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oil prices

Mirroring 34% May Auto Sales Results

Oil prices continue to rise, crossing the $72 a barrel mark. The current rise is attributed to the sharp fall in crude oil inventories reported by both the American Petroleum Institute and the Energy Department in contrast to expectations for a small increase. The International Energy Agency has raised its forecast for global oil demand saying that it believes the fall in consumption is ending. This echoes comments from the U.S. Energy Information Administration’s revised forecast. Yesterday China reported that auto sales in May rose 34% to 1.12 million units.

Oil Prices Soar Over $70 a Barrel

Crude oil prices are above $71 a barrel this morning.  The value of the U.S. dollar has fallen again.  One has to wonder whether the oil price rise reflects the market's belief that the economic recovery will drive demand, or is it because of the continued debasement of the worth of U.S.

Mixed Global Economic Data Supporting Crude Oil Prices

An recent economic blog posted several charts showing both positive and negative economic and sentiment survey data showing how optimism about the economic recovery is gaining ground.  Taken in its entirety, the data shows that the global economic downdraft is easing and certain generally leading indicators show signs of a possible recovery beginning.  The challenge is understanding exactly how sure the leading edge data may be in forecasting an ending to the recession.  Wall Street started talking last week about the possibility that the official end to the recession would b

Energy Stocks Waiting On Economic Developments

Tomorrow morning we will get the first preliminary estimate for U.S.

Media Doesn't Know Natural Gas From Gasoline

CNBC had an interview the morning with John Hofmeister, the former head of Shell's U.S. operations and now heading up Citizens For Affordable Energy.  The story on CNBC's web site that accompanied the video clip of the interview totally mixed up the impact of the falling drilling rig count in the U.S. with gasoline pump prices.  =>Continue Reading

Oil Prices Soar on Economic News and G20 Meeting

As we write this blog, WTI prices are up over 7% this morning with crude oil trading slightly under $52 a barrel.  Yesterday, oil prices were in the $47-$48 range as the value of the US dollar was rising and the weekly inventory numbers were sour.  =>Continue Reading

U.S. Energy Demand Contraction Documented

Yesterday, the U.S. Energy Information Agency released its March 2009 Energy Monthly Report showing that total energy consumption fell 2% in 2008 while total energy production rose by 3.3%.  These trends help explain the sharp fall in hydrocarbon fuel prices during the second half of last year.  In the month of January, total energy consumption increased 2% from the same month in the prior year, but by December it was down 3%.  =>Continue Reading

Energy and Environment Changes Are Coming - Prepare for Heat

Sunday's New York Times carried several columns discussing the impending need for dramatic action on carbon emissions before the damage from global warming overwhelms the world.  One column was by Thomas Friedman arguing that if one follows climate science you see that some of the world's best (I'm not sure who determines that status) scientists they are warning that climate change is happening faster and will bring bigger changes quicker thn we anticipated just a few years ago.  Could the fact that there is a meeting of climate change scientists and government policy makers in th

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