Oil rises above $90 amid US crude supply drop

Oil rises above $90...
SINGAPORE (AP) -- Oil Prices rose above $90 a barrel Wednesday in Asia after a report showed U.S. crude supplies dropped more than expected for a second week, which suggests demand is improving. Benchmark oil for February delivery was up 19 cents to $90.01 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 45 cents to settle at $89.82 on Tuesday. The American Petroleum Institute said late Tuesday that crude inventories fell 5.8 ...

Crude oil climbs above $90
NEW YORK, Dec. 21 (UPI) -- Crude Oil Prices climbed Tuesday, adding 68 cents to breach the $90 mark at $90.05 per barrel as equity markets closed higher. The Dollar held steady, the dollar index rising 0.05 percent. Heating Oil Prices on the New York Mercantile Exchange added 2.93 cents to $2.5188 per gallon, finding support from increased demand due to winter weather. Reformulated blendstock Gasoline added 3.43 cents to reach $2.4121 per gallon. Henry Hub Natural Gas prices shed 1.64 cents to ...

Gasoline futures up on tighter Northeast supplies
Gasoline futures gained on Tuesday, as a problem at a refinery in the Caribbean contributed to tight supplies in the heavily populated Northeast and promised to help keep pump prices up heading into the New Year. Gasoline rose 2.03 cents to $2.3981 a gallon in midday trading on the New York Mercantile Exchange. Crude Oil Prices climbed as well, adding 35 cents at $89.72 a barrel. The Hovensa refinery at St. Croix, Virgin Islands, has had trouble restarting a key unit used to process Crude Oil. I...

Gasoline futures up on tighter Northeast supplies
Gasoline futures gained on Tuesday, as a problem at a refinery in the Caribbean contributed to tight supplies in the heavily populated Northeast and promised to help keep pump prices up heading into the New Year. Gasoline rose 2.03 cents to $2.3981 a gallon in midday trading on the New York Mercantile Exchange. Crude Oil Prices climbed as well, adding 35 cents at $89.72 a barrel. The Hovensa refinery at St. Croix, Virgin Islands, has had trouble restarting a key unit used to process Crude Oil. I...

Soybeans, corn rise on Argentina weather concerns
NEW YORK — Grain prices rose Wednesday as investors worried that a drought in Argentina might damage soybeans and corn growing in that country. Argentina is the world’s second-largest exporter of corn and the third-largest exporter of soybeans. The country has had dry weather for the past seven weeks. If that keeps up, it could reduce the size of the country’s harvest. "The fear is the pattern is going to continue," said Tim Hannagan, senior grain analyst for brokerage PFG Bes...

Oil settles closer to $90
Oil prices rose Tuesday, as traders remained optimistic about improving demand for energy products as millions of Americans travel for the holidays. Here's how energy contracts traded. Crude rose 45 cents to settle at $89.82 per barrel. Gasoline gained 2.07 cents to settle at $2.3985 a gallon. Heating oil added 2.69 cents to settle at $2.5164 a gallon. Natural Gas fell 17.8 cents to settle at $4.237 per 1,000 cubic feet. Brent Crude rose 46 cents to settle at $93.20 per barrel. Will Mrs. Obama d...

Oil, gas prices rise in extended cold snap
Combined with heavy winter demand for heating fuel, light, sweet crude for February delivery prices on the New York Mercantile Exchange added 61 cents, 0.6 percent, to $90.43 per barrel. Heating Oil Prices gained 1.18 cents to $2.5409 per gallon. Reformulated Gasoline prices gained 2.04 cents to $2.402 per gallon. Henry Hub Natural Gas prices shed 5.9 cents to $4 per million British thermal units. At the pump, the national average price of unleaded Gasoline jumped to $2.997 per gallon Wednesday...

Crude Market Perspectives As WTI Passes $90
Heating Oil Prices followed the lead set by Gasoline prices on Monday, by breaking out over their critical resistance at 251.61 on Tuesday, finishing three points over that, at 251.64. Crude Oil Prices did not finish over $90.76, but they did finish at their highest level in two years at $89.82. And, now that Gasoline and heating Oil Prices have both broken their critical levels, we expect that crude Oil Prices will follow rather soon. The main factors pushing prices higher were optimism over ...

Raymond J. Learsy: As Oil Pierces $90/Barrel Time for the President Finally to Act
Since the beginning of the Obama presidency the price of oil has nearly tripled from slightly over $30 in February 2009 to over $90 on the New York Mercantile Exchange this day. To date the president has barely dealt with this malignancy threatening to destabilize the feeble Economic Recovery he has sponsored to date. Yet during the Presidential Campaign Candidate Obama presented himself as resolute on the issue of Oil Prices and their impact on the nations' well being. In August 2008 much to...

Gasoline Futures up on Tighter Northeast Supplies
Gasoline futures gained on Tuesday, as a problem at a refinery in the Caribbean contributed to tight supplies in the heavily populated Northeast and promised to help keep pump prices up heading into the New Year. Gasoline rose 2.03 cents to $2.3981 a gallon in midday trading on the New York Mercantile Exchange. Crude Oil Prices climbed as well, adding 35 cents at $89.72 a barrel. The Hovensa refinery at St. Croix, Virgin Islands, has had trouble restarting a key unit used to process Crude Oil...

Gasoline Futures up on Tighter Northeast Supplies
Source: ABC Gasoline futures gained on Tuesday, as a problem at a refinery in the Caribbean contributed to tight supplies in the heavily populated Northeast and promised to help keep pump prices up heading into the New Year. Gasoline rose 2.03 cents to $2.3981 a gallon in midday trading on the New York Mercantile Exchange. Crude Oil Prices climbed as well, adding 35 cents at $89.72 a barrel. The Hovensa refinery at St. Croix, Virgin Islands, has had trouble restarting a key unit used to process ...

Gold prices hold steady
Published: Dec. 21, 2010 at 4:41 PM NEW YORK, Dec. 21 (UPI) -- Gold prices held steady Tuesday in New York as investors moved toward equities, which gained on Wall Street. On the Comex division of the New York Mercantile Exchange, gold lost 70 cents to $1,385.40 per troy ounce. Crude Oil Prices for February delivery added 44 cents to $89.81 per barrel. The benchmark 10-year treasury note rose 9/32, causing yields to fall to 3.307 percent from Monday's 3.34 percent. The Dow Jones industrial avera...

Asian shares mixed after Wall Street gains
Asian Stock Markets offered a mixed reaction Thursday to news that the U.S. economy grew faster than originally thought. Trading was light ahead of Christmas holidays and with Japanese Financial Markets closed for the emperor's birthday. Australia's S&P/ASX 200 rose 0.5 percent to 4,804.2 as natural resource companies advanced. Hong Kong's Hang Seng index added 0.4 percent to 23,139.58, with benchmarks in Taiwan, Singapore and New Zealand also posting gains. Meanwhile, South Korea's Kospi fe...

Crude oil steady above $89
The sign of a BP gas station is seen in Arlington, Virginia on September 8, 2010. UPI/Alexis C. Glenn NEW YORK, Dec. 21 (UPI) -- Crude Oil Prices held onto Monday's gains overnight, adding 6 cents to reach $89.43 per barrel as equity markets in Asia and Europe looked upbeat. The Dollar lost ground against the euro, which makes Crude Oil priced in U.S. dollars more affordable in Europe. A recent run up has also been supported by a cold snap, which naturally increases demand. Heating Oil Prices on...

Ohio average gas price tops $3, 1st time since '08
The average price for Gasoline in Ohio has pushed past $3 a gallon for the first time in more than two years. A daily survey from AAA, the Oil Price Information Service and Wright Express on Wednesday put the statewide average price for regular-grade Gasoline at about $3.01 per gallon. That's up from $2.96 on Tuesday. AAA Ohio Auto Club spokeswoman Kimberly Schwind says the last time the average topped the $3 mark was on Oct. 11, 2008. At that time, prices were declining from an all-time high of...

Energy and global warming news for December 21: Wind turbines on farmland may benefit crops; Religious right attacks environment
Wind Turbines On Farmland May Benefit Crops The giant turbine blades that generate Renewable Energy might also help corn and soybean crops stay cooler and dryer, help them fend off fungal infestations and improve their ability to extract growth-enhancing Carbon Dioxide [CO2] from the air and soil. Speaking at the annual meeting of the American Geophysical Union, a scientific society, in San Francisco, a researcher at the U.S. Department of Energy’s Ames Laboratory and his co-researcher f...

Oil Prices Rise on Cold Weather in Europe, U.S.
Oil Prices gained Monday morning as expectations of cold weather in the U.S. and Europe raised demand. U.S. crude for January delivery rose 15 cents to $88.20 a barrel at 7:48 GMT, Reuters reported. ICE Brent for February rose 13 cents to $91.80. "Prices are going back up because of the really Bad Weather in the United States and Europe," said Tony Nunan, a risk manager with Mitsubishi Corp. Cold weather has engulfed much of Europe, disrupting travel across the continent. The U.S. Northeast, t...

Oil rises on freezing weather in Europe, U.S
LONDON (Reuters) - Oil Prices rose on Monday as forecasts for continued freezing temperatures in Europe and the U.S. Northeast this week looked set to boost heating fuel demand. U.S. crude for January delivery climbed 48 cents to $88.50 a barrel by 1156 GMT, adding to gains from the previous session. The January contract expires at the end of trading on Monday. ICE Brent for February rose 35 cents to $92.02. "Weather is cold in the Atlantic Basin and particularly in Europe. However pricing snowm...

A Single Trader, JP Morgan, Holds 90% Of LME Copper
that JP Morgan has denied it owned more than 90% of the copper positions on the LME, we suggested that this could very well mean that Blythe Master's firm could just as easily control 89.999% of the copper and still not misrepresent the truth per that non-commital Press Release. Turns out our unbridled cynicism was spot on as usual. The Wall Street Journal has just reported that in the copper market "a single trader has reported it owns 80% to 90% of the copper sitting in London Metal Exchange w...

Engine Makers, Fuel Retailers Protest EPAs Increased Ethanol Mandate
Ethanol is a fuel most Americans don’t really want to use, but because it’s politically popular with Big Agriculture the politicians jam it down our throats anyway. Ethanol is protected from foreign competition by sky-high Tariffs on imported ethanol, production of ethanol is subsidized and use of ethanol is mandated. Lately, however, the government has been getting a little heavy on the subsidized production end, with more ethanol being produced than used, so rather than recognizing...

Engine Makers Sue to Block E15 Fuel
The Environmental Protection Agency’s approval of more Ethanol in the fuel recipe for some cars faces another Federal Court challenge. Most car fuel sold around the country is a mixture of 10 percent Ethanol and 90 percent Gasoline, known as E10, but Ethanol supplies, and Congressional mandates for using ethanol, are rising much faster than the market is absorbing the fuel. So in October, acting on the petition of an Ethanol industry group, the agency approved a 15 percent blend known as ...

Engine Makers Sue to Block E15 Fuel
The Environmental Protection Agency’s approval of more Ethanol in the fuel recipe for some cars faces another Federal Court challenge. Most car fuel sold around the country is a mixture of 10 percent Ethanol and 90 percent Gasoline, known as E10, but Ethanol supplies, and Congressional mandates for using ethanol, are rising much faster than the market is absorbing the fuel. So in October, acting on the petition of an Ethanol industry group, the agency approved a 15 percent blend known as E...

Opposing View on Energy: Subsidies? Just Say No
The problem with Electric Vehicles can be summed up with one word: subsidies. Subsidies are prima facie evidence that consumers would not buy the product at its market price. Subsidies distort markets, compromising Economic Growth, and are simply wealth transfers. This particular wealth transfer (up to $8,500 for today's Electric Cars and home charging equipment) is highly regressive, robbing from the poor to help a few greenies burnish their green credentials. Deloitte Consulting surveyed...

$305 on gas this month - Bah! Humbug!
NEW YORK (CNNMoney.com) -- Holiday shoppers will need to bump up their Budget for one purchase this year, and they can't even put it under the tree: Gasoline. The price of fuel is up 13.6% from last December and 76% higher from December 2008, according to a new study from the Oil Price Information Service. Email Print Comment Nationwide, drivers spent $305 on gasoline in December. Who's hardest hit? People in Montana. Montanan households are estimated to have spent over $449 a month on gas this...

US Gas Demand Should Fall for Good after '06 Peak
Monday, December 20, 2010 By Jonathan Fahey, Associated Press New York (AP) - The world's biggest gas-guzzling nation has limits after all. After seven decades of mostly uninterrupted growth, U.S. Gasoline demand is at the start of a long-term decline. By 2030, Americans will burn at least 20 percent less Gasoline than today, experts say, even as millions of more cars clog the roads. The country's thirst for Gasoline is shrinking as cars and trucks become more fuel-efficient, the government...