oil markets – News

oil markets – News

AVEC Corporation announced today it has agreed to a confidential due diligence period for two Chinese engine manufacturers to visit its facilities and conduct test on the power and fuel consumption of its engines using non hydrocarbon fuels. The test will be conducted in April 2011. Results will be announced when finished. Samuel Higgins, AVEC Chairman, stated, “This is the first step in unlocking… 

Government Task Force Probing Oil and Commodity Markets

Wednesday, June 11th 2008

The federal government formed an interagency task force to assess developments in oil and other commodity markets. It is made up of staff from the Commodity Futures Trading Commission, the Federal Reserve, the Securities and Exchange Commission, and the departments of Treasury, Energy and Agriculture. The task force will examine oil supply and demand factors, investor practices and the role of new… 

Soros Muses About “Energy Bubble”

Billionaire financier George Soros told a Senate hearing that growth of funds designed to mimic the price of crude oil and other energy futures remind him of a similar craze that brought on the 1987 stock market crash. The surge in popularity of commodity index funds is “intellectually unsound … and distinctly harmful in its economic consequences,” Soros told lawmakers. When speculators… 

Gov’t discloses investigation of crude-oil market

Federal regulators are six months into a wide-ranging investigation of U.S. oil markets, with a focus on possible price manipulation. The Commodity Futures Trading Commission on Thursday said it started the probe in December and took the unusual step of publicizing it “because of today’s unprecedented market conditions.” Crude prices have risen more than 42 percent since early December,… 

Futures Commission Looking for Price Manipulation

Federal regulators are six months into a wide-ranging investigation of U.S. oil markets, with a focus on possible price manipulation. The Commodity Futures Trading Commission said Thursday it started the probe in December and took the unusual step of publicizing it “because of today’s unprecedented market conditions.” The commission said details of the investigation remain confidential,… 

UBS Raises Its Oil Price Forecast — “A Lot”

UBS Investment Research raised its price forecast for West Texas crude and Brent “a lot.” UBS now expects West Texas crude to average $115 a barrel this year, $120 in 2009 and $116 in 2010 — increases of 32 percent, 54 percent and 53 percent above its previous outlook. UBS sees Brent crude at $113.50 a barrel this year, $120 next year and $116 in 2010. “We are abandoning the… 

Oil prices lower in Asian trade

World oil prices were slightly lower in Asian trade on Monday after fresh unrest in Africa’s biggest crude producer, Nigeria. New York’s main oil futures contract, light sweet crude for June delivery, was 13 cents lower at 116.19 dollars per barrel. The benchmark contract rallied 3.80 dollars to close at 116.32 dollars on Friday at the New York Mercantile Exchange. Brent North Sea crude… 

FTC Plans New Rules for Oil Traders

The Federal Trade Commission plans to come up with rules by the end of the year to enforce a new law against price manipulation and deception in oil-trading markets. The FTC announced that has taken the first step, seeking public comments, toward developing a regulation on oil industry price manipulation. As part of a broad energy bill passed in December, Congress gave the FTC expanded authority to… 

Saudi seeks to reassure markets on future oil supply

Thursday, January 18th 2007

OPEC kingpin Saudi Arabia offered fresh reassurances to oil markets, underlining plans to increase production capacity sharply on the back of a massive 80 billion dollar investment. “Saudi Arabia is working continuously to expand its ability to deliver energy to world markets and especially to the growing Asian market,” Saudi Oil Minister Ali al-Nuaimi said in New Delhi. “I want to… 

Shanghai copper steady, sheds early gains

Monday, January 15th 2007

Shanghai copper futures gave up early gains to close steady on Monday, as downbeat sentiment about the prospect of rising imports and supply vied with supportive spot market conditions. The most active March contract in Shanghai was 0.2 percent higher at 54,120 yuan ($6,942) a tonne at the close on Monday, versus 54,020 yuan on Friday. Dealers said an early rise, which saw prices up by over 1.5 percent,… 

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