Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Energy News .




ENERGY TECH
Oil prices rise after upbeat US, China data
by Staff Writers
New York (AFP) Feb 1, 2013


Oil prices finished higher Friday in New York, buoyed by greater optimism about global growth following encouraging indicators from the US and China.

A barrel of West Texas Intermediate, the US benchmark, settled 28 cents higher at $97.77 on the New York Mercantile Exchange.

Even stronger was the price of European oil benchmark Brent futures, which closed at $116.76 a barrel on the Intercontinental Exchange, up $1.21. The close was Brent's highest level since May 2012.

Oil prices got a lift from Friday's monthly US nonfarm labor payroll data.

Although the number of net jobs added in January came in below expectations, markets were heartened by a significant upward revision in the 2012 monthly figures.

The Labor Department reported employers added 157,000 jobs in January and upped its estimate for December jobs growth to 196,000.

After a sweeping annual revision of earlier data, the department also said monthly job growth averaged 181,000 in 2012, well above the prior estimate of 153,000 jobs.

The US jobs report was not the only strong data point released Friday, said Dominick Chirichella, an analyst with the Energy Management Institute. There was also strong manufacturing data in the US and China, the world's two biggest energy consumers.

"Pretty much everything across the board was positive," Chirichella said.

The one exception was Wednesday's report on the US economy for the 2012 fourth quarter, which showed gross domestic product shrank 0.1 percent, the first contraction since the 2009 recession.

But the oil and equity markets "ignored" the GDP reading, Chirichella added.

"Crude is being lifted with all the other markets, even though the underlying fundamentals do not necessarily justify that," said Matt Smith, an analyst with Schneider Electric. "Demand is relatively flat and supply is at a 20-year high."

Oil prices have also been supported by the fall in the dollar against the euro. Because oil is traded in dollars, it becomes cheaper for consumers who use other currencies to purchase the commodity.

Still, prices of US benchmark WTI continued to be weighed down by problems at the Seaway pipeline.

The pipeline has encountered operational problems that have limited the flow of oil from the Cushing, Oklahoma-based trading hub to refineries on the US Gulf Coast, producing a glut of oil at landlocked Cushing that has pressured prices.

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





ENERGY TECH
Kurds warn BP not to drill for Baghdad
Erbil, Iraq (UPI) Jan 30, 2013
The escalating dispute between Iraq's central government and the Kurds over oil and land went up a notch after the Kurdistan Regional Government warned oil giant BP not to help Baghdad upgrade an oil field in disputed territory. BP, which appears to be committed to Iraq, secured a major production-sharing contract from Baghdad in 2009 to develop the Rumaila superfield in the south. ... read more


ENERGY TECH
Obama's energy secretary stepping down

Emission trading schemes limit green consumerism

Latest Ways to Make Your Business Energy Efficient

China coal plant shut by health chiefs

ENERGY TECH
Deuterium Uptake in Magnetic Fusion Devices with Lithium Conditioned Carbon Walls

Oil prices rise after upbeat US, China data

New semiconductor research may extend integrated circuit battery life tenfold

Argentina pushes Falklands claim in EU

ENERGY TECH
Japan plans world's largest wind farm

China revs up wind power amid challenges

Algonquin Power Buys 109 MW Shady Oaks Wind Power Facility

British group pans wind farm compensation

ENERGY TECH
One in, two out: Simulating more efficient solar cells

Photon Energy Investments Expands to North America

Volkswagen Chattanooga Powers Up Largest Solar Park in Tennessee

Black silicon can take efficiency of solar cells to new levels

ENERGY TECH
British council votes down nuke depository

Blow to Britain's nuclear waste plans

Bulgaria nuclear referendum fails: official

French government backs ex-Areva boss to head EADS: report

ENERGY TECH
Marginal Lands Are Prime Fuel Source for Alternative Energy

Wind in the willows boosts biofuel production

Fuel Choices and How They Affect Car Insurance

US Secretary of Agriculture Tom Vilsack visits Renmatix for commissioning of plant to sugar BioFlex Conversion Unit

ENERGY TECH
Reshuffle for Tiangong

China to launch 20 spacecrafts in 2013

Mr Xi in Space

China plans manned space launch in 2013: state media

ENERGY TECH
Global warming less extreme than feared?

Study finds energy use in cities has global climate effects

Cities Affect Temperatures For Thousands Of Miles

Schwarzenegger calls for 'hip, sexy' environmentalism




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement