BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Heating oil buying has knock-on effect on crude

Crude oil rises ahead of expiration of heating oil contract. Fall in prices predicted.





Updated on 31 Mar 2008 15:55 GMT

Crude oil prices rose higher on Monday following an early drop of over US$1 a barrel.

Heavy buying in heating oil ahead of the expiration of the fuel's April contract are understood to have had a knock-on effect on the Crude oil futures contract, with WTI crude oi for May delivery up to US$106.41 a barrel by 15:36 GMT, a rise of US$0.79 compared to Friday's settlement price.

The early session losses took place partly due to speculation that a slowdown in US economic growth would also result in a lull in demand for the world's largest oil consumer. A lull in fighting in Iraq's southern city of Basra following a truce offer from Shiite cleric Moqtada al-Sadr had also eased fears of potential supply dissuptions in the region.

On Friday, the WTI contract fell 1.8% to US$105.62 on March 28 after Iraq restored exports through its Basra terminal. Prices had jumped as high as $US108.22 the previous day when an Iraqi oil pipeline that carries about 100,000 barrels a day to the Basra oil terminal was damaged by a fire started by an explosive device.Crude oil prices rose higher on Monday following an early drop of over US$1 a barrel.

U.S demand for oil is expected to remain weak over the next few months in the U.S because of the weakening economy and high oil price inflation. According to the Energy Information Administration (EIA), domestic demand for oil has dropped by 2.2 percent compared to the same period in 2007. Analysts at Goldman Sachs are predicting that benchmark oil prices will average US$91.50 three months from now.






Related Links:

SHFE appoints new fuel oil delivery terminal
New York Merchantile Exchange (NYMEX)
IntercontinentalExchange Inc. (ICE)

Latest News:

Hurtigruten to upgrade up to nine ships to gas-electric power
All-electric vessel launched for Norwegian fjord route
Wartsila CEO talks up 'critical role' of LNG, calls for 'clear' GHG roadmap
Industry coalition makes case for LNG in wake of MEPC 72
Oil and fuel oil hedging market update
Brent closed at $75 but quickly fell to current levels of $73-74
Itsas Gas secures Cepsa supply contract; Oizmendi starts bunkering in Huelva
Eco Marine Power to expand Aquarius Eco Ship Project
Wartsila in first optimised maintenance tie-up for LNGPac system
Bullish momentum sends oil prices above three-year high
Oil and fuel oil hedging market update
Nor Lines LNG-fuelled ships to include Rotterdam in weekly service




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events