Tag: Gulf of Mexico

World oil prices declined significantly

World oil prices declined significantlyWorld market prices for oil on the basis of bidding on September 2, 2008 at the leading oil exchanges declined significantly. Official oil futures prices coming month deliveries were: in London at the InterContinental Exchange Futures – IPE Brent Crude – 108,34 $US / bbl., in New York at the New York Mercantile Exchange – Light, Sweet Crude Oil – 109,71 $US / bbl.

The fall in prices caused by the fact that tropical storm Ā«GustaveĀ» this will not cause significant harm to the U.S. oil industry. Most of the oil platforms, set on the shelf of the Gulf of Mexico, is not affected by the storm. Therefore, the next days will be possible to return to facilities evacuated staff and begin to rebuild in earlier volumes of oil and natural gas, believed to U.S. Department of Energy.

Recall that in the Gulf of Mexico shelf comes about 26% of the total oil produced in the United States.

A few weeks oil prices fell 20 percent

World market prices for oil on July 22, 2008 at the leading oil exchanges declined significantly. Official oil futures prices coming month deliveries were: at the InterContinental Exchange Futures – 129,55 US$/bbl. (IPE Brent Crude); at the New York Mercantile Exchange – 127,95 US$/bbl (Light, Sweet Crude Oil).

The price of oil began the session mildly lower on expectations that Tropical Storm Dolly wouldn’t disrupt oil operations in the Gulf of Mexico. The advance increased after comments from a Federal Reserve official sent the dollar higher against major currencies, a trend that in turn sends commodities lower.

Lower oil prices are diverting attention from earnings for the moment. There’s no questions about some negative earnings reports coming out, but we’re starting to think some of them might be company specific and not broader.