with the fuel prices for gasoline and diesel. The average fuel price for a gallon gasoline in the US is now over $3.00 and Americans are getting used to the fact that “Buying a Car is much easier than Keeping it Rolling”. Car owner costs are increasing lately by raising concerns about the insurance/banking sector and the sharp raise of crude oil prices.
As gasoline prices has jumped above $3 several times lately it made me think “Will we get used to gas prices going over $4.00 or $7.00 or even higher?? Many experts are saying other fuel sorts like bio-ethanol will take over this market, but these new energy products don’t show signs of taking over the market any time soon as it isn’t even publicly available yet. And even if new energy products like bio ethanol, wind energy, solar and others take over, it will take awhile… at least 15-20 years according the international energy advisory board. Still at the demand side for crude oil there are absolutely no signs of slowing down.
A recent crude oil and fuel study showed that the entire world is consuming oil at a rate of more than 1,000 barrels per second, including all kinds off crude oil products. According to the International Energy Agency, global oil demand will increase to an average of 87.8 million barrels per day though out 2008.
Can we seriously find an alternative for our “extreme addiction” for crude oil as George W. Bush calles it. We must find out soon, before it’s too late. What’s your opinion?
Check the fuel prices graphs for Gasoline and Diesel fuel prices.
By Oilism.com